On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded […]

Welcome to our latest monthly tax newswire. We hope you enjoy reading this newsletter and find it useful. Contact us if you wish to discuss any issues further. Below we set out some of the main points. YEAR END TAX PLANNING It’s not too late to undertake some end of […]

Happy New Year and welcome to the January edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. Below we set out some of the main points. NEW YEAR RESOLUTIONS TO SAVE TAX At this time of […]

On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions necessary to strengthen the economy and build a brighter future. Fuelled by falling inflation and stabilised public finances, focus is now being applied to reducing debt, cutting tax and rewarding hard work […]

Main points are:
• Salary or dividend best in 2023/24?
• Year end tax planning ideas for your business
• Not all LLP members are self-employed
• HMRC challenges LLP Scheme for property businesses
• Charging electric cars at home
• Reclaiming VAT on sale of shares.

Main points are:
• It’s important to have up-to-date profit forecasts for tax
• When are companies associated?
• Larger companies are required to pay tax quarterly
• Autumn Statement date set for 22 November
• Rumours that Inheritance Tax may be abolished.

Main points are:
• Back to School – Set up Tax-free Childcare Account
• Child Benefit may create tax charge for high-incomes
• Merger of R&D tax relief schemes to go ahead
• Income tax on Inheritance Tax
• HMRC to require more information from taxpayers.

Main points are:
• Provide Additional Information of R&D Claims from 1 August 2023
• Use Tax-Free Childcare Account to pay for Summer Holiday Clubs
• Planning a Staff Summer Barbeque?
• Rumours of the Abolition of Inheritance Tax
• HMRC Raise Interest Rates again as Base Rate increases

Main points are:
• Deadline for topping up NI Contributions extended again to 5 April 2025
• Super-Deduction replaced by “Full Expensing”
• Should Small Businesses still use the VAT Flat Rate scheme?
• Can we still be paid £6 a week for Working From Home?
• HMRC challenging a Marketed School Fees plan.