If you've been under the impression that Inheritance Tax (IHT) changes are a distant concern, it's time to reconsider. Recent reforms are set to significantly impact business owners and farmers, particularly those with businesses or farms with values exceeding £1...
The Removal of the Remittance Basis of Taxation From 6 April 2008, individuals who were UK residents, but non-domiciled (‘non-doms’), had the option to be taxed on a ‘remittance’ basis. Under these rules, foreign income and gains were not taxed in the UK unless they...
Following numerous delays, Making Tax Digital for Income Tax (MTD for IT) is only a year away from being made compulsory for individuals with an annual gross rental income and/or a gross self-employed income of over £50,000. The income threshold will be lowered over...
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...
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...
Chancellor Rachel Reeves has announced that she will deliver her Autumn Budget on Wednesday 30th October. This will be Rachel Reeves’ first Budget as Chancellor. It should also provide an insight into what direction the new Labour government will take on tax policy....
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...