Chancellor John Healey’s first Budget was delivered on 28 October 2026 with a clear focus on driving “growth in every postcode”. While many expected major tax reforms, the Budget instead combines a series of targeted measures aimed at encouraging investment, supporting entrepreneurship and maintaining stability for businesses while increasing certain taxes in specific areas. For […]
What Landlords and Sole Traders Need to Do Before April 2027 Making Tax Digital (MTD) continues to represent one of the biggest changes to the UK tax and self-assessment system in recent years. Whilst the next phase doesn’t become mandatory until April 2027, certain landlords and sole traders should start preparing now. What’s changing? From […]
What Directors and Business Owners Need to Know Cryptocurrency has become increasingly common amongst investors, entrepreneurs and business owners. However, many people still underestimate the tax implications of buying, selling or exchanging digital assets. The misconception about crypto A common assumption is that crypto investments sit outside the UK tax system. In reality, HMRC expects […]
Payroll Changes Every Employer Should Be Preparing For Payroll is becoming increasingly complex, with several legislative changes on the horizon that could impact employers and employees alike. Mandatory Payrolling of Benefits in Kind From 6th April 2027, certain benefits including company cars, fuel benefits and medical benefits will be taxed through payroll in real time […]
Current tax legislation tends to incentivise farmers and other business owners to retain ownership of their business until death. When passed on through inheritance, the assets are transferred at their market (probate) value for Capital Gains Tax (CGT) purposes, effectively providing a tax-free uplift in value. Combined with 100% Agricultural Property Relief (APR) and Business […]
The UK government has announced that from April 2026, employers will be required to report and pay income tax and Class 1A National Insurance Contributions (NIC) on benefits-in-kind (BIK) via payroll software. This new mandate by HMRC aims to streamline the administrative process, simplify reporting, and enhance digitalization of tax payments related to employment […]
The new Labour government has published draft legislation that will subject private school fees to VAT beginning on 1 January 2025. This move, which had been outlined in the Labour Party’s manifesto, removes the uncertainty about how these measures would be implemented and their impact on private schools. The draft measures are currently open for […]
Date What’s Due 1/04 Corporation tax payment for year to 30/6/23 (unless quarterly instalments apply) 5/04 End of 2023/24 tax year. 2024/25 tax year starts on 6 April 19/04 PAYE & NIC deductions, and CIS return and tax, for month to 5/04/24 (due 22/04 if you pay electronically) 1/05 Corporation tax payment for year […]
From 6 April 2024, the 2% cut in employee national insurance contributions will come into effect. Employees will now be deducted 8%, rather than 10%, on monthly earnings between £1,048 and £4,189. A 2% deduction on earnings above this amount continues to apply. There is no change to the rate of employers’ national insurance, which […]
It is important to remember that the minimum wage pay rates increased with effect from 1 April 2024. Failing to increase to the new rates can result in penalties being charged. The new minimum wage payment rates are set out below: 2023/24 rate 2024/25 rate 21 and over (previously 23 and over) £10.42 £11.44 18 […]
