Category: News

changes for the new tax year 2024 2025
News

Welcome to the new tax year!

Content accurate as of 08 April 2024 As we embark on a new tax year, we have set out below important upcoming changes that you need to consider including the level at which to set your salary, the High Income Child Benefit Charge and the abolition of the Furnished Holiday Lettings regime. Company Directors –

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Spring Budget 2024 summary
Blog

Spring 2024 Budget Summary

Content accurate as of 6 March 2024 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

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November 2023 Autumn Statement
Blog

November 2023 Autumn Statement

Content accurate as of 22 November 2023 On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament. Headlines included National Insurance Contribution (NIC) cuts for workers and the self-employed and the ‘biggest permanent tax cut in modern British history for businesses’. Some other anticipated measures appear to be on hold ahead of

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state pension top up extension April 2025
Blog

State Pension Entitlement: top-up opportunity now extended to April 2025

National Insurance (NI) contributions are payments made by employed and self-employed individuals based on their earnings. These contributions, along with NI credits, form a person’s NI history, which affects their entitlement to the state pension and other benefits. Why should you top up your national insurance contributions? To receive the maximum ‘new state pension,’ which

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Spring budget 2023
Blog

Spring Budget 2023

Content accurate as of 13.03.2023 Following the Chancellor’s Spring Statement, the big tax change increasing Corporation Tax was already expected but hoped to be repealed. Unfortunately, it was not and will come into effect from 1st April 2023. What are the tax changes? From 6 April 2023 the tax rates that will apply to dividends

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tax saving new year's resolutions
Blog

Tax Saving New Year’s Resolutions

At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2022/23 tax year (currently £20,000 each).  You might

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VAT Penalty Regime
Blog

New VAT Penalty Regime

For VAT periods starting on or after 01 January 2023 (This will only apply if you submit your returns late or pay late) At a glance You will receive points if a return is late or a payment is late.  This means if both are late the points will be doubled. The penalty for late

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November 2022 Autumn Statement
Blog

November 2022 Autumn Statement

Content accurate as of 18.11.22 The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending and tax rises for those with the ‘broadest shoulders’. Unlike the ill-fated Fiscal Event of 23 September, the Government “rolled the pitch” this time with several

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Mini budget U-turn announcement 2022
Blog

All you need to know about the mini-budget U-turn 2022

A fiscal U-turn without precedent! Content accurate as of 17th October 2022 Over the last few days, we have seen a gradual dismantling of the mini-budget of Friday 23 September 2022, along with the economic policies that Prime Minister Liz Truss based her leadership campaign on. What changes have there been made to the mini

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