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...
Employers can provide trivial benefits to employees without incurring tax liabilities. To qualify as a trivial benefit, a number of conditions must be met which are that the: Cost of providing the benefit does not exceed £50 Benefit is not cash or a cash voucher...
Although it is relatively easy to setup a company in Dubai, it is very difficult not to pay UK taxes. The problem is when an individual is looking to setup a business in Dubai to reap the generous tax benefits the individual or the business cannot be connected to the...
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...
Renters Reform Bill As part of the new Renters Reform Bill the Government is planning to launch a new landlord database. This database has the potential to provide HMRC with large amounts of information regarding landlords which they will be able to identify landlords...
Super deduction and Annual Investment Allowance The introduction of the super deduction from April 1, 2021 was beneficial to capital-intensive industries such as logistics in that it provided companies with a deduction from taxable profits equal to 130% of the cost of...
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...
The Chancellor Jeremy Hunt has announced an extension of the higher rates of tax relief for theatres (TTR), orchestras (OTR), museums and galleries exhibitions (MGETR) for two years to 31 March 2025. In addition, the definition of qualifying expenditure will be...