Insights

Personal Tax

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June 3, 2024

Have you overlooked a changed tax status?


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With allowances frozen or cut, you may have underpaid tax for 2023/24

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May 27, 2024

Daily penalties come in for late self assessment returns


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Around 1.1 million taxpayers who failed to submit the self assessment tax return for 2022/23 on 31 January 2024 now face a £10 daily penalty charge by HMRC.

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May 6, 2024

Buy-to-let owners selling up


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While the higher rate of capital gains tax (CGT) on residential property disposals has dropped by 4%, from 28% to 24%, from 6 April 2024, the vast majority of landlords who sell up are facing a higher CGT bill when compared to two years ago.

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April 22, 2024

The march of the higher rate taxpayer


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New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common.

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April 1, 2024

HMRC ramps up its checks


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There’s no respite for HMRC with inheritance tax (IHT) accounts, undeclared dividend income and gains from share disposals to scrutinise.

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March 4, 2024

Increased income – the double-edged sword


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With tax bands and other thresholds frozen, taxpayers should be aware of the implications of their income increasing. Increased income can mean more than facing a higher tax bill.

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tax benefits of electric cars
February 9, 2024

Tax benefits of electric cars for you and your business


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With vehicle technology improving and more choice, the tax benefits of electric cars and vehicles are increasing for drivers and business owners alike.

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February 1, 2024

Why do I need fee protection insurance / tax investigation insurance?


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In this blog, we look at HMRC enquiries, how they may affect you and the benefits of having fee protection insurance in place.

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January 24, 2024

Year End Tax Planning 2023/24


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Personal tax planning before the end of the tax year is important to ensure you make the most of tax reliefs and allowances. This blog offers advice on just some of the opportunities you could consider. It contains ideas affecting income and investments.

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January 15, 2024

National Living and Minimum Wages increase


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Minimum wage rates will see substantial increases from 1 April 2024 – welcome news for younger workers and apprentices, but not so much for those employers struggling in the current economic climate.

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January 8, 2024

Cash basis to become default


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From 2024/25, restrictions to the cash basis will be removed, making it the default method for calculating trading profit for the self-employed and most partnerships.

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December 18, 2023

NIC reforms for the self-employed


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National insurance contribution (NIC) changes for the self-employed announced in the Autumn Statement come in from 6 April 2024 and will be welcome news. But the reforms don’t go far enough to offset the continuing cost of frozen tax thresholds.

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