Specialist Tax News

31 January 2024

Diary of main tax events February/March 2024

Date What’s Due 1 February Corporation tax for year to 30/4/2023 unless quarterly instalments apply. 19 February PAYE & NIC deductions, and CIS return and tax,

18 December 2023

New year resolutions to save tax

At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end

18 December 2023

Time to review, or make a will?

At the top of the New Year to do list for many individuals is to make or update their Will. Many think this is something to

18 December 2023

Passing on the family home

When considering the wording of your Will, you should note that the inheritance tax (IHT) nil rate band continues to be frozen at £325,000, subject to

18 December 2023

Leaving money in your will to charity

If you leave at least 10% of your estate to charity, the rate of Inheritance tax on the amount chargeable Is reduced from 40% over the

18 December 2023

Year end inheritance tax planning

Many were expecting an announcement from the Chancellor in the Autumn Statement about cuts to, or the possible abolition of, inheritance tax (IHT). Maybe he is

18 December 2023

Regular gifts out of your income can save IHT

One tax planning opportunity that many thought the chancellor might restrict was the exemption from inheritance tax for regular gifts out of an individual’s surplus income.

18 December 2023

Pension contributions on behalf of others

Normally an individual’s payments into a pension scheme are limited to their relevant earnings in a given tax year. This restriction does not apply where the

18 December 2023

Update payroll software for the January NIC cut

The chancellor’s announcement of a 2% cut in national insurance contributions (NICs) for employees applies to payments on or after 6 January 2024. That doesn’t allow

18 December 2023

Advisory fuel rate for company cars

The table below sets out the HMRC advisory fuel rates from 1 December 2023. These are the suggested reimbursement rates for employees' private mileage using their

18 December 2023

Diary of main tax events January/ February 2024

Date What’s Due 1 January Corporation tax for year to 31/3/2023 unless quarterly instalments apply. 19 January PAYE & NIC deductions, and CIS return and tax,

28 November 2023

Autumn Statement 2023

On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions necessary to strengthen the