In a recent ruling, the Supreme Court dismissed Hotel la Tour Ltd’s appeal in which they argued that they were allowed to reclaim input VAT incurred on the professional fees that they incurred during the sale of shares in the company that owned their luxury hotel in Birmingham. HMRC’s position was that the sale of […]
Date What’s Due 1 February Corporation tax for year to 30/04/2025, unless quarterly instalments apply. 19 February PAYE & NIC deductions, and CIS return and tax, for month to 5/2/26 (due 22/2 if you pay electronically). 1 March Corporation tax for year to 31/05/2025, unless quarterly instalments apply. 19 March PAYE & NIC deductions, and […]
Over the past year, Inheritance Tax (IHT) has become a growing concern for business owners, farmers and their families. Proposed reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR) raised the prospect of significant tax bills on death, even where wealth is tied up in trading assets rather than cash. A pre-Christmas announcement […]
The Government’s late changes to Agricultural Property Relief and Business Property Relief have eased some immediate Inheritance Tax concerns for family businesses. Advisers at TWP Accounting say the reforms still leave many owners exposed and underline the need for early planning. From 6 April 2026, business assets will fall within the Inheritance Tax regime, with […]
The Autumn Budget has been much maligned by a range of people, with higher earners and business owners feeling particularly disenfranchised. These concerns are not unfounded, as the Budget has paved the way for a notable reduction in spending power, due to fiscal drag, that could result in more economic challenges in the future. As […]
With a new year dawning, it is time to start thinking about what might lie ahead. If you found yourself getting caught off guard by shocks and surprises in 2025, then you can learn from that experience to make 2026 a more financially stable year. We have some valuable tips that will help you build […]
As 2026 gets underway, you may have come up with a plethora of New Year’s resolutions that you will definitely stick with for the entire 12 months. If you want to get your finances in order for the new year, you will need to create financial resolutions you can stick with. Here are our top […]
Given how recently the Autumn Budget was, most people had assumed that all of the big tax measures for the year had been issued. However, Rachel Reeves decided to wrap up 2025 with an eleventh-hour announcement of changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) that will increase the allowance available to […]
Following the Autumn Budget, it is increasingly clear that the Government is toughening its approach to tax compliance. This is a break with tradition, as penalties have remained unchanged for years, meaning that inflation has caused the impact to soften with time. As such, we are facing an update to penalties aimed at tackling late […]
Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs) are both set to experience changes from April 2026, as was revealed in the Autumn Budget. These schemes were viewed as outdated and the reforms aim to modernise their effectiveness. This is part of the Government’s desire to be seen supporting entrepreneurship and scale-ups, while also […]
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