Category: Tax Planning

There were no tax increases in the Chancellor’s Spring Statement (upgraded from an initial Spring Forecast), but that might just be pain deferred.

Rachel Reeves’ Spring Statement brings few surprises but confirms that key tax and compliance changes are going ahead as planned. Key points for you as a business owner: Helpful Articles for MTD and Payroll Updates Making Tax Digital: Key Changes […]

As the tax year-end approaches, now’s the time to take action and make the most of valuable allowances and planning opportunities. Here are 15 practical steps to consider before 6 April 2025

Raising tax rates is a traditional government strategy to increase tax receipts for HMRC, but this may not be the case for capital gains tax (CGT).

With the dividend allowance now cut to just £500, the number of taxpayers paying tax on dividend income for 2024/25 is expected to be double what it was three years ago.

Basis Period Reform, introduced on 6 April 2024, changes how taxable profits for unincorporated businesses (sole traders and partnerships) are calculated.

With allowances frozen or cut, you may have underpaid tax for 2023/24.

Around 1.1 million taxpayers who failed to submit the self assessment tax return for 2022/23 on 31 January 2024 now face a £10 daily penalty charge by HMRC.

HMRC is currently busy with several ongoing checks. They are looking at IHT accounts, targeting undeclared dividend income

Income tax The personal allowance for 2024/25 to 2027/28 will remain at £12,570 and the higher rate threshold will stay at £50,270, as previously announced. In Scotland, for 2024/25, the starter and basic rate bands will grow by 6.7%, while […]