The end of the tax year is drawing near and many owner-directors of companies are putting their minds to deciding which is more tax-efficient: a bonus or a dividend. Tax laws and rates that will affect your decision have changed […]
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Savings income and the rise in higher rate taxpayers
Bank of England base rate increases, coupled with higher savings rates and frozen tax thresholds, are seeing more people pushed into the higher rate taxpayer category, or paying more tax on savings income. Tax-efficient investments could mitigate this burden. National […]
Flexible working – employment update
Employers need to be aware of changes to the flexible working regime expected in summer 2024. But proposals to give employees more flexibility for paternity leave are further away. Flexible working The big expected change – the right to request […]
Inheritance tax penalties soar
The value of inheritance tax (IHT) penalties to government receipts has increased by more than half over the past two years, with higher property values and the frozen IHT nil rate band pushing more estates into the IHT net. Increase […]
Tax-deductible car charges
The expansion of London’s Ultra Low Emission Zone (ULEZ) has focused attention on the business use of cars and whether clean air charges are tax-deductible. As well as London, ULEZ charges for non-compliant cars are imposed in Bristol and Birmingham, […]
Farewell to inheritance tax?
In July, the government was reported as holding talks on abolishing inheritance tax (IHT). This wasn’t given much credence at the time, but there are now reports that the March 2024 Budget will include a reduction to the 40% IHT […]
An uncertain future for the Triple Lock
State pension increases could be outpacing inflation next April, and there’s no guarantee of the Triple Lock surviving the next election.
Mitigating rising corporation tax rates
New HMRC statistics have shed some light on how many companies are affected by the recent hike in corporation tax rates.
Are You Owed Money? Exploring Unclaimed Pension Tax Relief in the UK
Did you know that over £1.3 billion of pension tax relief has gone unclaimed by the highest earners in the UK? The pension provider PensionBee analysed unclaimed pension relief between 2016 and 2021, and revealed a staggering amount of unclaimed […]
Deferring your state pension
You do not have to take your state pension at state pension age The current state pension age (SPA) – the earliest age at which you can draw your state pension – is 66. It will be gradually increased to […]
Fraud countermeasure drives R&D tax relief changes
The level of fraudulent claims being made for research and development (R&D) tax relief has prompted HMRC to introduce a new procedure: companies must provide detailed information ahead of making their claim. HMRC figures show that nearly 20% of claims […]
Interest rate rises fuelling increased tax take
The Bank of England base rate increase is impacting on the government’s tax takes, with more taxpayers paying tax on savings income due to higher interest rates. Increased mortgage rates are contributing to rocketing capital gains tax (CGT) takings too. […]
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