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…
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…
Spring Budget 2023 HMRC have released some notes on the announcements made at the recent Budget. Some of the key points are summarised below: Business Tax Capital allowances – full expensing: the government is introducing full expensing. Companies incurring qualifying expenditure on the provision of new plant and machinery on or after 1 April 2023 but…
Preparing for the new tax year basis — Income Tax Self Assessment HMRC have provided the following notes regarding the change to the tax year basis: The rules HMRC uses to work out sole traders’ and partners’ profits for Income Tax in a Self Assessment return are changing for many businesses for 2023 to 2024 onwards. This…