Recent media coverage has publicised the possibility of a new tax on people who leave the UK, calling it an “exit tax”. This type of regime already exists in several countries, including France, Spain, Canada and Australia, and is now being discussed as a possible option for the UK Government to raise revenue. What is […]
Energy bills, staffing, borrowing costs, taxes and supplier expenses are just a few of the reasons behind the added financial pressure business owners are currently facing. As we get closer to the new tax year, it is the ideal time to review your business plans and check that your pricing strategy remains fit for purpose. […]
The countdown is on to the new tax year, but will you be paying more tax than necessary? This year brings a number of important tax changes, including frozen thresholds, higher dividend tax…
With the tax year ending on 5 April 2026, accountants at TWP accounting in Weybridge are warning that upcoming rule changes and frozen allowances could leave many taxpayers paying more than expected. Andrew Goddon, Tax Partner at TWP, says this year brings an unusual combination of pressure points that make early planning and understanding their […]
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 […]
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