The debate surrounding Capital Gains Tax rates intensifies as the Chancellor approaches the Autumn Budget. While potential increases aim to address fiscal challenges, history suggests that drastic rate hikes may hinder rather ...

In 2025, Tax Freedom Day has shifted to the 12th of June, marking a worrying trend for British tax payers. This later date is attributed to rising taxes and frozen thresholds, urging individuals to explore strategies to bring ...

By participating in the Rent A Room Scheme, you can effortlessly earn up to £7,500 a year tax-free. This applies whether you own your home or are simply renting. In today's economy, this scheme provides a vital opportunity fo ...

Directors of limited companies must make informed decisions about their remuneration strategies. Optimising income for directors involves balancing salaries and dividends while considering significant changes to tax legislati ...

The addition of VAT on private school fees since January has caused a substantial increase in education costs, with fees rising by an average of 22.6%. This change has already triggered student enrolment declines, raising con ...

HMRC's new data sharing initiative, which aligns with the OECD's global objective to tackle tax evasion, has been met with mixed reactions from online sellers ... ...

The recent case of Afsha Chugtai vs HMRC has significant implications for Inheritance Tax (IHT) legislation, particularly regarding trusts. The tribunal examined whether funds in two trusts qualified for exemption from IHT, u ...

The implications of tax policy changes can significantly impact individual financial planning, and strategic pension contributions serve as a vital tool in mitigating these effects ... ...

The landscape of retirement savings in the UK is changing, especially concerning small pension pots. As the introduction of auto-enrolment pensions continues to proliferate, millions of individuals now possess tiny pension po ...

Few events are as nerve-wracking as encountering unexpected tax demands following a purchase. The case of a £6.6 million property bought by pharmacist Bemal Patel stands as a glaring example of how these treacherous waters ca ...

More than 1.1 million savers have been impacted by a burgeoning tax on savings, a reality that many may not have anticipated. The convergence of high interest rates and the longstanding freeze on personal allowances have put ...

Gifting cash for a property purchase for children is a common way parents support their offspring in securing a home. However, they then can find themselves ensnared in various tax traps that demand careful consideration ... ...

Making sure you pay the right amount of tax is essential, and with the introduction of more sophisticated computer systems, it is becoming increasingly difficult for taxpayers to keep things hidden from HMRC ... ...

As individuals approach their retirement years, the importance of a robust financial plan becomes paramount. One often overlooked aspect is the potential to top up your state pension, particularly as a deadline is fast approa ...

Inheritance Tax (IHT) is a complex and often daunting subject for many individuals and families. In recent years, the government has seen an uptick in IHT receipts, with figures reaching £7.5 billion for the tax year 2023/24 ...

Are you due to submit your Annual Tax on Enveloped Dwellings (ATED) return soon? ATED is a pre-emptive tax which means you may need to file a return even if you have no tax to pay. Returns are due by the 30th of April each ye ...

As the final weeks of the 2024-25 tax year approach, vigilant taxpayers are keenly aware of the impending deadline: the 5th of April. This date marks the cut-off for various tax-free allowances ... ...

The landscape of electric vehicle EV ownership is set to undergo a significant transformation in terms of fiscal responsibilities as 83% of EV owners remain oblivious to a looming £195 road tax bill that will be implemented f ...

Dealing with the loss of a loved one is never easy, especially when coupled with the complexities of managing an estate. Among the tools at your disposal for post-death tax planning, Deeds of Variation stand out as an effecti ...

The recent announcement regarding the treatment of pensions for Inheritance Tax purposes has significant implications for your financial planning. From April 2027 onwards, any unused pension pots and death benefits will form ...

Navigating the complexities of taxation, especially concerning the Loan Charge, can feel overwhelming. Fortunately, HMRC has plans to send letters to all taxpayers affected by the loan charge by mid-March 2025 ... ...

The fiscal landscape continues to shift under the new Labour government, and HMRC is poised to ramp up its tax investigations in 2025. The government’s recent budget reflects an increase in the UK's tax liability ... ...

In a move to address the growing concerns surrounding inaccuracies and potential fraud in Research & Development (R&D) tax relief claims, HMRC has launched a new disclosure service. This initiative comes as a response to alar ...

When navigating the complexities of family life, particularly during a separation period, one financial aspect that often goes overlooked is HICBC, the High-Income Child Benefit Charge ... ...

With most of us finishing for the holidays this week, I thought I'd join the festivities and let you have some tax trivia. You could even use a few of these facts as a replacement for rubbish cracker jokes this year ... ...

As businesses prepare for an increase in employers' national insurance contributions (NIC) beginning on the 6th of April next year, it is crucial they explore strategies to alleviate the burden of these additional costs ... ...

Double cab pickups have long been a popular choice for many businesses in the UK, especially in the farming and construction sectors. These vehicles are known for their off-road capabilities and load-carrying capacity ... ...

In a recent advisory, HMRC has emphasised the importance of compliance for landlords with unpaid tax on property income. As the self-assessment deadline looms, the urgency for individuals involved in property rental increases ...

The changes in Capital Gains Tax rates, as announced in Labour's first Budget, demand immediate attention from business owners. With the CGT rate for basic rate taxpayers escalating from 10% to 18%, and higher rate taxpayers ...

The R&D tax relief scheme is designed to encourage innovation and support businesses that undertake qualifying research and development activities. Despite its noble intentions, many companies find themselves facing denied cl ...

In the realm of property taxation, the case of Shine Business Limited serves as a cautionary tale for those seeking Multiple Dwellings Relief (MDR). The owner purchased a £1.9 million property in Purley ... ...

In recent discussions concerning fiscal policy, a significant focus has emerged around the potential hike in employers' National Insurance contributions. The Chancellor has hinted at this possibility during a recent media app ...