There are rumours circulating in the press of the possible abolition of inheritance tax (IHT) in a bid by the Government to secure the support of wavering Conservative voters. This may cause some individuals to delay IHT planning, but remember these are just rumours, and it may not actually happen. It should be noted that […]
Employers may meet the cost of certain social events for staff without creating a tax liability. This used to be a concession but is now a statutory exemption provided certain conditions apply. The exemption applies to an “annual party or similar function” provided it is available to all employees or available generally to those at […]
Tax-Free Childcare accounts can be used to pay for approved childcare for children aged 11 or under, or 16 if the child has a disability. This can include paying for a summer holiday club or childminder. The account can also be used to pay nursery fees, or to pay for breakfast or after school clubs […]
The latest Finance Act includes two changes that will affect all R&D claims: (1) a requirement to provide additional information before an R&D claim is made; and (2) a requirement for certain companies to make a claim notification within six months after the end of the accounting period for which they want to claim R&D […]
With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate, as a result of the “triple lock” being restored. […]
On 1 August 2023, the Alcohol Duty system will change, taxing all alcoholic drinks based on their alcohol by volume (ABV). This replaces the current Alcohol Duty system, which consists of four separate taxes covering beer, cider, spirits, wine and made-wine. Small businesses as well as pubs and restaurants could benefit from reduced rates on […]
What is a “Sustainable” business? A sustainable business, or a “green business”, is an enterprise that has minimal negative impact or potentially a positive effect on the global or local environment, community, society, or economy. Going green could boost competitiveness and specifically improve a business’s reputation with its customers and staff. Most importantly, many surveys reveal […]
The Bank of England Monetary Policy Committee announced on 22 June 2023 to increase the Bank of England base rate to 5% from 4.5%. HMRC interest rates are linked to the Bank of England base rate. As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will […]
The closer you are to retirement, the more important your retirement planning becomes. The last five years of work may be some of the most critical of all. If your plans are in place and your pension pot has grown to a level that can provide the income you need in your retirement, you may be […]
The Bank of England (BOE) raised interest rates by half a point to 5 per cent in June, with increasing calls for tougher action to fight persistent high inflation. Andrew Bailey, the governor of the Bank of England, said that the Bank thinks inflation – the rate at which prices are rising – will fall […]
