As tax thresholds remain unchanged, the number of taxpayers paying the additional rate will exceed 1 million for the first time. Tax revenue and increasing burden This year, HMRC is projected to collect £63.2 billion in income tax, contributing to a total of £272.6...
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...
Government U-turn on double cab pickup tax After just one week the government has u-turned on plans to classify double cab pickup trucks as cars for tax and VAT purposes which would have resulted in huge tax increases. This U-turn comes after huge criticism from...
Chancellor Jeremy Hunt will deliver his 2024 Spring Budget on Wednesday 6 March 2024. What time is the Budget? The Budget is expected to take place at about 12:30 pm, straight after PMQs. The first part of the statement typically begins with a review of the...
As a self-employed business owner, you may find it hard to keep on top of tracking accounting records, taxes and expense claims when submitting your self-assessment tax return. Hiring an accountant could benefit you with the following points. There are many different...
Autumn Statement 2023 On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were...
This afternoon, the Chancellor Jeremy Hunt announced his Autumn Statement. Below we have highlighted some of the key tax announcements made by the Chancellor. Employee National Insurance Contributions (NICs) cut The main rate of Class 1 employee NICs will be...
With house prices soaring, more estates are now being subject to inheritance tax as the average inheritance tax bill reaches £214K. In the 2020-21 tax year, inheritance tax was charged on 27,000 estates. An increase of 4,000 compared to the previous year. This raised...
New legislation easing the tax rules for divorcing couples has received Royal Assent. This confirms announcements made by the Chancellor in the Spring Budget 2023. The changes apply in relation to disposals of assets made on or after 6 April 2023. What were...
HMRC have announced that from April 2026, the existing penalty system for late filing of tax returns under Self-Assessment will be amended to a points-based system for self-employed people and landlords with turnover above £50,000. This coincides with those...
Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...