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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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Economic Crime and corporate Transparency Act 2024
Blog

How will the Economic Crime and Corporate Transparency Act affect businesses?

What is the Economic Crime and Corporate Transparency Act 2024? The new Economic Crime and Corporate Transparency (ECCT) Act will give Companies House increased powers to improve the accuracy of information on their registers and to play a significant role in tackling economic crime. Companies House will have more powers to scrutinise and challenge information

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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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How to manage your inheritance tax bill
Blog

How to manage your inheritance tax bill

Like many other taxes, inheritance tax (or IHT) allowances have been frozen. This sounds generous of the chancellor at a time when the government is strapped for cash. But it actually means that we are paying more. Data from HMRC has revealed that inheritance tax collected between April 2022 and February 2023 totalled £6.4bn, 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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