The latest UK budget introduces significant shifts for employers, taxpayers, and investors, with changes in National Insurance, inheritance tax reliefs, and new taxes for non-domiciled residents. These adjustments, set to start from April 2025, will affect both small businesses and individual taxpayers, presenting new financial planning challenges and opportunities. (Read Time: Approx. 5 minutes) Topics… Read more »
Posts By: ilyas Patel
HMRC Tightens the Net on Rogue R&D Advisors
In a decisive move, HMRC has escalated its enforcement efforts against fraudulent Research and Development (R&D) tax relief claims. Recent months have seen a wave of dawn raids and arrests targeting unscrupulous advisors suspected of enabling businesses to submit fraudulent claims. This crackdown serves as a stark reminder for businesses to ensure full compliance with… Read more »
Landlords and Inheritance Tax
When it comes to inheritance tax (IHT), landlords often encounter complicated regulations and uncertain tax burdens. Recent speculation about potential changes to IHT and capital gains tax (CGT) makes this even more pressing. Some advisers may suggest strategies that claim to shelter property shares from IHT entirely, but this is rarely achievable. The truth is… Read more »
Tax Planning for Private School Fees
With private school fees on the rise and the anticipated removal of VAT-exempt status in 2025, families across the UK are looking for ways to manage these increasing costs. While there’s no direct tax relief for private education, there are several strategies that can reduce the financial burden, including intergenerational gifting, family businesses, and tax-efficient… Read more »
Urgent Changes to HMRC’s PAYE Employment Expense Claims Process
The landscape of tax relief claims is changing rapidly, with HMRC implementing new requirements for PAYE employment expense claims to tackle ineligible submissions. This blog provides a clear overview of these updates, outlining what you need to know to stay compliant with the evolving rules. (Read Time: Approx. 4 minutes) Topics Discussed: Understanding the Shift… Read more »
Tax Benefits of a Company Car with a Surge in EV Sales
The UK’s car market experienced a notable rise in September, with the spotlight shining brightly on electric vehicles (EVs) and hybrid vehicles. New figures highlight a significant uptick in demand, marking a record-breaking month for battery electric vehicle (BEV) sales. (Read Time: Approx. 4 minutes) Topics Discussed: UK Car Market Rebounds with Record EV Sales… Read more »
Potential Changes to Capital Gains Tax in the Autumn Budget
With Labour pledging not to raise Income Tax, National Insurance, or VAT, speculation is rife about how Chancellor Rachel Reeves will address the £22bn shortfall in the Autumn Budget. One likely target is Capital Gains Tax (CGT), which could see higher rates or rule changes to catch more taxpayers, particularly property owners and investors. (Read… Read more »
Keeping Your Finances Away from the £100,000 Tax Cliff
Beyond earning £100,000, two significant financial drops present themselves: the loss of free childcare and the tapering of the income tax-free personal allowance. Together, these can impose a marginal tax rate of 60% and create unexpected financial strain. So, what can you do to stay below this cliff edge? (Read Time: Approx. 4 minutes) Topics… Read more »
Five Tax Perks That May Disappear in the Next Budget
With the UK government facing a significant shortfall in public finances, the upcoming budget is expected to close certain tax loopholes rather than increase major tax rates. Rachel Reeves, the Chancellor, is likely to focus on curbing tax advantages that benefit wealthier individuals, raising billions to address the fiscal gap. Below, we explore five potential… Read more »
Understanding VAT on Food and Catering
The rules on VAT charged on food can be confusing, as often the rules vary depending on where and how the food is served. This blog will break down the VAT rates applicable to different types of food, highlighting the distinctions between hot and cold food, and food consumed on or off the supplier’s premises…. Read more »