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Inheritance tax planning guide

What is in our Inheritance Tax Planning Guide? What is inheritance tax? What are the inheritance tax rules for 2024/25? Who pays inheritance tax? Inheritance tax for married couples How can I reduce any inheritance tax liabilities? What is inheritance tax? The...

Abolition of Furnished Holiday Let Regime

If you own furnished holiday home, you may need to take action before 5 April 2025 due a recent Budget announcement.   Capital gains tax on residential property In the Spring Budget, it was announced that the top capital gains tax rate on the sale of residential...

Avoid the £10 Daily Penalty for Self-Assessment

£10 daily penalty for Self-Assessment starts on 1st May Starting from 1st May 2024, individuals who have yet to submit their overdue Self-Assessment tax return for the 2022-23 tax year will incur additional late filing penalties of £10 per day (capped at a total of...

Agricultural Property Relief – Changes Ahead

Government initiatives often shape the landscape of various sectors, and agriculture is no exception. Recent developments in the UK's environmental policies are set to bring significant changes to agricultural property relief (APR).   Background In 2023, the UK...

Spring Budget 2024 Summary

Spring Budget 2024 Summary Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’. Lowering taxes The Chancellor made further changes to...

Spring Budget 2024 – Key Tax Announcements

Today, Chancellor Jeremy Hunt announced his 2024 Spring Budget where he summarised the UK economic performance and announced his proposals for tax. We highlight below some of the key tax changes announced.   National Insurance Contributions cut From April 2024,...

Advisory fuel rates for company cars
Advisory fuel rates for company cars

HMRC has published new advisory fuel rates for company car users which take effect from 1 March 2024. The new rates reflect a reduction of 1p per mile for most petrol and diesel engine cars compared to the previous quarter.  Petrol cars with an engine size over 2000cc...

Government U-turn on double cab pickup tax

Government U-turn on double cab pickup tax After just one week the government has u-turned on plans to classify double cab pickup trucks as cars for tax and VAT purposes which would have resulted in huge tax increases. This U-turn comes after huge criticism from...

Tax benefits of marriage

Considering popping the question on Valentine’s Day?  Here we look at some of the various tax credits and breaks married couples can benefit from and how it can pay to get married. The Marriage Allowance | Inheritance Tax | Pay less Capital Gains Tax | Reduce Income...

Inheritance tax planning guide

What is in our Inheritance Tax Planning Guide? What is inheritance tax? What are the inheritance tax rules for 2024/25? Who pays inheritance tax? Inheritance tax for married couples How can I reduce any inheritance tax liabilities? What is inheritance tax? The...

Abolition of Furnished Holiday Let Regime

If you own furnished holiday home, you may need to take action before 5 April 2025 due a recent Budget announcement.   Capital gains tax on residential property In the Spring Budget, it was announced that the top capital gains tax rate on the sale of residential...

Avoid the £10 Daily Penalty for Self-Assessment

£10 daily penalty for Self-Assessment starts on 1st May Starting from 1st May 2024, individuals who have yet to submit their overdue Self-Assessment tax return for the 2022-23 tax year will incur additional late filing penalties of £10 per day (capped at a total of...