The Chancellor will deliver Autumn Budget 2025 on 26 November 2025. The content of the Autumn Budget is anticipated to address significant fiscal challenges, including potential tax rises to address the public finance deficit. Before turning to Autumn Budget 2025, we must note that some of the ramifications of Autumn Budget 2024 are still to […]
While there is no legal definition, Umbrella Companies’ is a term used to describe Employment Intermediaries that employ temporary workers who go on to work for different agencies and/or end clients (ultimate recipient of the services). Umbrella companies will often contract with recruitment agencies, who then source the work opportunities. ‘Employment intermediaries’ rules apply to […]
Form VAT652 (Error Correction) was withdrawn on 8 September 2025. The form was used to notify HMRC of VAT return errors that could not be corrected on the next VAT return. The procedure for correcting VAT return errors is now as follows: If you have discovered an error in a VAT return, the first step […]
In a recent First Tier Tribunal case, Charlotte MacDonald v HMRC, a taxpayer was denied sideways loss relief for losses that she had incurred when organising an annual ‘woodland shoot’ on an estate because the activities were not carried on with a view to the realisation of profits. A taxpayer can offset trading losses against […]
The table below sets out the HMRC advisory fuel rates from 1 September 2025. These are the suggested reimbursement rates for employees’ private mileage using their company car. Where the employer does not pay for any fuel for the company car, these are the amounts that can be reimbursed in respect of business journeys without […]
Date What’s Due 1 October Corporation Tax for year to 31/12/2024, unless quarterly instalments apply 5 October Deadline for notifying HMRC of chargeability, if not already within Self-Assessment, for 2024/25 19 October PAYE & NIC deductions, and CIS return and tax, for month to 05/10/2025 (due 22/10 if you pay electronically) 1 November Corporation Tax […]
With interest rates softening and inflation eating into savings, many savers are asking whether a Stocks and Shares ISA could deliver better long-term returns. The wrapper still shields growth and income from Income Tax (IT) and Capital Gains Tax (CGT), and you can put up to £20,000 into ISAs each tax year. The key to […]
The triple lock, which guarantees the State Pension rises each year by the highest of inflation, average earnings growth of 2.5 per cent has kept retirement incomes rising in recent years. The full new State Pension now stands at £230.25 a week or £11,973 a year after a 4.1 per cent uprating in April 2025. […]
Life insurance is often taken out to provide financial security, but many policyholders in the UK may be overlooking a costly oversight: the way their policy is structured could expose their beneficiaries to unnecessary Inheritance Tax (IHT). In the 2022/23 tax year, HM Revenue and Customs (HMRC) data shows that nearly 7,500 estates included life […]
From 2027, Benefits in Kind (BIK) must be processed through payroll, just like salaries. TWP Accounting can help you get ready. Download our Guide In celebration of National Payroll Week this month, we thought this was the ideal time to review your processes and plan for one of the biggest changes on the horizon. What […]
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