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December 19, 2024
Wishing you a great holiday and counting down to a prosperous 2025 CHRISTMAS OPENING HOURS: PLEASE NOTE THE OFFICE WILL BE CLOSED FROM 12 NOON ON FRIDAY 20TH DECEMBER AND REOPENING ON THURSDAY 2ND JANUARY 2025 During this period, messages can be left on our answer machine by calling 01234 355300 or email to cowleyoffice@cowleyholmes.co.uk We will reopen as…Read More
December 5, 2024
Welcome to our December Tax News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. Have a great Christmas and best wishes for 2025. December 2024 FARMERS CAMPAIGNING FOR AGRICULTURAL PROPERTY RETHINK The announcement in the Autumn Budget about restrictions to inheritance tax (IHT)…Read More
October 15, 2024
POSSIBLE CAPITAL GAINS TAX CHANGES IN THE OCTOBER BUDGET Many commentators are suggesting that the rate of CGT might be aligned with the rates of income tax, a return to the regime that applied when Gordon Brown was chancellor. Rachel Reeves is known to be a disciple of Gordon, so maybe we will see a…Read More
September 17, 2024
SHOULD YOU PASS ON WEALTH NOW TO AVOID INHERITANCE TAX? Many wealthy individuals are apparently passing on substantial amounts of their wealth in anticipation of possible changes to inheritance tax (IHT) in Labour’s first Budget on 30 October. This allegedly includes a number of high-profile individuals such as TV presenter Anne Robinson who confirmed that…Read More
June 4, 2024
Let’s keep you up-to-date with the latest Tax News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. June 2024 REPORT EMPLOYEE BENEFITS ON FORM P11D BY 6 JULYP11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24…Read More
May 9, 2024
WANT TO BE PART OF BETA TESTING OF MTD FOR INCOME TAX? Although making tax digital income tax self assessment (MTD ITSA) is not mandatory until 6 April 2026 at the earliest, it is possible for certain individuals to join the HMRC pilot testing. HMRC have relaunched beta testing of MTD ITSA on 22 April…Read More
April 23, 2024
Here we highlight some of the key tax changes that take effect from the start of the new tax year. Unfortunately, most of the income tax and national insurance thresholds continue to be frozen, resulting in an increasing number of higher rate taxpayers. The major exception is the welcome increase in the threshold for the…Read More
March 26, 2024
Our Office will be closed for Easter on Good Friday 29th March and Easter Monday 1st April. During this period messages can be left on our answer machine by calling 01234 355300 or emailing mail@cowleyholmes.co.uk or by emailing your client manager directly, and we will get back to you on Tuesday 2nd April onwards. Wishing you a wonderful…Read More
March 12, 2024
Welcome to our Spring Statement, keeping you advised, up to date, and in control. Please contact us for advice on your own specific circumstances. We’re here to help! Introduction Cuts to National Insurance contributions and the abolition of so-called ‘non-dom’ tax breaks were among the headline announcements in today’s Budget. The Chancellor today delivered his…Read More
December 18, 2023
Wishing you a great holiday and counting down to a prosperous PLEASE NOTE THE OFFICE WILL BE CLOSED ON FRIDAY 22nd DECEMBER AT 12 NOON TO TUESDAY 2nd JANUARY 2024.During this period, messages can be left on our answer machine by calling 01234 355300 or email to mail@cowleyholmes.co.ukWe will reopen as normal on Tuesday 2nd January 2024. Thank…Read More
November 21, 2023
SALARY OR DIVIDEND BEST IN 2023/24? In recent years many accountants have advised their director/shareholder clients that the most tax efficient method of extracting profit from their family company was to pay themselves a low salary, at or around the £12,570 personal allowance, with the balance in dividends. This strategy may need to be revisited…Read More
September 26, 2023
BACK TO SCHOOL – SET UP A TAX FREE CHILDCARE ACCOUNT? The Government’s Tax-Free Childcare Accounts provide a 25% subsidy towards the cost of childcare. The account can be used to pay nursery fees, breakfast clubs, after school clubs and registered childminders. The scheme operates by topping up savings of up to £8,000 per child…Read More
July 21, 2023
In the Spring Budget the Chancellor announced that “full expensing” – 100% relief for new, eligible plant and machinery – would replace the 130% super-deduction from 1 April 2023 for limited companies. This is in addition to the £1 million annual investment allowance (AIA) and will be available for expenditure incurred up to 31 March…Read More
July 20, 2023
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.…Read More
June 22, 2023
The table below sets out the HMRC advisory fuel rates that apply from 1 June 2023. These are published quarterly these days due to the volatility in petrol and diesel prices in recent years. Where the employer provides an employee with a company car there may be an additional benefit in kind on the provision…Read More
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