News
Don’t forget to report property gains
A higher rate of CGT applies to gains on the disposal of residential property (apart from a principal private residence). In the Spring Budget 2024, the Chancellor announced a reduction in the higher
Tax relief for goodwill purchases
Goodwill is a concept frequently discussed, and yet it is seldom addressed in legislation. Typically, it is defined as the additional value of a business beyond its tangible assets.
In the vast
Corporate claims for charitable donations
When a limited company makes charitable donations specific rules apply. These may include Corporation Tax relief for donations to registered charities or community amateur sports clubs (CASC), as well
More detail on VAT charge on private school fees
More details have been published regarding Chancellor Rachel Reeves’ plans to impose a VAT charge on private school fees. The government has said that the money raised by ending the tax breaks on VAT,
Holiday Lets – the demise of tax concessions
It was announced as part of the Spring Budget measures that the present favourable tax benefits presently allowed for the letting of properties as short-term holiday lets – known as the furnished
Pension contributions – claiming higher rate tax relief
You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the overriding limits. Tax relief is paid on pension contributions at the highest
Road fuel costs still too high
The Competition and Markets Authority (CMA) has published an update on the widespread action it is taking to ensure that people can get the best possible choices and prices in the face of ongoing cost
Living Wage rates to be overhauled
In a move to put more money in working people’s pockets, the government has overhauled the remit of the Low Pay Commission (LPC).
This will, for the first time, ensure the independent body considers
First interest rates cut in over four years
The Bank of England’s Monetary Policy Committee (MPC) met on 1 August and in a very close 5-4 vote decided to reduce interest rates by 25 basis points to 5%. The 4 remaining members voted to keep the
Using the VAT Annual Accounting Scheme
The VAT Annual Accounting Scheme is available to most businesses with an annual turnover of up to £1.35 million. Key benefits of the scheme include the obligation to file just one VAT return per year,
Review your State Pension estimate
You can access the Check Your State Pension forecast service on GOV.UK via this link: https://www.gov.uk/check-state-pension. This digital service is provided jointly by HM Revenue and Customs (HMRC)
What qualifies for IHT Business Relief
There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be a significant tax benefit for those with business interests, potentially offering either
