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 »
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 »
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 »
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 »
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 »
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 »
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 »
When considering passing a buy-to-let property to your child, the goal is often to do so in a tax-efficient way. Gifting property can seem straightforward but carries significant tax implications, particularly when it comes to inheritance tax (IHT) and capital gains tax (CGT). (Read Time: Approx. 4 minutes) Topics Discussed: Options for Gifting a Buy-to-Let… Read more »
Incorporation Relief is a powerful tax incentive that allows landlords to delay paying Capital Gains Tax (CGT) when transferring their property business into a limited company in exchange for shares. This relief can also help landlords save on Stamp Duty Land Tax (SDLT). But how exactly does Incorporation Relief work, and what do landlords need… Read more »
Turning your garden into a profit-generating asset, either by selling it or through development, can seem appealing. However, it’s crucial to understand the tax implications that accompany these transactions. Capital Gains Tax (CGT) and Income Tax can significantly impact your profits unless certain conditions are met, allowing for tax relief. (Read Time: Approx. 5 minutes)… Read more »
