Category: Tax advisory

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…

Spring Budget ushers in property tax shake-up


The Chancellor delivered his 2024 ‘Budget for long-term growth’ in the face of an upcoming general election. Although the headlines have been dominated by the news that employee National Insurance Contributions will be cut further…

Overhaul of non-dom tax status – What does it mean for those affected?


You may have already heard that the Chancellor, Jeremy Hunt, has announced an end to the preferential tax treatment that non-domiciled individuals (non-doms) currently receive. At the moment, a non-dom – someone living in the…

Run your business from home? Get to know your VAT entitlement


If you are a business owner and work or run your business from home, then you may be entitled to reclaim VAT on certain costs. In practice, this means that you can reduce the amount…

What are the implications of MTD for ITSA for SMEs?


The introduction of Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) is going to create some upheaval within the SME sector. No doubt, some of you are already using MTD-compliant software to file…

Spring Budget 2024 – everything you need to know


Read our comprehensive summary Our tax team has spent the days since the Chancellor, Jeremy Hunt delivered his latest Spring Budget on Wednesday 6th March, exploring the documents and speech in detail to extract the…

Tax basis – Getting ready for the end of the transitional year


Are you a sole trader or a member of a partnership? Here is what you need to know about the upcoming tax basis period reforms. HM Revenue & Customs (HMRC) is introducing changes to how…