The tax regime for Furnished Holiday Lettings (FHLs) is set to be abolished from April 6, 2025, with some key tax breaks being removed by the Chancellor in the Spring Budget on March 6 in a move which could raise as much as £300m extra in tax each year. The changes...
Budget changes and what they mean for you
The Chancellor, Jeremy Hunt, delivered his Budget statement to Parliament on March 6, and there were various changes that should benefit individual taxpayers and businesses. One of the biggest announcements, which takes effect from April 6, is a further reduction in...
Make sure your will is up-to-date and you have planned for IHT
Many of us will die without a will because it is something that we fail to get around to, often because we don’t want to think about our own demise. Around half of UK adults don’t have a will, with a third of those over 55 in this position, according to research from...
UK Export Finance doubles limit to £10m for traders
Small businesses looking to access funding to expand their exporting opportunities can now fast-track their applications with UK Export Finance, the Government’s export credit agency, and apply for twice the previous amount. The limit available now is £10m. The move...
Exporters must make declarations on a new system from March 30
Any trader making export declarations needs to move to a new HMRC system from March 30 this year. The CHIEF system is being fully replaced by the Customs Declaration System, and anyone who has been using the old system will now have to move across. There has been a...
End of tax year planning starts now – use up any allowances
Now is the time to start thinking about your end-of-year tax planning while there is still time to maximise the benefit of any allowances you haven’t used yet this tax year. The end of the current tax year is April 5, 2024, and there are various tax breaks you want to...
The cost of divorce – what to do if you decide to split up
More people file for divorce in January than any other month of the year, probably because the stress of being together for an extended period over Christmas and New Year brings any cracks in a relationship bubbling to the surface. Or it could be that people want to...
Spring Budget Unveiled: A Glimpse into Key Fiscal Measures
Chancellor Jeremy Hunt presented the much-anticipated Spring Budget to The House of Commons, showcasing the Government's vision for tax and spending plans. Amidst speculation about tax cuts and innovative revenue streams, the focus remained on fostering hope, ensuring...
Child Benefit claims can now be made online
For the first time in the 47 years since Child Benefit was launched, new parents can claim their Child Benefit online in a significantly faster way than the previous process allowed, according to HMRC. The previous method – which had been in place since 1977 – was to...
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