aaronhemmington@hawsons.co.uk For most owner managed businesses, deciding what to do with company profits is a familiar and recurring challenge. Whether you are looking to extract profits for yourself, reinvest in your business or planning for the future, having a...
With the festive period now approaching, we are often asked by employers about the tax treatment of providing a staff Christmas party or giving Christmas gifts to employees. Here is a quick reminder of the rules for the tax year 2025/26.STAFF PARTIES What Christmas...
As part of H M Revenue & Customs goal to achieve being digital by 2030, with 90% of customer interactions being online, today they have announced a new online service for workers to take control of their tax affairs. To stay in line with the current technology...
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...
Spring Statement 2025 SummaryChancellor of the Exchequer, Rachel Reeves, held the Spring Statement on Wednesday 26 March 2025. In the run up to the event, the Chancellor stated that she ‘remains committed to one major fiscal event a year to give families and...
Considering popping the question on Valentine’s Day? Here we look at some of the various tax credits and breaks married couples can benefit from and how it can pay to get married. The Marriage Allowance | Inheritance Tax | Pay less Capital Gains Tax | Reduce Income...
HMRC has published new advisory fuel rates for company car users which take effect from 1 December 2024. The rates have decreased by 1p per mile for petrol and diesel engine cars. Whilst rates for LPG and electric mileage remains unchanged. HMRC reviews the advisory...
Autumn Budget 2024 SummaryChancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’. Billions in tax rises Ms Reeves said the Budget will raise £40 billion in...
Today, Chancellor Rachel Reeves announced her 2024 Spring Budget where she summarised the UK economic performance and announced her proposals for tax. In this budget, the chancellor announced that she will raise taxes by £40bn to increase government funding. In this...
Following Brexit, it is becoming more expensive to import classic cars and aircraft from the European Union. Importing them from outside of the EU has always been subject to VAT. For older classics did you know that you can get a reduced VAT rate of 5% and no import...
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...