Income tax rates and allowances for 2024/25
The 2024/25 tax year starts on 6 April 2024. Although many of the rates and thresholds are the same as for 2023/24, there are some …
NIC cuts and what they mean for you
As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 National …
Changes in Taxes and Benefits from Spring Budget 2024
On 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, unveiled the Spring Budget, outlining key reforms aimed at simplifying …
Efficient Payroll Services for UK Construction Businesses
Payroll management in the construction industry can be challenging due to the complex nature of the work, varying rates of pay, and compliance with tax …
Calculating the capital gain on the sale of an investment property
Rising interest rates have forced many landlords to sell up. When selling an investment property, capital gains tax is payable at the residential rates to …
Inflationary gains and the CGT trap
The current capital gains tax rules do not provide any relief for inflationary gains. This can mean that when an investment property or second home …
Boost your income by letting out your spare room
As the cost-of-living crisis continues to bite, the idea of earning tax-free income is appealing. If you have a spare room, you can make this …
Splitting a company – Tax efficiently
Most private companies start as sole owner-managers; roll on a few years and some will have grown such that family members may also work for …
Work clothes – Can they be claimed against tax?
Whether a claim for the cost of work clothes is tax deductible is covered by the general rule for deduction of any expenses incurred by …
Incidental overnight expenses – A little known tax break
Expenses incurred by an employee on behalf of a company can only be reimbursed under the ‘wholly, exclusively and necessarily’ rules for work undertaken ‘in …
Understanding your tax code
Tax codes are fundamental to the operation of PAYE. If your tax code is correct, you should pay the right amount of tax on your …
Making use of your inheritance tax allowances
It is often said that inheritance tax (IHT) is a voluntary tax, and one that can be avoided if you give away sufficient assets at …
