Will a discretionary trust prevent your home from qualifying for the residence nil rate band?
Apr 03, 2025
No one wants to pay more Inheritance Tax (IHT) than they have to. Knowing that there is the residence nil rate band to mitigate some of the liability faced by your descendants may be reassuring. However, sometimes there are situations where it ...
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Major changes ahead for directors of close companies – New dividend reporting rules from April 2025
Apr 01, 2025
From 6 April 2025, directors of close companies will face a notable change in how they report dividend income on their Self-Assessment tax returns. Under the updated rules introduced by HM Revenue & Customs (HMRC), more detail will be required and ...
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Important updates to Making Tax Digital and late payment rates you might have missed in the Spring Statement
Mar 27, 2025
This week’s Spring Statement brought two announcements that will matter to anyone running their own business or earning income from property. Firstly, there will be tougher penalties for late tax payments under Making Tax Digital (MTD). Secondly, the MTD scheme itself is ...
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Spring Statement 2025
Mar 26, 2025
Chancellor Rachel Reeves today delivered her Spring Statement, outlining the Labour Government’s economic priorities and reaffirming a commitment to fiscal discipline and long-term investment. Billed as the start of a “decade of national renewal,” the Statement acknowledged global uncertainty but marked ...
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Major changes to Inheritance Tax from April – How new residence rules and the end of non-dom status could affect your estate
Mar 25, 2025
Major reforms to the UK’s Inheritance Tax (IHT) regime are on the horizon, with sweeping changes, particularly affecting non-domiciled individuals (non-doms) set to take effect from 6 April 2025. At the heart of these reforms is a move away from the ...
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Capital Gains Tax clampdown – What HMRC’s surge in investigations means for you
Mar 20, 2025
HM Revenue & Customs (HMRC) has intensified its efforts to track down unpaid Capital Gains Tax (CGT), with recent figures showing an increase in compliance activity. The number of completed CGT investigations more than trebled in the last tax year, rising ...
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How neonatal care leave will affect your payroll and policies
Mar 18, 2025
From 6 April 2025, employers will need to accommodate a brand-new statutory entitlement: neonatal care leave and pay. Introduced under the Neonatal Care (Leave and Pay) Act 2023, the legislation offers vital financial and emotional support to parents whose babies require ...
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Welcome news for thousands as Income Tax reporting threshold set to increase
Mar 13, 2025
In a move to simplify tax compliance and boost the economy, the Government has announced that the Income Tax Self-Assessment (ITSA) reporting threshold will rise from £1,000 to £3,000. This means that around 300,000 people will no longer need to file ...
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Road tax changes for electric vehicles – How to secure an extra 12 months tax-free
Mar 11, 2025
If you own an electric or low-emission vehicle, you have likely enjoyed the benefit of paying zero road tax. However, from 1 April 2025, all electric, zero, and low-emission cars, vans, and motorcycles will be subject to Vehicle Excise Duty (VED) ...
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Could a Family Investment Company help you manage tax and protect wealth?
Mar 06, 2025
For individuals and business owners looking to preserve wealth for future generations while maintaining control over their assets, Family Investment Companies (FICs) are an alternative option to trusts. With the October Budget announcing changes to Capital Gains Tax (CGT), Business Asset ...
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