Second Budget And Deadlines Coming Soon

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 Lettings (FHL) as from April 2025. As expected, this will affect the beneficial reliefs associated with finance costs, capital allowances, capital gains and pension contributions. I am sure that we shall be advising our clients on all of these matters in the forthcoming weeks.

In addition to the above, there will be the introduction of VAT on private school fees. Then there is an expectation of further changes to the rates of Capital Gains Tax, and possibly Inheritance Tax.

Upcoming Deadlines To Remember

However, in addition to all of this, it is a very busy time for individuals and businesses alike who have compliance deadlines fast approaching, whether this be for letting HMRC know of the need to file a self-assessment tax return, or for company 31 December 2023 accounts to be submitted to Companies House within 9 months and any Corporation Tax also being payable.

For individuals they have only until 30 December to file their online tax returns and have tax of less than £3,000 included in their PAYE code, with all returns needing to be filed by 31 January 2025.

The end of this year is going to be very busy for us all, with not only the usual compliance filing deadlines, but also the changes that are likely to come into effect. Some of the changes will be immediate and some won’t take full effect until April 2025, however we know that there is already some anti-forestalling legislation in place, so you cannot plan to avoid potential tax changes. We are already discussing these issues with our clients.

Get In Touch

If you would like more information or advice, contact your local Whitings LLP office today.

Disclaimer - All information in this post was correct at time of writing.