National Insurance Changes: What You Need to Know
As of April 6th, 2024, changes outlined in the Spring Budget regarding...
Navigating Your Tax Season: A Guide to a Smooth Year Ahead
As the new tax year unfolds, it's time to equip yourself with strategies that...
March Edition of ‘Whit & Wisdom’ with Tom Fielding: Discussing Pensions, Mortgages, and Financial Planning
In this edition of 'Whit and Wisdom,’ we had the privilege of sitting down...
Pension Tax Relief Explained
Have you ever wondered about the subtle ways the government helps your...
Revisiting Key Points from the Spring Budget 2024: Furnished Holiday Lettings (FHL) Tax Benefits Changes
FHL business operators are expressing concerns about the recent changes to the...
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Understanding Cash Basis Accounting for Your Self-Assessment Tax Return
As of 6 April 2024, the cash basis became the default method of accounting for self-assessment tax returns for sole traders or partners. Here's what you need to know: Why Use Cash Basis Accounting? Simplicity: Declare income and expenses when money comes in and...
Reminder: Second Payment on Account Due Soon
As June progresses, it's important for all our self-employed clients, to remember that the second payment on account for the current tax year is due by the 31st of July. Who Needs to Make This Payment? This applies to you if you're self-employed, either as a...
Uncertainty Surrounds Non-Dom Reforms in Latest Finance Act
In the run-up to the early general election, the government expedited the passage of the Finance Bill, incorporating measures from the 2024 Spring Budget. However, a significant reform was absent. What has happened? The 2024 Spring Budget announced an overhaul of the...
HMRC’s “One-to-Many” Campaign Targeting Rollover Relief Claimants
HMRC's latest “One-to-Many” campaign is targeting individuals who have utilised rollover relief for business assets in the tax year 2020/21. What is Rollover Relief? Rollover Relief is a method to defer gains from the sale of a qualifying business asset by reinvesting...
Update on Advisory Fuel Rates for Company Cars
The advisory fuel rates (AFRs) for company cars changed on 1 June 2024. These rates, updated quarterly to reflect fuel price fluctuations, determine how employers can reimburse employees for business travel in company cars without any income tax consequences. New...