IHT can apply to certain lifetime transfers/gifts and also on the value of an individual’s estate at the time of death. The IHT nil rate band is £325,000, with an additional £175,000 ‘residence nil rate band’ available in some cases for leaving the family home to direct descendants. For any value remaining after the nil […]

For 2026/27, the annual investment allowance (AIA) will remain at £1 million and the full expensing regime will be available to companies. The rate of writing down allowance (WDA) applicable to qualifying capital expenditure in the main rate pool will drop from 18% to 14% on 1 April 2026 for companies and 6 April 2026 […]

From 1 April 2026, the VAT registration and deregistration thresholds will remain at £90,000 and £88,000 respectively. There have been no changes to the rates of VAT and the standard rate continues to be set at 20%.

Business rates As announced in the 2024 Budget, two new lower multipliers for eligible retail, hospitality and leisure (RHL) properties with rateable values (RV) below £500,000 will be introduced from 1 April 2026. Each of the new multipliers is 5p lower than the standard multiplier for a business property of equivalent rateable value. The new […]

Besides the new property income tax rates detailed in the taxes on income section, another change affecting property is the introduction of a high value council tax surcharge, otherwise known as the ‘mansion tax’.  The surcharge will be in addition to existing council tax and will be applied to properties with a value over £2 […]

England and Northern Ireland If you are planning to purchase residential property, the good news is that there were no changes to stamp duty land tax (SDLT) announced in the Autumn Budget. The main threshold above which you start to pay SDLT remains at £125,000 and you will still pay the higher rate of SDLT […]

Rates from 1 April 2026 There are no changes to corporation tax rates and thresholds for the financial year commencing 1 April 2026. These include the main rate of 25% for companies with profits over £250,000 and a small profits rate of 19% available to companies with profits below £50,000; a marginal rate of 26.5% […]

Penalties Late filing penalties for corporation tax returns are set to be doubled for returns where the filing date is on or after 1 April 2026. Filing a corporation tax return late will now result in a £200 penalty, which will increase to £400 if the return is more than 3 months late. Where the […]

With just a few months until we reach the 2026/27 tax year, we know that many of our clients and contacts will be looking at how this Budget will impact their affairs. While there was much talk about growth, tackling inflation and cutting the cost of living, everyone has been asked to contribute. Freezing many […]

Date What’s Due 1 December Corporation Tax for year to 28/02/2025, unless quarterly instalments apply 19 December PAYE & NIC deductions, and CIS return and tax, for month to 05/12/2025 (due 22/12 if you pay electronically) 30 December Deadline for filing 2024/25 tax return online if you wish to request that HMRC collect outstanding tax […]