Rates from 1 April 2025 Corporation tax rates and thresholds for the financial year to 31 March 2026 remain unchanged as follows: Financial year to 31 March 2026 Main rate 25% Small profits rate 19% Small profit threshold £50,000 Main rate threshold £250,000 Marginal relief fraction 3/200 Effective marginal relief rate 26.5% The thresholds must […]
Despite numerous rumours of possible changes to the taxation of pensions in the run up to the budget, the Chancellor decided not to make significant changes after all. The ability to receive a 25% tax-free lump sum of up to £268,275 (or higher in some cases) remains. Individual contributions continue to attract income tax relief […]
The main rate of IHT remains at 40%, reduced to 36% for estates where 10% or more is left to charity. The IHT nil rate band will continue to be frozen at £325,000 until 2030. The additional nil rate band for passing on the family home to direct descendants (residence nil rate band) will also […]
Significant tax changes have been announced for UK resident non-domiciled individuals; namely those individuals spending most of their time in the UK but without permanently settling here. The concept of ‘domicile’ will be removed from the UK tax system and replaced by a regime based on years of tax residence. Income and capital gains taxes […]
England and Northern Ireland – thresholds It has been confirmed that the 0% thresholds for Stamp Duty Land Tax (SDLT) will be reduced from 1 April 2025 as follows: From 1 April 2025 1 April 2024 to 31 March 2025 Main threshold £125,000 £250,000 First-time buyers’ threshold £300,000 £425,000 SDLT on additional dwellings such […]
Interest on unpaid tax liabilities From 6 April 2025, the late payment interest rate charged by HMRC on unpaid tax liabilities will increase by 1.5 percentage points. For most taxes, this will set late payment interest at the Bank of England base rate plus 4%. In conclusion As we approach 2025/26, we know a number of […]
Date What’s Due 1 November Corporation tax payment for the year to 31/1/24 (unless quarterly instalments apply) 19 November Employer PAYE & NIC deductions, and CIS return and tax, for the month to 5/11/24 (due 22/11 if you pay electronically) 1 December Corporation tax payment for the year to 29/2/24 (unless quarterly instalments apply) 19 […]
Labour shortages, particularly in the hospitality sector, are creating significant challenges for many businesses this year. Managing your costs while trying to maintain service quality and customer relations can be a difficult balance. Given the difficulty in hiring sufficient staff, many of you will be investing in technology to increase your efficiency. Luckily, the Annual […]
Taxpayers have a fundamental right to reclaim input tax, also referred to as input VAT. However, HMRC has the authority to refuse this right under certain conditions if they can demonstrate that the taxpayer was aware, or should have been aware, that their transactions were linked to fraud. There has been a noticeable rise in […]
With the news that the Government intends to increase Capital Gains Tax Business Asset Disposal Relief from April 2025 many business owners will be considering a swift sale of their company before this date. Philip Munk, discusses why companies should include acquisition as part of their growth strategy and how to identify what the best […]
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