Pensions have historically been a valuable tool for reducing inheritance tax, thanks to their unique treatment upon death compared to other assets. Before the budget, a different tax regime applied depending on your age at the date of death: If you die before age 75 –...
With the change in government and the highly anticipated Autumn budget last week, we can finally confirm the long-anticipated abolishment of the non-domicile tax regime and the change in the tax laws that accompany this. From 6 April 2025, the UK is changing to a...
Today, Chancellor Rachel Reeves delivered the UK Autumn Statement, outlining the first Budget from the new Labour government and introducing some notable updates to the UK tax system. Below are some of our highlights (not a full list) to keep you informed on the...
Nobody likes financial admin… But whether we like it or not, the time and attention required to look after our finances is critically important. Here are just some of the consequences of not doing your admin properly. Lack of organisation When financial documents,...
Before you ask – “Why are you talking to me about Research and Development credits? I don’t even have an R&D Department!” – read on. Unknown to many, the Research and Development (R&D) tax relief is not just for traditional research and development. This means...
On 26 October 2023, the Economic Crime and Corporate Transparency Act (ECCTA) received Royal Assent and became law. Although it’s implementation is taking place in stages, many changes are already in effect as of March 4, 2024. The ECCTA aims to reduce economic crime,...
The South African Revenue Service (SARS) announced 15 July 2024 as the start of the Filing Season for provisional and non-provisional taxpayers who are required to file a tax return. Auto-assessments for an expanded pool of taxpayers started to run from the...
In June 2023, the UK government extended the deadline for making voluntary National Insurance contributions to April 2025, providing more time for individuals to boost their State Pension. Taxpayers now have until 5 April 2025 to address gaps in their National...
Emigrating from South Africa is a significant life decision that comes with a multitude of considerations, both personally and financially. Among these, understanding the tax consequences and ensuring compliance with the South African Revenue Service (SARS) is of...
The 2023 Autumn Statement was delivered by Jeremy Hunt on Wednesday 22nd November 2023 where he announced a range of significant changes to ease the burden on tax payers in the UK. We discuss our highlights below; Personal Taxes Venture Capital Schemes: In an effort...
The annual National Budget Speech was held on the 22nd February 2023, in which, South African Finance Minister, Enoch Godongwana, discussed the state of the country’s economy, including growth estimates, taxation proposals and social wages. He particularly focused on...
In September 2022 UK CPI hit 10.1%. The last time figures were as high as this was back in 1990 and prior to that in the 1970s and 1980s when inflation hit 24.2%. This is an unusual situation for UK businesses (and individuals) who have been used to lower inflationary...
In SA we have seen the repo rate increasing (now sitting at 6.25%). Although these rates are nowhere near the peak of 23.99% that we saw back in 1998, the country is experiencing high inflation with July 2022 inflation in SA at 7.8%. While there are some signs of this...
Did you know you can claim child benefit if you are responsible for bringing up a child who is either under 16 years old or under 20 (if they stay in approved education or training) and you live in the UK? Only one person can get child benefit per child, however there...
(source icaew.com) UK VAT rules up to 31 December 2020 Under the UK’s VAT rules: VAT is charged on most goods and services sold within the UK and the EU. VAT is payable by businesses when they bring goods into the UK. There are different rules depending on whether the...
In order to alleviate cashflow during the COVID19 pandemic, HMRC allowed for a deferral of VAT payments due within the period 20th March 2020 and 30th June 2020. Although returns were still required to be submitted, payments on these returns were only to become due by...
Chancellor Rishi Sunak as part of his Plan for Jobs announced the Job Retention Bonus, an initiative designed to encourage employers to bring employees who had been furloughed under the Coronavirus Job Retention Scheme (CJRS) back to work. The...
Author: Gina Christodoulou You could save up to £2,000 a year per child by using the Government’s Tax Free Childcare scheme when paying for approved childcare. The scheme will see HMRC contribute £2.00 for every £8.00 of childcare paid for by a parent into the scheme...
In a bid to stimulate the struggling property market, the Chancellor Rishi Sunak announced on 8th July 2020 a new stamp duty tax break. Property investors who purchase through limited companies will only incur the 3% surcharge on purchases (above the £40,000...
Editors Note: This is applicable to payments on account due to be made in July 2020. If you make Self-Assessment payments on account and are due to make a payment in July 2020, then you have the option to defer payment until January 2021. Further information available...
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