From 6 April 2025, a new regime for the taxation of UK resident non-domiciled individuals came into effect. HMRC have published a brand-new manual on the regime which can be viewed here. Until 5 April 2025, special tax rules applied to individuals who were resident in the UK but whose domicile (i.e. their permanent home, […]
The Furnished Holiday Lettings (FHLs) regime was abolished on 6 April 2025. What does the abolition mean for your holiday letting property? The property will become part of either your main UK or overseas property business. This means that some of the beneficial tax rules that previously applied will no longer apply, such as: Tax […]
Date What’s Due 1 May Corporation Tax for year to 31/07/2024, unless quarterly instalments apply. 19 May PAYE & NIC deductions, and CIS return and tax, for month to 05/05/2025 (due 22/05 if you pay electronically). 31 May Give each employee a P60 for 2024/25. 1 June Corporation Tax for year to 31/08/2024, unless quarterly […]
In her Spring Statement, Chancellor Rachel Reeves struck a cautiously optimistic tone as she declared the Bank of England’s two per cent inflation target “achievable” – though not immediate. The announcement follows news that UK inflation fell to 2.8 per cent in February, down from 3 per cent in January, offering some relief after the […]
Millions of people across the UK use ISAs to grow their savings without incurring a tax burden. But with inflation outpacing interest rates, the real return on cash savings is often disappointing over the long term. That is why potential ISA reforms could be a positive step outlined by the Government in their Spring Statement. […]
If you have made gains on your investments recently, your Capital Gains Tax (CGT) bill may be considerably higher than in previous years. Rates are now the highest they have been in two decades, with a staggering 46 per cent increase in CGT collected at the end of 2024 compared to the year before. Investment […]
From 6 April 2025, many directors will need to report dividend income in much more detail in their Self-Assessment tax return. This change will affect an estimated 900,000 directors across the UK. HM Revenue & Customs (HMRC) will now require directors to disclose the name and registration number of the company, the highest percentage shareholding […]
The new financial year will see many of the proposed changes announced in the Autumn Budget enacted, impacting businesses across the country. These changes will have business owners planning their tax strategy for the 2025/26 tax year, and a key part of this should be considering capital allowances. Capital allowances available to businesses While the […]
Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively. The earlier you file a return, the sooner you will find out how much tax you owe. This can help with financial planning and budgeting for the year ahead. Early submission also means […]
The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). With the Government confirming an extension to sole traders and landlords earning more than £20,000 from April 2028, a lot more taxpayers – an estimated 900,000 – will need to pay tax via […]
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