As 2025 gets under way, it is once again the time of year to start considering your tax year-end planning. The early months of the year are the time to undertake year-end tax planning. Unsurprisingly, the traditional drivers have been the tax year-end (Saturday 5 April 2025) and the Spring Budget. On this occasion, after […]
Time is running out to make sure your business is prepared for the impact of the increased Employer National Insurance Contribution (NIC) rate set to take effect in April 2025. The Chancellor, Rachel Reeves, announced the change in the Autumn Budget last year as part of the Government’s strategy to generate money for the Treasury. […]
Surrey-based accountancy firm TWP is urging business owners to urgently review their payroll budgets and financial strategies ahead of significant changes to Employers’ National Insurance (NI) contributions, set to take effect from April 2025. From April, the Employers’ NI rate will increase from 13.8 per cent to 15 per cent, while the threshold at which […]
The Government made significant revisions to Business Asset Disposal Relief (BADR) in Rachel Reeve’s Budget announcement in October this year. From April 2025, the current 10 per cent rate will rise to 14 per cent, followed by another increase to 18 per cent in April 2026. This change will align BADR with the new lower […]
With the 31 January self assessment deadline fast approaching, HMRC has warned taxpayers to be alert to fraudsters. In the past year, there has been a 16.7% increase in scam referrals to HMRC, with almost 150,000 received in the year to November 2024. A significant proportion of those referrals were fake tax rebate claims. HMRC […]
‘Payrolling benefits in kind’ means that employee benefits in kind (e.g. company cars and medical insurance) are reported to HMRC through the employer’s payroll. Employees’ tax codes are amended so that any income tax due on the benefits is paid throughout the tax year. If a benefit has been payrolled, it does not need to […]
The Government published a ‘Corporate Tax Roadmap’ as part of Autumn Budget 2024. The Roadmap is designed to give corporate businesses (and, in some areas, non-corporate businesses) certainty about the tax framework ahead to give confidence in business decisions being made now. The Roadmap sets out the areas in which the Government intends to maintain […]
Prior to the Autumn Budget, there was hope that the new Labour Government might further delay the introduction of Making Tax Digital for Income Tax (MTD for IT). However, such hopes were dashed on Budget day, with confirmation of the previously-announced timescales and an additional announcement that individuals with income from trading or property of […]
Surrey-based accountancy firm TWP has urged business owners looking to sell their business to act quickly ahead of the changes announced by Rachel Reeves. In October it was revealed that the rates for Business Asset Disposal Relief (BADR) will gradually increase, reaching 14 per cent in April 2025 and matching the main lower Capital Gains […]
The 2024 Autumn Budget announcements made by the Government have caused many to rethink their pension strategy and whether these are still a relevant and useful long-term investment. You may be wondering, for example, whether contributing to a pension (either through work or privately) is the most tax-efficient strategy considering the alternatives – like stocks, […]
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