If you own a furnished holiday property, you may wish to consider taking action before 5 April 2025. In the Spring Budget, it was announced that the Furnished Holiday Let Regime will be abolished and draft legislation has now been published, which has provided some...
It may be tempting to put off preparing your self-assessment tax return until later in the year. However, there are many benefits of submitting your tax return early and keeping on top of your tax affairs. Peace of mind Christmas can be a very busy time of year so...
Private school fees will no longer be exempt from VAT from 1 January 2025. Anti-forestalling provisions will be in place from 29 July until 30 October 2024. This means that any pre-paid fees paid for the first term of the school year will continue be exempt from VAT...
Looking to drive business growth? There are many types of business growth such as organic, strategic and mergers to name just a few. In this article, we explore how conducting regular management accounts can give business owners the financial information they need to...
In the Spring Budget, the Chancellor announced that a permanent extension will be made to tax relief for theatres, orchestras, museums and galleries. The government is also providing £26 million of funding to upgrade the National Theatre’s stages and infrastructure....
What is inheritance tax? The government imposes inheritance tax on the estate of a deceased person before distributing the assets to their heirs. It calculates this tax based on the value of the person's estate (the assets they own individually) above a certain...
Inheritance tax guide How can I reduce any inheritance tax liabilities? Planning ahead allows individuals and couples to employ strategies for reducing the value of their taxable estate, helping them stay under the inheritance tax threshold. Below we highlight some of...
£10 daily penalty for Self-Assessment starts on 1st May Starting from 1st May 2024, individuals who have yet to submit their overdue Self-Assessment tax return for the 2022-23 tax year will incur additional late filing penalties of £10 per day (capped at a total of...
Have you thought about succession and the long-term plans for your family farm? As agriculture makes up the highest concentration of family businesses passed through the generations, it is no surprise that succession is a key issue and is something farmers need to...
To cut complexity and burdens from legislative reporting requirements, the thresholds for company sizes in the UK are being increased by 50%. Following the Spring Budget, it has been announced by the Prime Minister Rishi Sunak that the company size thresholds will be...
Well you can blame the Romans, especially Julius Caesar and Europe. Back in 1582 the Pope Gregory X111 commanded the change from the Julian calendar as there was a problem. It ran for 30 or 31 days for 11 months and it was only February that had 28 days (29 every 4...
Artificial intelligence (AI) is poised to revolutionise the practice of law, potentially reshaping the principles of common law, according to Sir Geoffrey Vos, the Master of the Rolls. Speaking at the Manchester Law Society, Sir Geoffrey offered an optimistic view of...