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Year-end tax guide 2024/25
How to use this guide As we approach the end of the 2024/25 tax year, it’s a good time to reflect on the year’s financial developments and their impact on tax planning.The UK economy has continued to navigate a challenging landscape, with high interest rates affecting businesses and individuals alike. Inflation has begun to stabilise,…
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Tax Card 2024/25
INCOME TAX ALLOWANCESTax-free income allowance rates. VEHICLE AND FUEL BENEFITS-IN-KINDTaxable vehicle and fuel benefits. TAX-FREE MILEAGE ALLOWANCESMileage rates exempt from tax. CAPITAL GAINS TAXTax on profits from asset sales. INHERITANCE TAXTaxes on estate inheritance. UK COMPANY TAXATIONCorporation tax rates and rules. MAIN CAPITAL ALLOWANCESDeductions for business asset investment. VATValue-added tax rates and rules. TAX-EFFICIENT INVESTMENTSInvestment…
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Transition of Benefits from P11Ds to Payroll
Introduction The user’s question pertains to the transition of certain employee benefits, which are currently reported on forms P11D, to being processed through payroll. This involves understanding the timeline and regulatory changes under UK law regarding the reporting and taxation of benefits in kind. Legal Framework and Timeline Conclusion The mandatory payrolling of most benefits…
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MTD ITSA
Who “Qualifying income” means sole trade and property income before the deduction of expenses. This will be based on the 2024/25 self-assessment tax returns due for submission by 31 January 2026 For now, sole traders and landlords with turnover under £20k will not need to comply with MTD ITSA and will remain under the current…
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News Round-Up Feb 2025
Mixed views on business growth this year Most UK businesses are optimistic about the start of 2025, with economic confidence surveys showing plans for growth following a difficult period. However, retail and hiring concerns linger. According to Lloyds Bank, 70% of businesses expect turnover to rise over the next year, up from 62% in December…
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Planning ahead for university costs
Paying for higher education can be one of the largest financial commitments families face. By planning in advance, you can reduce the need for costly borrowing and help your child start adulthood on a strong financial footing. This guide explains current tuition fees, student finance arrangements, and tax-efficient ways to save for university costs in…
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Understanding the Construction Industry Scheme (CIS)
The Construction Industry Scheme (CIS) is a vital part of the tax system for workers in construction. Whether you’re a contractor managing subcontractors or a subcontractor working on various projects, understanding how CIS works is key to ensuring compliance and managing cashflow effectively. In this guide, we’ll break down the essentials of CIS, covering who…
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Autumn Budget 2024
INSIDE THIS STATEMENT The Autumn Budget 2024 tackles fiscal gaps with selective tax hikes on employers, personal wealth and capital gains, while supporting low-income households and smaller businesses to balance growth with financial responsibility. INTRODUCTION Fixing the foundations to deliver change KEY BUSINESS CHANGES Budget 2024 balances NIC hikes with business reliefs SUPPORT FOR BUSINESSES…
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News Round-Up – July 2024
HMRC CONTACTS PENDING ROR CLAIMANTS Provisional claimants are urged to makea valid claim by 31 January 2025. HMRC is writing to taxpayers who made aprovisional business asset roll-over relief(ROR) claim on asset sales in 2020/21and haven’t replaced it with a valid claim.The deadline for making a valid claimis 31 January 2025. If a valid claim…
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Navigating capital gains tax
CAPITAL GAINS TAX EXPLAINED Capital gains tax (CGT) is the tax on the profit you make whenyou sell or ‘dispose of’ an asset that has increased in valueduring your ownership. It is important to note that the tax islevied only on the gain made from the sale, not the total sale price. CGT is important…
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Becoming an employer
WHAT YOU NEED TO KNOW BEFORE TAKING ON THE RESPONSIBILITY Deciding to become an employer is a significant milestone forany business. It marks a phase of growth and the need foradditional support.In this guide, we will explain what becoming an employer entails, thesteps required, the key considerations, and the changes that comewith this decision. We’ll…