
Inheritance Tax at record levels, but Business Relief can help
Inheritance Tax (IHT) has reached a record level in the UK, with £7.5 billion flowing into Treasury coffers in 2023/24, up from £7.1 billion the previous tax year. One key reason for this growing...

Tipping Act Code of Practice to bring fairness to employees
Whenever you leave a tip in a restaurant or a hairdressing salon, for example, you would hope that the tip money you left will go directly to the person who provided you the service you are tipping...

Everyone should check their tax code now
HMRC will provide new tax codes at the start of every new tax year if the Personal Allowance has changed, if someone has had a change of circumstances, including perhaps had a pay rise, and even to...

Employees paid on a Thursday or Friday could face extra tax in 2024/25
Thousands of people in the UK who are paid weekly could find themselves making extra tax payments this year if they are paid on a Thursday or Friday. Employees paid on Thursday 4 April or Friday 5...

650,000 extra pensioners pay tax for the first time this month
Around 650,000 pensioners are facing the prospect of paying tax on their pensions for the first time from this month thanks to a big boost to the State Pension from April 6, and frozen tax bands...

The end of the P11D is expected in 2026
The P11D form which has been used to process ‘benefits-in-kind’ such as loans for season tickets and company cars will no longer be used after April 2026, as HMRC will ask businesses to deal with...

Cryptocurrency gains must be reported on self-assessments
If you hold or invest in cryptocurrency, or even if your employer pays you in a cryptocurrency such as Bitcoin, you may need to declare this on your self-assessment form. For anyone who didn’t in...

Furnished Holiday Lettings tax rules set to change in 2025
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...

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...

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...

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...

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...
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