Category: Tax advisory

Taxes on the rise: A certainty, not a possibility


The new UK Government has been formed. Despite the Labour Party’s campaign and pledges around keeping tax rises to a minimum, expert opinion suggests that future rises are inevitable. The inevitability of higher taxes  For…

Total Income Tax and NI income hits new high


HM Treasury has taken £77.2 billion in Income Tax and National Insurance (NI) since April 2024 – signalling the effect of the freeze in the Personal Allowance and Income Tax bands and thresholds. Taxpayers have…

P11D – Remember to report before the July deadline!


With the 6 July deadline nearing, it is essential to understand the updated reporting requirements for Class 1 National Insurance Contributions (NICs) on benefits in kind (BIKs). Employers offering benefits, such as private healthcare, living…

High-income earners need to re-register for child benefit


Child benefit supports parents or guardians of children under 16, or under 20 if in approved education, by contributing towards the costs of raising them. Since January 2013, the High Income Child Benefit Charge (HICBC)…

The rise of the higher rate taxpayer


The Government continues to freeze both the personal allowance and the higher-rate income tax thresholds – leading to an increase in the number of higher-rate taxpayers this year. The result of ‘fiscal drag’ – a…

Preparing for the second payment on account – and what happens when you can’t pay?


If you are a Self-Assessment taxpayer, it is almost time to make your second ‘payment on account’ – advance payments towards your tax bill. Those who submit a Self-Assessment tax return and owe £1,000 or…

New tax year – New tax rules


With the start of the new tax year, taxpayers can expect significant changes that will directly impact their finances in the next tax year (2024/25). If you haven’t already, it’s time to closely examine your…

HMRC income tax receipts rise by £2 billion


HM Revenue & Customs (HMRC) recently reported a £2 billion increase in income tax receipts, reflecting a strong self-assessment period and an evolving dynamic within the tax landscape. The Government’s recent changes, including adjustments to…

Cars vs Vans – The tax implications of company vehicles


Providing a vehicle to your employees can be a real incentive and often essential to their role. However, the type of vehicle you choose could have a significant impact on the tax that you and…

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