Business owners considering selling their companies are being urged to accelerate their plans in a bid to avoid cuts in tax relief. Business Asset Disposal Relief (BADR), previously referred to as Entrepreneur’s Relief, offers a preferential Capital Gains Tax rate of...
Many more sole traders and landlords will be required to comply with making tax digital (MTD) for income tax when the qualifying income threshold is reduced from £30,000 to £20,000. The Budget confirmed that taxpayers with qualifying income of £50,000 or more will be...
The sunset clause which was set to end the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) scheme on 5 April 2025 has been extended for a further ten years. The schemes, which offer tax relief for individuals investing in qualifying small and...
As announced in the Autumn Budget, the national minimum wage (NMW) and the national living wage (NLW) are set to increase from April 2025. The hourly rate will depend on the worker’s age and whether they are an apprentice. Age of worker Hourly rate from 1 April...
The changes to capital gains tax (CGT) announced in the Autumn Budget are subject to anti-forestalling rules designed to prevent taxpayers from circumventing the new rates and rules. In the Autumn Budget the Chancellor announced an immediate increase to the main rates...
HMRC has tightened up the process for claiming tax deductible employment expenses following a series of high-profile scandals. If you incur job-related expenses of up to £2,500 which are not fully reimbursed by your employer you may be able to claim tax relief. For...
