As we step into 2025, it’s crucial to stay updated on the latest tax changes that could impact your finances.
🚨 Tax Changes for 2025: What You Need to Know 🚨
The Evolving Tax Landscape in the UK and Its Challenges
The UK tax landscape is undergoing significant transformations, driven by economic pressures, post-Brexit adjustments, and the need to balance growth with fiscal responsibility. Recent policy changes and emerging challenges are reshaping how businesses and individuals approach their tax obligations. This
New Advisory Company Car Fuel Rates – Effective 01 September 2022
New Advisory Fuel Rates were published by HM Revenue & Customs (HMRC) on 24th August 2022. These only apply to employees using company car. These rates can also be used when charging employees for fuel provided for private miles and
Are you a Trustee? Have you checked if your TRUST should be registered?
Unlike in past when trustees were only required to register a Trust if a tax liability was triggered due to: Capital Gains Tax (when a property/investment is sold), or when Income Tax is payable, or when Inheritance Tax is due
How to make sure gifts to employees are tax free
How to make sure gifts to employees are tax free Employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee. A tax
What Is the Next Step for “Making Tax Digital”?
What Is the Next Step for “Making Tax Digital”? What is “Making Tax Digital”? The HMRC recommends that all qualified persons enrol as soon as possible. Those earning below £85,000 per annum are encouraged to enrol voluntarily but are not
National Insurance contributions
National Insurance contributions Class 1 employed (2021/22) Earnings per week Employer rate £0 to £184 Nil £184 and over 13.8% Earnings per week Employee rate £0 to £184 Nil £184 to £967 12% £967 and over 2% National Insurance
State Pension
State Pension State Pension age Historically the State Pension age was 60 for women and 65 for men. This has changed. It’s now 66 for everyone. The State Pension age is due to increase to 67 between 2026 and 2028
Inheritance tax (IHT)
Inheritance tax (IHT) Value of estate Tax rate £1 – £325,000 (known as IHT threshold or nil rate band) 0% Over £325,000 40% Tax year Residence nil rate band 2017/18 £100,000 2018/19 £125,000 2019/20 £150,000 2020/21 £175,000 2021/22 £175,000
Capital gains tax (CGT)
Capital gains tax (CGT) CGT is charged on any profits (the ‘gains’) you make when you sell (or transfer) shares and unit trusts or other assets such as a second home. If the total of any gains realised in the