7 minutes to read ‘Difficult choices’ was the phrase repeated at regular intervals by Chancellor Rachel Reeves in the first Labour Budget for 14 years, to ‘fix the foundations’ and ‘deliver change’. At 77 minutes, Ms Reeves’s speech was the longest we have heard for a while and contained a vast array of announcements on tax and spending. The …
Furnished Holiday Lets: Tax treatment changes for owners
4 minutes to read During the spring budget 2024, the (then) Chancellor announced that there would be an abolishment of the furnished holiday lets (FHL) tax regime from 6 April 2025. Despite the change to a Labour government in early July, the abolition of the FHL regime is still set to go ahead, and the policy papers and draft …
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2024/2025 Tax Data
< 1 minute to read In an easy-to-read format, our tax data cards contain a snapshot of the tax rates and bands for individuals and businesses for the financial year 2024/25. Download a copy here, or get in touch with either our Leicester or Loughborough offices for a printed card. Rates, bands and allowances covered include those for: Income Tax …
Review your affairs: tax planning 1
5 minutes to read The last few weeks of the tax year are a good time to review your financial arrangements with your accountant. Make sure your family and business finances are arranged as efficiently as possible. We are still in a period where the freeze of many tax rates and thresholds continues to increase the government’s tax take, …
Budget: 6 March 2024
7 minutes to read The 2024 Spring Budget The main themes in the Spring Budget delivered by Chancellor, Jeremy Hunt, on 6 March were growth, public services and lower taxes. On growth, there was relatively little to excite – the Office for Budget Responsibility upgraded its forecast for the current year by 0.5% and now predicts the UK economy …
Do you hold or trade cryptoassets?
< 1 minute to read If you receive cryptoassets from employment, or sell or exchange cryproassets, you may need to complete a Self Assessment tax return for the 2022 to 2023 tax year. Any income or gains above the tax-free allowance should be declared. The deadline to complete a tax return and pay any tax owed is 31 January 2024. …
Tax and the side hustle
2 minutes to read Do you sell unwanted items online? Is your creative interest bringing in a top-up income? The ease of online trading has been with us for several years now, and with apps like eBay, Vinted and Etsy, it has never been easier to turn unwanted items into cash. Add to the above Airbnb letting, renting out …
Autumn Statement: Corporation Tax review
3 minutes to read After better-than-expected inflation figures and the desire to shed his party’s reputation as overseeing the biggest increase in the tax burden since the Second World War, for businesses the Chancellor: – made full-expensing of capital expenditure a permanent feature of the UK tax framework – confirmed the planned start date of 1 April 2024 for …
Autumn statement: 22 November 2023
4 minutes to read A ‘transformational’ Autumn Statement? With better-than-expected inflation figures the Chancellor of the Exchequer, Jeremy Hunt appeared keen to shed his party’s reputation of having overseen the biggest increase in the tax burden since the Second World War. With a total of 110 changes, the speech was billed as ‘a plan to unlock investment, reward work and …
Claiming R&D tax relief? New process from 8 August 23
4 minutes to read Changes to the process for claiming R&D tax reliefs and allowances, and what they mean for your business need careful attention right now. From 8 August all R&D claims must be made electronically through HMRC’s portal, alongside detailed information regarding the claim. R&D tax relief R&D tax relief supports companies that work on innovative projects …
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