From April 2026, HMRC is rolling out Making Tax Digital (MTD) for Income Tax, which will impact many self-employed individuals and landlords. If you earn over £50,000 from employment or property, you’ll likely be affected—so it’s time to start preparing. […]
Category: Tax Planning
Year-End Tax Checklist: What to Do Before the 6 April Deadline
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
Changes to NIC Rates & Thresholds: What This Means for Your Business
Following the Autumn Budget in 2024, the new National Insurance (NI) changes are coming into effect from 6 April 2025. It’s important to understand how these adjustments will impact your business. Whether you’re a sole director of a limited company […]
How Capital Gains Tax Changes Could Impact Receipts and Planning Strategies for Investors and Landlords
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).
Dividend allowance cut doubles taxpayers
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 – what sole traders and partners need to know
Basis Period Reform, introduced on 6 April 2024, changes how taxable profits for unincorporated businesses (sole traders and partnerships) are calculated.
Have you overlooked a changed tax status?
With allowances frozen or cut, you may have underpaid tax for 2023/24.
Daily penalties come in for late self assessment returns
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 ramps up inheritance tax crack down
HMRC is currently busy with several ongoing checks. They are looking at IHT accounts, targeting undeclared dividend income
PERSONAL TAXATION
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 […]
Increased income – the double-edged sword
Increased income means more than just taxes. Lost benefits & higher tax rates loom. Pensions & ISAs can help navigate the tax trap.
Moving to Scotland – the cost in tax
Calculate the tax impact of relocating to Scotland. Understand income tax rates, bands, and changes from April 2024.
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