The Chancellor, Rachel Reeves, announced a series of new tax and cost-of-living measures this week aimed at supporting households and businesses through the summer period. Below is a summary of the key changes that may affect individuals and businesses. Key Tax Announcements 1. Temporary VAT Reduction on Family Activities From 25 June to 1 September,
So you’ve recently hit the £100,000 milestone? You might be wondering whether you now have to complete a Self-Assessment tax return, especially if you’re used to paying tax through PAYE. Earning over £100,000 doesn’t always mean you must automatically file a return, but it does put you in a category where tax is a little
Content accurate as of 26 November 2025. On 26 November 2025, Chancellor Rachel Reeves presented her second Budget to Parliament. After the tax-raising budget of 2024, it had been hoped by the government that widely applicable tax increases would not be required again in 2025. However, with economic pressures continuing to apply, tax increases have
More and more people are selling items online, whether it’s unwanted clothes on Vinted, old furniture on Facebook Marketplace, or making additional income (sometimes called a ‘side hustle’) through eBay, Etsy, or Amazon. But when does selling online cross the line into something HMRC views as taxable? If you’ve wondered whether you need to pay
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
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
Welcome to our round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you! Personal tax planning ahead of April 2022 The costs of keeping the country running through COVID were huge and inflation is
