Tax news
Tax changes for furnished holiday lets (FHL’s)
If you own a furnished holiday property, you may wish to consider taking action before 5 April 2025. In the Spring Budget, it was announced that the Furnished Holiday Let Regime will be abolished and draft legislation has now been published, which has provided some...
New advisory fuel rates for company cars
HMRC has published new advisory fuel rates for company car users which take effect from 1 September 2024. The rates have decreased by 1p per mile for most petrol and diesel cars. Petrol and diesel cars with an engine size over 2000c have seen a larger decrease of 2p...
Reasons to file your self assessment tax return early
It may be tempting to put off preparing your self-assessment tax return until later in the year. However, there are many benefits of submitting your tax return early and keeping on top of your tax affairs. Peace of mind Christmas can be a very busy time of year so...
VAT on schools fees from January 2025
Private school fees will no longer be exempt from VAT from 1 January 2025. Anti-forestalling provisions will be in place from 29 July until 30 October 2024. This means that any pre-paid fees paid for the first term of the school year will continue be exempt from VAT...
Date announced for 2024 Autumn Budget
Chancellor Rachel Reeves has announced that she will deliver her Autumn Budget on Wednesday 30th October. This will be Rachel Reeves’ first Budget as Chancellor. It should also provide an insight into what direction the new Labour government will take on tax policy....
Millions shifted into higher tax brackets
As tax thresholds remain unchanged, the number of taxpayers paying the additional rate will exceed 1 million for the first time. Tax revenue and increasing burden This year, HMRC is projected to collect £63.2 billion in income tax, contributing to a total of £272.6...