Proactive Tax Year Preparation Planning for the beginning of the new tax year is as important as the planning done for the end of the old one. While the 5th of April, the tax year's conclusion, is a major focal point, the following day, while appearing to need less...
Understanding the January 31st Deadline: Online Sellers Tax Rules The end of January wasn't just the deadline for personal tax returns; it also marked the beginning of a new era of tax reporting for online sellers. As of January 2025, online platforms like eBay,...
The Budget brought inheritance tax (IHT) into the news headlines, but its impact is not well understood. Understand the impact of Inheritance Tax through the example of Mark and Hannah, a couple who have an estate valued at £1.25 million, including their jointly...
The impact of the Budget’s increases in national insurance contributions (NICs) are not limited to employers. There were three main changes to employer’s NICs announced in the Budget, all of which will take effect from April 2025: The secondary threshold – the...
HMRC is uncharacteristically keen to give money away, reminding young adults again that they may be due unclaimed child trust funds (CTFs). The amount still to be paid out comes to just under £1.4 billion. As the UK settles under its first Labour government in 14...
‘Tick the Gift Aid’ box to boost your donation to charity and save some tax. The number of national and international calls on our goodwill to donate to causes has grown in the last few years. You are probably familiar with the ‘Tick the Gift Aid’ box, or a request to...
New data from HMRC show growing numbers of income taxpayers paying above the basic rate. The club that all members want to leave, the income tax playing club, is gathering ever more members who are paying every greater subscriptions. That, at least, is one way of...
As we count down to the general election in July, be wary of those manifesto promises not to raise tax rates. The Conservatives and the Labour party are going into the next election with the same key fiscal rule. This states that in five years’ time, total government...
It’s early days yet, but some pointers on tax have emerged from both the main parties. Within one week of the surprise firing of the general election starting gun, both the Conservatives and Labour have been promoting their tax plans. We can expect more to emerge in...
A useful new web tool has emerged, a little late in the game, in a joint effort from two government departments. In early 2023, HMRC and the Department for Work and Pensions (DWP) found they were unable to cope with the volume generated by a 5 April cut-off date that...
The fees for obtaining probate in England and Wales have increased. The fee charged to obtain probate in England and Wales has been increased from £273 to £300 (10%) and for confirmation in Scotland, which has a sliding scale by 2%. Northern Ireland revised its...
With allowances frozen or cut, you may have underpaid tax for 2023/24. Your tax position may have changed for the last year without you really noticing. Consider the following: *£1,000 for basic and nil rate taxpayers, £500 for higher rate taxpayers, and nil for...
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