Recent economic instability, both domestically and globally, has increased the challenge for those wishing to invest or save. Planning ahead can be difficult in the face of market volatility and economic uncertainty, but long-term investing remains one of the most reliable ways to reduce risk and build wealth over time. Backed up by numbers Investing […]
It used to seem relatively simple to decide on a way to pass on wealth to the next generation. Pensions were previously outside the scope of Inheritance Tax (IHT) calculations, meaning that you could amass wealth in a pension pot and have it pass tax-free to your beneficiaries. From 2027, that will no longer be […]
In a testament to the power of investment, the true value of ISAs has now been revealed. A Freedom of Information request has shown that the number of people holding ISA portfolios worth more than £1 million is set to increase dramatically. With there being triple the number of ISA millionaires now than three years […]
Further administrative changes are on the cards for close companies, as the Government seeks to gain a better understanding of previously difficult-to-distinguish transactions. Close companies – those companies controlled by five or fewer participators or by their directors if those directors are participators – may soon need to disclose details of transactions with participators in order […]
For landlords and sole traders bringing in qualifying annual income over £50,000 (not including profit or dividends), Making Tax Digital (MTD) for Income Tax is now mandatory. For income to qualify, it must be earned from self-employment or property rental, exceed the threshold in a tax year and be subject to UK Income Tax. Please […]
From the end of the 2025/26 tax year, 5 April 2026, you must report your dividend income accurately as part of wider personal tax reforms. Directors of close companies must disclose the company name, registration number, specific dividend amounts and their highest percentage shareholding on Self-Assessment returns. Dividends from your own company must also be […]
Directors and employees claiming work-from-home tax relief will no longer be able to claim it from the start of the new tax year – 6 April 2026. Why is this relief being taken away? The Chancellor announced the removal of the work-from-home relief as part of her latest Autumn Budget. The main reasoning given for […]
Capital allowances continue to provide an effective method for businesses to reduce their tax bills, by providing incentives for investment in eligible expenditure – typically plant and machinery. Historically, these reliefs have been subject to change and the 2026/27 tax year is no different, as the Government moves to alter two key reliefs – Writing […]
HMRC and Companies House have confirmed that from 1 April, all businesses must use compliant, commercial software to file their company’s tax returns. As of 31 March, the free joint online service, commonly known as the CATO portal, from these two Government bodies has been removed and you must now use software to file company […]
TWP Accountants are urging employers across Weybridge to review their hiring and management practices following the introduction of new “day one” employment rights, which came into force on 6 April 2026. The changes, courtesy of the Employment Rights Act 2025, mean that several key protections now apply from the very start of employment, removing the […]
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