If you have had career breaks, worked abroad, or earned below the National Insurance (NI) threshold, you could have gaps in your State Pension. HM Revenue & Customs (HMRC) extended the deadline for voluntary NI contributions (NIC) to 5 April 2025, giving individuals an opportunity to fill gaps dating back to 2006. After this date, […]
Upcoming changes to Inheritance Tax (IHT) will be phased in over the next two years. With property values rising and the IHT nil-rate thresholds remaining frozen until 2030, more estates will face unexpected tax bills if they fail to plan accordingly. While two years may seem like plenty of time to prepare, effective estate planning […]
As the end of the tax year approaches, it is a good time to review your personal tax position and ensure you are making the most of available allowances. Unlike company tax planning, which can take place throughout the year, personal tax is closely tied to the tax year-end on 5 April. This makes early […]
From 6 April 2025, changes to employer National Insurance Contributions (NICs) will take effect, increasing payroll costs for many businesses. If you employ staff, it is advisable to prepare now for how these changes will impact you financially. Here are the key numbers to keep in mind: Lower NICs threshold – Employers will start paying […]
If you are thinking about selling your business, timing could be everything. Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs’ Relief, helps business owners reduce their Capital Gains Tax (CGT) liability when selling qualifying assets. However, with adjustments to BADR coming in April 2025, it is important to make plans for an exit strategy […]
Starting with the 2025/26 tax year, directors of close companies (owner-managed companies) will need to separate the dividend income received from their companies. This change will have an impact on almost 900,000 directors. In very broad terms, a close company is a company that is under the control of its directors or five or fewer […]
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 […]
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