Latest Private Client Tax

*An update on this has since been posted. Click here to read the updated information.*     The tax treatment of double-cab pick-up trucks is set to change with effect from 1st July 2024, and will see the vehicles lose their status as ‘commercial vehicles’ when it comes to company car taxation. This could see…

The recent First Tier Tribunal case of Patwary (https://caselaw.nationalarchives.gov.uk/ukftt/tc/2024/53) considered the burden of proof that a property was a only/main residence for tax relief purposes.   The availability of Private Residence Relief (PRR) available on your only/main residence is one of the most valuable Capital Gains Tax (CGT) tax relief’s available.   PRR will exempt…

The Chancellor, Jeremy Hunt, has announced that the Spring Budget will take place on Wednesday 6 March 2024. This will be the Chancellor’s second budget and will include the government’s tax and spending plans as well as new growth and borrowing forecasts.   The Spring Budget could be followed by a general election in as…

‘How to pay your Self Assessment Tax’ will be a question that many people are asking with the payment deadline of 31st January 2024 just around the corner.   It is important to ensure your payment is made by the 31st January to avoid any late payment interest which HMRC charge daily.     For…

Are you wondering how the Autumn Statement effects Private Tax Clients?   This year’s Autumn Statement arrived at a time when both businesses and individuals alike are well and truly feeling the squeeze. With the performance of the economy better than expected this year (according to the Office for Budget Responsibility), but expected to grow…

HMRC has amended guidance on the tax treatment of electric charging of company cars and vans at residential properties.   Many business owners will have purchased an electric car or van, owned within a company, over the last few years, attracted by the generous business and personal tax treatments. Where this Electric Vehicle (EV) has…

Until inflation is under control, HMRC have no option but to adjust their interest rates in accordance with changes decreed by the Bank of England.   There are two rates to consider, both linked to the Bank of England base rate: Late payment interest, set at base rate plus 2.5% Repayment interest, set at base…

The ‘gifts out of surplus income’ exemption is a powerful, yet often forgotten about, Inheritance Tax (IHT) exemption. As the name suggests lifetime gifts made from surplus income are immediately exempt from IHT, provided that certain conditions are met.   To qualify for this valuable relief, the following conditions need to be satisfied: The gifts…

We understand the loss of a loved one is a stressful and difficult time. If you find yourself in the unfortunate position of having to complete a probate application we can assist and support you through the process.   Since 2015 Whitings LLP has been licenced to deal with non-contentious probate and we are undertaking…

The Chancellor, Jeremy Hunt, has confirmed that the Autumn Statement is scheduled for 22 November 2023. This will give the Chancellor the opportunity to set out future tax plans and give some indication of whether there are likely to be any potential tax cuts before the general election, which must be held before the end…