Inheritance Tax
As part of the Autumn Statement 2022, the government is freezing Inheritance Tax (IHT) thresholds for an extra 2 years, until April 2028. This means that you could risk losing up to 40% of your estate.
Several good reasons to take advantage of tax year-end ISA allowances
With rising investment returns and diminishing tax-free allowances, taking advantage of annual ISA allowances is more important than ever.
Corporation Tax – potential ways to reduce taxable profits for business owners
On 14 October 2022, the then Prime Minister Liz Truss U-turned on her government’s previous promise to cancel the scheduled rise in corporation tax from 19% to 25%, effective from 1 April 2023.
Tax changes surrounding electric vehicles
In his Autumn Statement, the Chancellor announced several changes to the taxes surrounding electric vehicles. Mat Waters, a Business Services Partner in our Lowestoft office summarises the current tax implications to business owners for owning or leasing electric vehicles
Delay to Making Tax Digital for Income Tax Self-Assessment (finally some good news!)
The UK Government have announced that Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) will now be delayed until April 2026.
Tax burden rises following Autumn Statement
The UK's tax burden will rise after Chancellor Jeremy Hunt reduced the threshold on the top rate of tax and announced freezes on other taxes in the Autumn Statement.
Salary or dividends 2023/24 - which should I take?
After a series of announcements and reversals, the dust has settled on tax rates on dividends and bonuses.Even so, the Chancellor, Jeremy Hunt, included some additional elements in his Autumn Statement as part of a renewed focus on raising tax.
Research and Development Tax Credits update from the Autumn Statement
For UK start-ups and small enterprises, the Chancellor significantly reduced R&D Tax Credits in his Autumn Statement.