April 2024 Newsletter
Happy New Tax Year! In this April issue, we highlight some key tax changes that took effect from the start of the new tax year. Unfortunately, most of the income tax and national insurance thresholds continue to be frozen, resulting in an increasing number of higher-rate taxpayers. The major exception is the welcome increase in…
Read MoreStamp Duty Land Taxes 2024/25
We present our summary of Stamp Duty Land Taxes 2024/25. For our summary of the Spring 2024 Budget, please click here. For our summary of the 2024/25 Tax Rates and Allowances, please click here.
Read More2024/25 Tax Rates and Allowances
We present our summary of the 2024/25 Tax Rates and Allowances. For our summary of the Spring 2024 Budget, please click here, and for 2024/24 Stamp Duty Land Taxes, please click here.
Read MoreSpring Budget 2024 Summary
The Chancellor presented the last spring budget before the election. He emphasised the importance of implementing reforms to ensure a straightforward and equitable tax system that aligns with economic changes and aids public finances. Similar to previous budgets, ongoing discussions are ongoing, and additional information will be released in the coming weeks. This guide contains…
Read MoreProperty118, Cotswold Barristers, and HMRC
If you are or have been a client of Property118 or Cotswold Barristers, please seek urgent independent tax and legal advice. We’ve been watching with a growing sense of dread the saga unfolding over at Tax Policy Associates about these firms. Property118 and Cotswold Barristers operate together, offering a tax avoidance scheme for buy-to-let landlords.…
Read MoreIs your company in possession of any residential property valued at over £500k?
If so, it is necessary for you to complete an ATED return (Annual Tax on Enveloped Dwellings) and fulfill the corresponding tax obligations. ATED returns are due in April each year for the following tax year. Therefore, for the 2024/2025 tax year, ATED Returns ought to have been submitted to HMRC by 30 April 2024,…
Read MoreHMRC letters to company directors on undeclared dividend income
HMRC is contacting Company directors suspected of receiving dividends without declaring the income on their Self-Assessment Tax Returns Business owners have been receiving letters from HMRC as part of a recent campaign. These letters notify them about the potential requirement to declare dividend income. HMRC has been conducting investigations on company reserves, specifically targeting those…
Read MoreFebruary 2024 Newsletter
Welcome to our latest monthly tax newswire. We hope you enjoy reading this newsletter and find it useful. Contact us if you wish to discuss any issues further. Tax-Year-End Tax Planning It’s not too late to undertake some end-of-year tax planning. If you have some spare cash, an obvious tax planning point would be to…
Read MoreUnderstanding Capital Gains Tax Rate: Your Comprehensive Guide
Seeking the capital gains tax rate? Whether you’re a basic or higher rate taxpayer, it’s essential to understand how much you’ll owe when selling assets like shares or property. This article breaks down the rates, guides you through the calculation process, and shares tax-saving strategies. Get the clarity you need to navigate the complexities of…
Read MoreUnderstanding What is a Dormant Company: A Complete Guide
If you’re asking ‘what is a dormant company,’ you’re looking at a business that exists on paper but is silent in the marketplace—no trading, no commercial activity. It’s a resting state that carries particular rules and benefits, from simpler reporting to tax nuances. This article provides the essential roadmap to understanding the concept of dormancy…
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