A Guide to the Autumn Budget 2025

The Chancellor delivered her Budget highlighting intentions to review public spending, freeze thresholds, remove and reform certain allowances and to highlight future tax increases. It was a Budget that added more complexity into an already complex tax system. As with previous … [Read more...]

A Guide to the Spring Budget 2024

Key measures announced by the Chancellor in the Spring Budget 2024 are summarised below:        Income tax rates: England, Wales & Northern Ireland (non-dividend income) 2024/25 2023/24 0% starting rate for savings only Up to £5,000 Up to £5,000 0% on … [Read more...]

A Guide to the Autumn Budget 2021

Tax Rates & Allowances 2022/23 2021/22 Income tax rates (non-dividend income) 0% lower rate tax – savings rate only Up to £5,000 Up to £5,000 20% basic rate tax £12,571 to £50,270 £12,571 to £50,000 40% higher rate tax £50,271 to … [Read more...]

A Guide to Budget 2021

Budget 2021 - Tax Rates & Allowances   2021/22 2020/2021   £ £ Income tax rates (non-dividend income) 0% lower rate tax – savings rate only Up to 5,000 Up to 5,000 20% basic rate tax 12,571 to 50,270 12,501 to 50,000 40% higher rate … [Read more...]

Company Director Loans – Watch Out For The Traps

Director Loans – Beware of ‘Bed & Breakfasting’ It can make sense financially for directors of personal and family companies to borrow money from the company rather than from a commercial lender. Depending on when in the financial year the director loans are taken out, it is … [Read more...]

Business Entertaining

Can we deduct entertaining expenses? The tax rules on entertaining expenses are harsh and often misunderstood – the fact that the expenditure is incurred for businesses purposes does not make it deductible. Subject to certain limited exceptions, no deduction is allowed for … [Read more...]

How to Calculate Payments on Account for Self Employed

The deadline for filing the self-assessment tax return for 2018/19 is 31 January 2020. This is also the date by which any outstanding tax for 2018/19 must be paid and, where payments need to be made on account, the date by which the first payment on account of the 2019/20 … [Read more...]

Tax Free Zero Emission Cars

Zero charge for zero emission cars From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – moving from the New European Driving Cycle (NEDC) (used for cars registered prior to 6 April 2020) to the Worldwide Light Testing Procedure (WLTP) … [Read more...]

Capital Gains Tax

Capital gains tax - tax free gains on the sale of assets For capital gains tax purposes, not all chattels are equal. In some cases, it is possible to realise a profit on the disposal of a chattel and enjoy that profit tax free, whereas in other cases, capital gains tax must be … [Read more...]

National Insurance Contributions for Self Employed

Calculating the Class 4 National Insurance Contributions liability The self-employed pay two classes of National Insurance contributions – Class 2 and Class 4. Class 2 contributions are weekly flat rate contributions which provide the mechanism by which the self-employed build up … [Read more...]