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...
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,...
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...
In a significant announcement during this year’s UK Budget Speech, the Chancellor declared the imminent abolition of the longstanding “non-domicile” status, a key part of UK tax policy for over two centuries. This transformative decision signals a fundamental shift in...
Life can be a complex journey, and thinking about what happens when we’re no longer here may not be the cheeriest topic. But getting ready for the unknown is not just a good idea; it’s a way to show love for your family. When it comes to protecting your hard-earned...
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...
If you are an employee of your limited company, you can expense the cost of a health assessment provided by your company without incurring income tax liability. You can only expense one health-screening assessment or medical check-up provided by your limited company...
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...
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