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…
Over the last two years, the tax-free allowance for Capital Gains Tax (CGT) has been cut by over three-quarters. For the tax year that recently began on 6th April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more and more of…
The new tax year starts on 6th April 2023, so there’s still some time left to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before the 6th April. Do you fall…
Happy New Year from everyone at Folkes Worton! Here’s our first Tax Update of 2023 – watch this space for our regular monthly updates. 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…
Tax Increases and Public Spending Cuts The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include ‘eye-watering’ cuts in public spending and tax rises for those with the ‘broadest shoulders’. Unlike the ill-fated Fiscal Event of 23rd September, the Government ‘rolled…
Here’s a brief overview of today’s Autumn Statement from the Chancellor, Jeremy Hunt: Personal Tax Reduction in the 45p threshold to £125,140 from £150,000 (this will cost Additional Rate Taxpayers £1,250) All other allowances and thresholds to remain the same until the end of March 2028 (which means that the…