With the tax/financial year end approaching, now is a good time to check that you’re making the most of the available reliefs and allowances available to you. Please talk to us if you think any of the issues affect you. Savings If you have some spare cash, an obvious tax planning point would be to […]
Making Tax Digital (MTD) for income tax will be mandated for a large group of self assessment taxpayers from 6 April 2026, with even more individuals being mandated in 2027 and 2028. If your combined turnover from a sole trade or property business was over £50,000 in the 2024/25 tax year, you will likely be […]
From 6 April 2026, it will no longer be possible for employees to claim tax relief against their employment earnings for the costs of working from home. This change is being implemented because too many people were claiming the relief incorrectly. The relief, at £6 per week (or the amount of actual homeworking costs if […]
In a recent ruling, the Supreme Court dismissed Hotel la Tour Ltd’s appeal in which they argued that they were allowed to reclaim input VAT incurred on the professional fees that they incurred during the sale of shares in the company that owned their luxury hotel in Birmingham. HMRC’s position was that the sale of […]
Date What’s Due 1 February Corporation tax for year to 30/04/2025, unless quarterly instalments apply. 19 February PAYE & NIC deductions, and CIS return and tax, for month to 5/2/26 (due 22/2 if you pay electronically). 1 March Corporation tax for year to 31/05/2025, unless quarterly instalments apply. 19 March PAYE & NIC deductions, and […]
Over the past year, Inheritance Tax (IHT) has become a growing concern for business owners, farmers and their families. Proposed reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR) raised the prospect of significant tax bills on death, even where wealth is tied up in trading assets rather than cash. A pre-Christmas announcement […]
The Government’s late changes to Agricultural Property Relief and Business Property Relief have eased some immediate Inheritance Tax concerns for family businesses. Advisers at TWP Accounting say the reforms still leave many owners exposed and underline the need for early planning. From 6 April 2026, business assets will fall within the Inheritance Tax regime, with […]
The Autumn Budget has been much maligned by a range of people, with higher earners and business owners feeling particularly disenfranchised. These concerns are not unfounded, as the Budget has paved the way for a notable reduction in spending power, due to fiscal drag, that could result in more economic challenges in the future. As […]
With a new year dawning, it is time to start thinking about what might lie ahead. If you found yourself getting caught off guard by shocks and surprises in 2025, then you can learn from that experience to make 2026 a more financially stable year. We have some valuable tips that will help you build […]
As 2026 gets underway, you may have come up with a plethora of New Year’s resolutions that you will definitely stick with for the entire 12 months. If you want to get your finances in order for the new year, you will need to create financial resolutions you can stick with. Here are our top […]
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