Tax Tips and News
Mounting speculation of Inheritance Tax changes to come
Newsletter issue – October 2024 As speculation mounts that the new Government will soon make changes to raise more money for the Treasury via Inheritance Tax (IHT), it seems we're already set for the highest receipts on record this year. The latest HMRC stats show IHT receipts for April 2024 to August 2024 are £3.5…Read More
A new flat rate for pension tax relief? Budget changes expected
Newsletter issue – October 2024 Amid the frequently repeated references to the £22bn 'blackhole' in the public finances and warnings from the Prime Minister of a 'painful' Autumn Budget, it would appear that tax relief on pensions may be another area the Government seeks out to raise money. We know Labour have had their eyes…Read More
Loophole for fund managers that chancellor called 'absurd' set to be closed
Newsletter issue – October 2024 One area of potential tax reform that we know we should expect to hear more about on Budget day surrounds the tax treatment of 'carried interest'. This tax break enables private equity fund managers to pay a reduced rate of tax on their earnings. It is, as the Financial Times…Read More
Seasonal staff warning from HMRC
Newsletter issue – October 2024 Many businesses across the UK have peaks and troughs in their trade, depending on the season. And some, as a result, have to take on more helping hands to cover the workload just during that particular spell. Businesses in this position have been reminded by HM Revenue and Customs not…Read More
October Questions and Answers
Newsletter issue – October 2022 Q:I earn £62,000 and have been offered a bonus that would increase my total income to £95,000. How will this affect my tax, and are there any higher tax bands I should be aware of? Am I right that bonuses are taxed more than normal income A: No, bonuses are…Read More
October Key Dates
Newsletter issue – October 2022 5th Self-Assessment Registration Deadline: if you've become self-employed or earned other untaxed income during the 2023-24 tax year, you must register for self-assessment by this date to avoid penalties. 19th For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on…Read More
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