Specialist Tax News

Employment taxes

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Employer National Insurance Contributions (NICs) Please remember that the significant changes to the NICs paid by employers will start to apply from 6 April 2025. An increase in the rate of employers’ NICs from 13.8% to 15% is combined with: A decrease in the threshold at which an employer starts to pay NICs on each […]

Specialist Tax News

Taxes on capital assets

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As we head into 2025/26, it should be remembered that, for most sales of capital assets, CGT will apply at 18% for basic rate taxpayers and 24% otherwise. The Business Asset Disposal Relief (BADR) rate of CGT for eligible business disposals will increase from 10% to 14%, with a further uplift to 18% planned for […]

Specialist Tax News

Business tax matters

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Electronic invoicing The government has recently launched a consultation on the possible advantages of e-invoicing, which include productivity enhancements, cashflow acceleration and error reductions. It also considers how HMRC can support investment and encourage uptake within the business community. Trading with the USA and other international partners While uncertainties around global trade and tariffs continue, […]

Specialist Tax News

Corporate taxes

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Research and Development (R&D) tax reliefs With ongoing focus on the availability of R&D tax reliefs and companies’ eligibility to claim them, the government is now consulting on widening the use of ‘advance clearances’ from HMRC. This initiative intends to give companies greater certainty when planning R&D investment, while also improving the taxpayer experience and […]

Specialist Tax News

Stamp Duty Land Tax (SDLT)

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England and Northern Ireland If you are planning to purchase residential property, remember that the SDLT thresholds will change from 1 April 2025. In particular, a 0% rate currently applies to the first £250,000 of the purchase price. It will only apply to the first £125,000 of the purchase price from 1 April 2025. The […]

Specialist Tax News

Dealing with HMRC

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Modernising HMRC As part of the government’s ‘Plan For Change’, steps are being taken towards modernising HMRC, to improve value for money, enhance efficiencies and support economic growth. Greater innovation, including grasping technological opportunities, is at the heart of this, transforming HMRC into a ‘digital-first’ organisation. A ‘HMRC transformation roadmap’ will be published in the […]

Specialist Tax News

In conclusion

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The Spring Statement was an economic update given in challenging circumstances, in what was regularly referred to as a ‘changing world’. Remember, we are here to work alongside you to ensure your business and personal success. Please do get in touch if there is anything that you would like to discuss.

Specialist Tax News

Diary of main tax events April / May 2025

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Date What’s Due 5 April End of the 2024/25 tax year – many tax planning actions need to have been taken by this date. 6 April Start of the 2025/26 tax year. 19 April PAYE & NIC deductions, and CIS return and tax, for month to 05/04/2025 (due 22/04 if you pay electronically). 30 April […]

Press Releases

Spring Statement offers no support for struggling businesses, warns TWP

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Picture of Paul Hawksley, Managing Partner at TWP

One of Surrey’s leading firms of accountants, TWP, has expressed concern following the Chancellor’s Spring Statement, which offered no direct support for businesses. Despite the Government’s focus on balancing the budget and stimulating growth, businesses across the UK are left to shoulder the burden of rising taxes, higher employment costs, and expanding compliance requirements, with […]