Latest Private Client Tax

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…

Double Cab Pick Up Trucks Are To Be Treated As Cars The 2024 Autumn Budget has introduced a significant change for Double Cab Pick Up trucks (DCPUs).   Starting from April 2025, DCPUs with a payload of one tonne or more will be treated as company cars for tax purposes. This change will impact both…

We share our key takeaways on how the Autumn Budget 2024 affects individuals. During the first Budget to be delivered by a woman, and the first Labour Budget for 14 years, Rachel Reeves set out various measures to “fix the foundations and deliver change”.   Along with Income Tax rates, Labour included a manifesto pledge not…

The second Budget of the year is due to take place on 30 October 2024. We knew one would be happening, and expected that there would be many changes announced. More will no doubt come in the next few weeks.   Ahead of this, there is confirmation of the new rules relating to Furnished Holiday…

Amazon has recently announced changes in the VAT treatment of fees that will significantly impact UK sellers.   What Used To Happen? Previously, UK VAT-registered sellers only paid VAT on UK advertising fees which were billed from London. All other fees were billed from Luxembourg and generally fell under the Reverse Charge Mechanism.   What…

There’s just under one month to go until the HMRC Self-Assessment registration deadline (5 October 2024) for the 23/24 tax year.   You’ll need to apply if you need to complete a tax return and have not sent one before, or did not send one last year.   If you are not sure if you…

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…

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…

We’re considering taxes under the new Government. Now that Labour have won the recent election, it is time to look at what this could mean for you and your taxes. Labour have committed to one major fiscal event a year in the hope that this will give businesses and individuals plenty of time to properly…

The personal tax second payment on account deadline is approaching (31st July 2024).   Payments on account are advanced payments towards your tax bill for the tax year just ended, and each payment on account is calculated as half of your previous year’s Income Tax and Class 2/4 National Insurance liability. For the payment due…