In Autumn Budget 2024, the Chancellor announced that restrictions to the amount of Agricultural Property Relief (APR) and Business Property Relief (BPR) will apply from 6 April 2026. APR and BPR currently give up to 100% relief from Inheritance Tax (IHT) on qualifying agricultural and business property. Draft legislation for the restrictions was published in […]
HMRC has published long-awaited guidance on how digitally excluded individuals should apply for an exemption from Making Tax Digital (MTD) for Income Tax. Gaining HMRC’s agreement that a person is digitally excluded is essential. WHAT DOES ‘DIGITALLY EXCLUDED’ MEAN? The MTD legislation defines digitally excluded individuals as those who are unable to use electronic communications […]
In a recent First Tier Tribunal (FTT) case, Ferrero Ltd v HMRC, the FTT found that Nutella Biscuits are zero-rated for VAT. VAT legislation provides that biscuits are zero-rated unless they are wholly or partly covered in chocolate or a substance that is similar to chocolate. HMRC argued that the Nutella Biscuits should be standard-rated […]
In a recent Upper Tribunal (UT) case, Investment and Securities Trust Limited v HMRC, the UT found that a company was entitled to Annual Tax on Enveloped Dwellings (ATED) relief as it held an option over a property exclusively for the purpose of developing and reselling that property, in the course of its property development trade. […]
In the previous edition of this newsletter we showed HMRC’s Advisory Fuel Rates (AFRs) applicable from 1 September 2025. You may have noticed that there was a new rate for fully electric vehicles that are charged using public charging facilities. This means that we now have two electric car rates, which from 1 September are […]
Date What’s Due 1 November Corporation Tax for year to 31/01/2025, unless quarterly instalments apply 19 November PAYE & NIC deductions, and CIS return and tax, for month to 05/11/2025 (due 22/11 if you pay electronically) 1 December Corporation Tax for year to 28/02/2025, unless quarterly instalments apply 19 December PAYE & NIC deductions, and […]
Time is running out for company directors, members of LLPs and Persons with Significant Control (PSCs) to verify their identity. From 18 November 2025, identity verification will be mandatory for each of these individuals. Why are you being asked to verify your identity? The change forms part of the Government’s Economic Crime and Corporate Transparency […]
The Pension Protection Fund (PPF) will no longer charge a levy this year, freeing up £45 million across 5,000 Defined Benefit (DB) pension schemes. This annual charge on eligible defined benefit pension schemes funds the PPF, which is designed to compensate members if their employer’s business becomes insolvent. Under previous legislation, “use it or lose […]
For many business owners, the biggest threat to financial security isn’t always the market, the competition or even the broader economy. It’s the risk of losing the one person whose absence could destabilise everything. It is a scenario that many businesses owners dread, but it does happen all too often and many businesses aren’t protected. […]
When it comes to structuring your wealth, most people are familiar with pensions, ISAs and direct investments. Yet there’s another option that can play an important role in your financial planning, the investment bond. An investment bond is a type of life insurance policy used as an investment vehicle. Instead of providing a payout on […]
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