In the Spring 2024 Budget, the previous government raised the VAT threshold from £85,000 to £90,000, having frozen it at £85,000 for six years. This means a business must register for VAT if its taxable sales have exceeded £90,000 in any rolling twelve-month period. Furthermore, you must register if the sales will exceed £90,000 in […]
Category Archives: Tax Planning
07
Aug
Aug
The Capital Gains Tax (CGT) tax free allowance has now fallen to £3,000 (2024/2025). The policy was announced in the former Chancellor Jeremy Hunt’s first Autumn Statement in 2022. This reduction in the tax free allowance will result in more individuals being subject to the CGT regime. Additionally, most landlords selling their properties are also […]
10
Jul
Jul
In the March 2023 budget, changes to the two Research and Development (R&D) tax relief schemes were announced, which came into effect from 1 April 2023. At the same time, plans were also proposed to merge the two schemes into one which would come into effect twelve months later. After consultation, the two schemes have […]
12
Jun
Jun
The first R&D relief scheme was launched back in 2000 for SME’s. It took two further years before a larger company R&D scheme was launched. The scheme was underused for many years and HM Revenue and Customs (HMRC) were relaxed in processing the claims. HMRC enquiries only really happened in quite extreme cases. However, HMRC’s […]
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 […]
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, […]
Business Tips, National Insurance, Personal Tax, self employed, Tax Planning, Tax Tips
Autumn Statement 2023 – The Overview
29
Nov
Nov
The Chancellor, Jeremy Hunt, made a statement on our economy last week. The Autumn Statement 2023 unveiled the current government’s tax and spending plans. The statement also focused on the growth of the British Economy over the coming years. The UK Economic Outlook The Chancellor expressed a strong desire to prioritise the expansion […]
15
Nov
Nov
In the field of the rental business, whether an expense is tax deductible will very much depend on what it is. However, the ability to deduct expenses in a property business depends on the status of your rental business. So, what do we mean by the status of the business? Well, when it comes to […]
09
Aug
Aug
Capital gains tax (CGT) is a complicated area of tax and one that a lot of people don’t come across often unless you are a regular investor. So, what is capital gains tax and how to pay less? When individuals or trusts sell or gift an asset, they typically pay taxes on any profit or […]