It’s old news now that Rachel Reeves has long had her eyes on inheritance tax (IHT) as an area for reform. The announcements in the last Budget have sharpened the focus by removing reliefs for businesses, including farmers and bringing your pension savings into your Estate when you die. So, are you ready for the […]
Category Archives: Personal Tax
Business Tips, HM Revenue & Customs, Personal Tax, Tax Tips
When Is an Asset Business or Personal? HMRC’s View and the Tax Consequences
10
Sep
Sep
Determining if assets or property are used for business or personal purposes can significantly affect taxation levels. HM Revenue and Customs (HMRC) is often sceptical of claims where assets appear capable of private use, from cars to horses, and even motorbikes. The consequences of getting it wrong can be costly. So, let’s clarify when an […]
Landlords, Personal Tax, Tax Planning, Tax Tips
Tax Tips for Landlords 2025 – Essential Guide to Saving Money and Staying Compliant
13
Aug
Aug
The 2025–26 tax year is a pivotal one for UK landlords. From a steeper Stamp Duty Land Tax (SDLT) surcharge to the end of the Furnished Holiday Let (FHL) regime, plus the looming rollout of Making Tax Digital (MTD), the landscape has shifted significantly. What’s more, the Renters’ Rights Bill promises to bring a raft […]
HM Revenue & Customs, Personal Tax
What is the McCloud Remedy? Understanding the Changes to Public Service Pensions
23
Jul
Jul
In 2015, the UK government introduced major reforms to most public service pension schemes, including the NHS pension scheme. These reforms aimed to make pensions more sustainable and affordable for the future. However, one key aspect of the changes sparked legal challenges; age-based protections that were granted to older members, but not to younger ones. […]
Personal Tax, Tax Advice, Tax Planning, Tax Tips
Thinking of Leaving the UK? Here’s What You Need to Know About The Tax Implications
25
Jun
Jun
There’s been growing interest among some in leaving the UK in recent months, particularly among higher earners and internationally mobile individuals. Following the removal of the long-standing “non-domicile” tax rules in the Budget last Autumn, headlines have speculated that many are packing their bags, whether for tax reasons or not. If you are thinking of […]
03
Jun
Jun
If you’re an employee in the UK and you’ve paid out-of-pocket for certain work-related expenses, you might be entitled to claim Income Tax relief from HM Revenue & Customs (HMRC). Many employees are unaware that they could be missing out on valuable tax refunds simply because they haven’t submitted a claim. So, let’s look at […]
30
Apr
Apr
Directors loan account, what is it? A director’s loan account (DLA) records transactions between the director and the company. It is a record of either money lent to the company or borrowed from the company. The tax treatment of these transactions depends on whether you have lent money to the company or are borrowing from […]
02
Apr
Apr
As you know the UK tax year runs from April 6th to April 5th. A system that has been in place for centuries. This peculiar timeframe often puzzles people, but it is more a long-standing tradition than a mistake. This quirky tradition dates to 1582. Before that, the UK operated on the Julian calendar, which […]
27
Mar
Mar
The Labour government has reiterated its commitment to ensuring security, increasing disposable income, and improving living standards for working people. So, what does the Spring Statement mean for you? You are business owner It is crucial to note the significant changes that will take effect from 6 April 2025 regarding both the national minimum wage […]
18
Mar
Mar
It wasn’t that long ago when we were discussing whether Inheritance Tax (IHT) would be abolished, how fortunes have changed. A few months into the Labour government we saw the complete opposite. During the Autumn Budget last October and the first one for Labour in as many years, it was confirmed that IHT would stay! […]