Increases in income tax rates on investment income The 2025 budget introduced an increase in the tax rates on investment income. Those old enough may remember the Labour government of the early 1970s, the last time an added surcharge was placed on investment, as opposed to earned, income. At its height the surcharge got up…
New Advisory Fuel Rates (Effective 1 September 2026) 1. Petrol Vehicles Up to 1,400cc: 14p per mile (No change) 1,401cc to 2,000cc: 17p per mile (No change) Over 2,000cc: 27p per mile (Increased by +1p) 2. Diesel Vehicles Up to 1,600cc: 15p per mile (No change) 1,601cc to 2,000cc: 16p per mile (Decreased by -1p)…
For Directors of Limited Companies Clients should consider reviewing their Company’s financial position 5 to 6 weeks before the end of the financial year. Once your year-end date passes, most tax-planning opportunities for this trading period are legally locked out. 5 Key Action Items to Review Before Year-End 1. Employer Pension Contributions To qualify for…
Autumn Budget 2025 – Key Measures for Individuals and Businesses The Chancellor’s Autumn Budget 2025 has introduced a wide range of measures that will affect both personal taxpayers and the business community. Below we outline the main announcements most relevant to our clients. Personal Tax Changes Income Tax and National Insurance Personal allowance (£12,570) and…
The 2025/26 UK tax year began on April 6, 2025. Many changes from the previous Autumn Budget are now in effect, with further significant shifts anticipated in the Autumn 2025 budget. Tax Changes Effective in the 2025/26 Tax Year (from April 6, 2025) Income Tax: The Personal Allowance remains frozen at £12,570 until April 2028.…
Key Points of Spring Budget 2024 Below is a summary of some of the key points announced recently. Personal Tax National Insurance The main rate of Class 1 employee National Insurance Contributions (NIC) will be reduced from 10% to 8%, effective from 6th April 2024. A further cut of 2p to the…