The dust has settled on the Budget, but it has raised many questions. If you’ve been following the news, you may have noticed some significant changes to the Inheritance Tax (IHT) regime. Not too long ago, we discussed the possibility of abolishing IHT altogether under the previous government. However, the current situation is quite different—it’s […]
Category Archives: Personal Tax
Business Tips, capital gains tax, HM Revenue & Customs, Personal Tax, Tax Tips
Further details of the Budget
31
Oct
Oct
Yesterday, we received the first Labour Budget in fourteen years, which was significant! It included substantial tax increases. There is a lot to consider, so we can begin by examining the details of the Budget. However, before we jump to the nitty gritty, here’s a summary of how the Budget affects you depending on who […]
25
Sep
Sep
This week is Labour Party conference week. Rachel Reeves made her debut speech on Monday as the Chancellor of the Exchequer. She said there was no return to austerity but instead a time for “iron discipline” and “relentless focus.” With this in mind, we explore what’s expected in the budget. When is the Budget? The […]
HM Revenue & Customs, Myers Clark Updates, Personal Tax, self employed
Don’t forget to use Time to Pay service with HMRC
17
Jul
Jul
Benjamin Franklin once said, “In this world, nothing can be said to be certain, except death and taxes.” If you are in business, a landlord, or paying tax under self-assessment, you understand the importance of paying your tax on time. But what if you can’t afford to pay your taxes when they are due? Remember […]
14
May
May
When selling your home, there are plenty of things to consider and take care of, but tax does not usually fall under that umbrella. The good news is that you typically don’t have to pay tax on the sale of your home or primary residence which is its official name. Capital Gains Tax (CGT) is […]
24
Apr
Apr
Earning a six-figure salary is an exceptional feat, providing a sense of financial security and abundance. However, it’s important to note that a higher income can lead to complicated tax affairs. There are various tax implications of earning over £100K so let’s have a look at them. One of the main tax implications of earning […]
03
Apr
Apr
In recent years, the allowances for Inheritance Tax (IHT) have remained stagnant. Consequently, an increasing number of individuals are now liable to pay this tax, which is commonly known as the “death tax”. To mitigate this tax, gifting for Inheritance Tax has become more prevalent. If you are not familiar with how IHT works, here’s […]
20
Mar
Mar
Among the announcements in the Spring 2024 Budget earlier this month was the decision to abolish the Furnished Holiday Let (FHL). This means the loss of tax breaks for that type of rental business. Did you watch the Chancellor’s budget speech? During the speech, he mentioned Hon Members from St Austell and Newquay, North Devon, […]
13
Mar
Mar
This time of the year as we approach the end of the tax year we look at all the steps you need to take to make sure you are taking advantage of the tax savings measures available to you. We will consider the different measures and help you plan for the tax year-end. Although overall, […]
06
Mar
Mar
Earlier today, Chancellor Jeremy Hunt delivered the Spring Budget, which probably marks his final budget in the current sitting of parliament. The Chancellor began by stating that the economy is now starting to improve. The Office of Budget Responsibility (OBR) is forecasting inflation to reach 2% in the next few months, and growth in 2024 […]