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Latest Tax Planning
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Salary or Dividends: Making the Right Choice Post-Budget
Whilst one of the main talking points from the recent Autumn Budget was the increased National Insurance burden for employers, has one change gone under the radar? Key Changes in the Budget Employers’ National Insurance Increase: The rate has risen from 13.8% to 15%, and the threshold at which National Insurance contributions apply has…
Work’s Christmas Party: Beware Tax
Businesses and their staff will be looking forward to their annual company Christmas parties in the upcoming festive months. Providing all of the following criteria are met, the annual event is free of PAYE tax and National Insurance contributions (NIC) for the employee, and is treated as a non-taxable benefit in kind: The party…
Post Budget Lunch & Learn: With Our Tax Experts
We share a behind the scenes glimpse into what we discussed at our recent Lunch & Learn with our tax experts! Training is not only attending events or watching webinars. We make our training practical and share our experiences around the firm through our Lunch and Learn sessions. Our most recent session starred…
The Post-Budget Forum: Whitings LLP x Taylor Rose Solicitors
We recently visited the offices of Taylor Rose Solicitors to co-host a Post-Budget Forum at their Peterborough office on 18 November 2024, overlooking the fabulous Ferry Meadows country park. At the event Nicholas Johnson, Partner at Taylor Rose and I lead the discussions with those in attendance from the local business community, professional advisors…
Up To 67% Tax On Pensions
Rachel Reeves announced in the 2024 Autumn Budget that pensions will be subject to Inheritance Tax (IHT) from 6 April 2027. Pensions have always been a valuable IHT planning tool, but it seems not any more. However the actual tax charge could be up to 67% on the pension inherited, if not covered by a…
What VAT on purchases cannot be reclaimed?
Do you know what VAT on purchases cannot be reclaimed? Most input tax incurred by VAT registered businesses can be recovered, however, there is some input tax that may not be. A list of those areas where input VAT could be blocked is below: Where no or incorrect supporting evidence held Input tax relating…
Pre-Budget Tax Planning Ideas
We share our pre-Budget tax planning ideas, as the first Labour Budget is now only 5 weeks away (30th October). There is currently a lot of speculation of adverse tax changes that the business community and private tax clients should expect. Unfortunately, we have no inside knowledge of what Rachel Reeves will say. However, as…
Inheritance Tax Trap: Don’t Get Caught Out!
Has the Inheritance Tax Trap caught you out? Inheritance Tax (IHT) receipts continue to rise. There may be some who have unnecessarily overpaid due to life insurance not being in a Trust. According to NFU Mutual, 6,810 estates that paid IHT in 2021/22 included life insurance policies which could be exempt from the charge…
New Tax Year, New Rules For The Self Employed
From 6th April 2024 HMRC want to encourage more of the self employed to use the cash basis when completing their accounts and self-assessment tax returns. The new cash basis from 6th April 2024 will mean: The cash basis will be the default, with an opt-out for those wishing to use the accruals basis.…
General Election: Tax Planning For SMEs?
With the upcoming General Election we are thinking about tax planning for SMEs. The 4th July election day will be with us before we know it and many SME business owners are starting to think about whether they should undertake any protective actions. Especially if they think a change in government is looking likely.…