Tax news
Creative Tax Reliefs – permanent higher rates of tax reliefs
In the Spring Budget, the Chancellor announced that a permanent extension will be made to tax relief for theatres, orchestras, museums and galleries. The government is also providing £26 million of funding to upgrade the National Theatre’s stages and infrastructure....
Advisory fuel rates for company cars
HMRC has published new advisory fuel rates for company car users which take effect from 1 June 2024. The rates have increased by 1p per mile for most petrol and diesel cars. Petrol cars with an engine size over 2000c have seen a larger increase of 2p per mile. The LPG...
Inheritance tax planning guide
Inheritance tax planning How can I reduce any inheritance tax liabilities? Planning ahead allows individuals and couples to employ strategies for reducing the value of their taxable estate, helping them stay under the inheritance tax threshold. Annual gift allowance...
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...
Succession Planning for Farms
Have you thought about succession and the long-term plans for your family farm? As agriculture makes up the highest concentration of family businesses passed through the generations, it is no surprise that succession is a key issue and is something farmers need to...