HM Revenue and Customs (HMRC) has been reminding taxpayers that there are now fewer than 100 days left to file their tax return and pay any tax due for the 2024-25 tax year. The online filing deadline applicable to the majority of taxpayers is 31 January 2026. According to HMRC…
Welcome to the October Tax Update. In this issue we take a look at the upcoming Autumn Budget, umbrella companies, VAT error correction, sideways loss relief, advisory fuel rates for company cars and upcoming dates on the Accounting Horizon. BUDGET 2025 DATE – 26 NOVEMBER The Chancellor will deliver Autumn…
Spring Statement 2025 On 26 March 2025, Chancellor Rachel Reeves presented her Spring Statement to parliament. Despite a backdrop of low economic growth and increasing government borrowing costs, the Chancellor remains committed to her ‘non-negotiable’ fiscal rules that aim to bring stability to the economy and security for working people.…
As the UK tax year-end approaches on 5 April, it’s an excellent time for you to review your business finances and explore tax planning opportunities, particularly if you are self-employed. Tax planning can help you to reduce tax liabilities, boost your cash flow and put you in a stronger financial…
In this edition we take a look at year-end tax planning, double-cab pickups, employment expenses, VAT on food and drink, and upcoming dates on the accounting horizon – which include the date for the next Bank of England interest rate decision and the Chancellor’s Spring Forecast. YEAR-END TAX PLANNING! With…
Welcome to our October Tax Update. In this edition we take a look at the potential changes to Capital Gains Tax and pensions in this month’s Budget, checking your state pension entitlement, a scam letter warning from HMRC and upcoming dates on the accounting horizon. POSSIBLE CAPITAL GAINS TAX CHANGES…
The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the budget in October will be “painful” and the government would be making “big asks” of the country. He said that the country would need to be prepared to “accept short-term pain for long-term good”…
Welcome to our September Tax Update. In this edition we take a look at Inheritance Tax, Workplace Nurseries, Tax-Free Childcare Accounts, Hours Worked Reporting, Fuel Rates for Company Cars and upcoming dates on the accounting horizon. SHOULD YOU PASS ON WEALTH NOW TO AVOID INHERITANCE TAX? Many wealthy individuals are…
HM Revenue and Customs (HMRC) has published draft legislation and a policy paper outlining the proposal for the abolition of the furnished holiday lettings (FHL) tax regime. This was originally announced by the previous Government and any hopes that this may be stalled by the new government are now laid…
Welcome to our August Tax Update. In this edition we take a look at the 60% income tax trap, tax-free childcare accounts, staff BBQs, the tax treatment of furnished holiday lettings, VAT on independent schools fees and upcoming dates on the accounting horizon. BEWARE THE 60% INCOME TAX TRAP It…