With just over a year to go before Making Tax Digital for Income Tax (MTD for IT) is mandated, now is the time to consider whether your business will be required to comply with the new requirements from 6 April 2026. If you are a sole trader or run an unincorporated property business, and your […]
2024 saw an increase in the main rates of Capital Gains Tax (CGT) for disposals taking place on or after 30 October 2024 (now 18% and 24%). It was also announced that the rate of CGT on Business Asset Disposal Relief (BADR) gains would increase from 10% to 14% from 6 April 2025, with a […]
The loan charge was brought in to curtail the use of specific tax avoidance schemes that sought to avoid Income Tax and National Insurance by disguising remuneration as loans. There are complex and long-standing problems with HMRC’s policy and settlement concerning loan charge liabilities, with a considerable number of taxpayers experiencing undue hardship. An independent review of […]
2024 was the first year for which digital platforms such as Amazon and eBay were required to send information about vendors to HMRC. The reporting requirements apply unless the vendor made fewer than 30 sales in a year and received less than €2,000 (approximately £1,700) for those sales. The new rules merely strengthen HMRC’s data […]
Annual Tax on Enveloped Dwellings (ATED) is payable by ‘non-natural persons’, such as companies, that hold an interest in UK residential property valued at over £500,000. The ATED charge is based on the value of the property and applies unless an available relief is claimed. One such available relief is for dwellings that are let […]
The table below sets out the HMRC advisory fuel rates from 1 March 2025. These are the suggested reimbursement rates for employees’ private mileage using their company car. Where the employer does not pay for any fuel for the company car these are the amounts that can be reimbursed in respect of business journeys without […]
Date What’s Due 1 March Corporation Tax for year to 30/05/2024, unless quarterly instalments apply. 19 March PAYE & NIC deductions, and CIS return and tax, for month to 05/03/2025 (due 22/03 if you pay electronically). 26 March Spring Forecast: the Chancellor of the Exchequer, Rachel Reeves, will present her Spring forecast. 1 April Corporation […]
Only last month, Sky News ran a headline saying “FTSE 100 closes at record high” and The Standard wrote “London’s FTSE 100 beats record to hit all-time high in ‘surprising’ rally.” It appears, every couple of months, we see stories in the media about the FTSE 100 closing at a new record high. This prompts […]
Recently, the BBC ran an article in which they highlighted the fact that many young people do not realise they have Child Trust Funds until they turn 18. “New figures suggest £1.4bn belonging to 728,000 people is ready to be claimed now they have turned 18 – but many do not know the accounts exist, […]
Starting your journey as an investor at a young age can set you on the path to financial security and success but it is often difficult to know where to start. This is also true for parents who are looking to set their child up for a comfortable, secure financial future. For young people, arguably […]
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