Jeremy Hunt unveiled a novel British Individual Savings Account (ISA) in his spring Budget statement that aims to invigorate investment in the United Kingdom. What is the new British ISA? The British ISA introduces an additional £5,000 tax-free allowance for investments in UK assets, supplementing the existing £20,000 limit. This move seeks to benefit British […]
In a promising development for the UK economy, analysts from Bloomberg Economics and the National Institute for Economic and Social Research have forecasted that the inflation rate could fall below two per cent by April – for the first time in several years. This optimistic outlook aligns with recent economic growth forecasts and suggests potential […]
Following Chancellor Jeremy Hunt’s Spring Budget, Surrey-based accountancy firm, TWP cautions that Mr Hunt has targeted individuals with tax cuts at the expense of small businesses. Outlining his ‘Budget for long-term growth’, the Chancellor placed a heavy emphasis on relieving the financial burden on families and working individuals following a period of high living costs […]
The latest Budget was an important speech for the Chancellor, Jeremy Hunt, and his Government, as he laid out key measures likely to affect his party’s success at the ballot box later this year.
With over 11.5 million returns submitted by the 31 January deadline, Self-Assessment season has given rise to bogus rebate offers – with Surrey-based accountancy firm TWP warning that personal details and banking information could be at risk. HM Revenue & Customs (HMRC) has reported a steep increase in the number of suspicious activity reports it […]
Are you a sole trader or a member of a partnership? Here is what you need to know about the upcoming tax basis period reforms. HM Revenue & Customs (HMRC) is introducing changes to how it assesses and collects business taxes relating to the basis period. At the end of the 2023/24 financial year, these […]
Businesses may be able to reclaim significant amounts of National Insurance Contributions (NICs) and plan for future savings because of a recent Tribunal ruling on how car allowances are taxed. Brought by Wilmott Dixon and Laing O’Rourke in their capacity as employers, the Tribunal upheld the firms’ argument that car allowance payments should qualify for […]
HM Revenue & Customs (HMRC) has made a significant change to the way that some taxpayers access its alternative dispute resolution (ADR) scheme. Where applicants for ADR could previously speak with a call handler, they will now be asked to leave a voicemail on the new 24-hour service. Available to anyone seeking to settle a […]
The Government plans to introduce new legislation to help parents who earn more money than others with their future pensions. In essence, if you did not claim child benefit because you earned over £50,000 when you had children, you will soon be able to claim National Insurance credits. These credits are important for getting the […]
Starting in April 2026, UK employers will have to include the benefits they give to their employees, like company cars or health insurance, directly in their payroll. This means these benefits will be taxed through the payroll system, and not reported separately. This change is to make tax reporting easier for employers, but it also […]
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