Tax Tips and News

• Millionaire business owners: increase CGT to raise £14bn

  Newsletter issue – November 2024 As Budget day inches ever closer, one of the leading topics at the heart of speculation continues to dominate the headlines. Namely, Capital Gains Tax (CGT). With many tax rises ruled out by Labour (Income Tax, NI, VAT) since the General Election campaign began, and since confirmed by the new…Read More

• Many possible changes could be arriving for IHT

  Newsletter issue – November 2024 Gifting rules look like they could be a target as one of several options to reform Inheritance Tax (IHT) and raise extra revenue for the Treasury. As speculation builds around potential changes to IHT in the upcoming Budget, many tax commentators are expecting significant shifts in some key areas. Gifting…Read More

• Changes to high earners for Self-Assessment

  Newsletter issue – November 2024 Anyone who earned between £100,000 and £150,000 in the 2022-23 tax year should have received a letter from HMRC regarding changes to the requirements to fill out a Self-Assessment Tax Return for 2023-24. Those with income within this range and who are purely paid through PAYE have been required to…Read More

• New rules for businesses on employee hours data delayed

  Newsletter issue – November 2024 New rules for businesses surrounding submitting data about employees' hours through the tax system are to be delayed by a whole year, HMRC has announced. Two sets of new draft regulations laid out the way businesses will have to change the information they provide to the tax man through both…Read More

• November Questions and Answers

  Newsletter issue – November 2024 Q: I own some agricultural properties that I hope to pass on to my sons when the time comes, but I’ve heard that there might be changes in the upcoming Budget. What are the current rules for Agricultural Property Relief on Inheritance Tax, and what might change? A: Currently, Agricultural…Read More

• November Key Dates

  Newsletter issue – November 2024 1st 1 November onwards – more details of Treasury’s Budget papers expected to be published. 7th Due date for online submission of VAT return and payment of VAT for the quarter ending 30 September 2024 (if not on the Annual Accounting Scheme). 19th For employers operating PAYE, this is the…Read More

• Autumn Budget 2024

  Introduction Significant changes to Employers' National Insurance Contributions, Capital Gains Tax and Inheritance Tax were among the headline announcements in today's Budget. It was clear from early in the speech that the total rise in taxes would be very substantial, with Chancellor Rachel Reeves saying the amount would be around £40bn. This would make it…Read More

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