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Time is running out if you want to exit your company and pay lower rates of capital gains tax

Time is running out if you want to exit your company and pay lower rates of capital gains tax

January 3, 2025

Lindsay Farrer

If you have traded through a limited company, and are looking to retire in the next couple of years, a common way to exit is to put the company into a Members Voluntary Liquidation (solvent liquidation). If this is the route for you, then you may want to ensure you liquidate the company before 5th…

What is cash flow and how can you monitor it?

What is cash flow and how can you monitor it?

December 18, 2024

Jane Maclachlan

What does cash flow mean as a business owner? Cash flow is at the centre of any successful business and, given the economic uncertainty present in the UK over recent years, it is now more important than ever for business performance. Cash flow is the money that is flowing in and out of a business…

What are the new tax implications for Double Cab Pick-Ups from April 2025?

What are the new tax implications for Double Cab Pick-Ups from April 2025?

December 16, 2024

Shelly O'Neill

The government has announced that Double Cab Pick-Ups will no longer be classed as commercial vehicles from April 2025 if the payload is more than 1,000kg (or 1,045kg with a hard top installed). The dates that the changes come into effect are: From 1 April 2025 for Corporation Tax, and From 6 April 2025 for…

How will the new VAT rules on private school fees affect you from 1 January 2025?

How will the new VAT rules on private school fees affect you from 1 January 2025?

December 11, 2024

Lorraine Mitchell

Due to new legislation, from 1 January 2025, all education services provided by all fee paying private primary schools, secondary schools and sixth form colleges will be subject to VAT at the standard rate. VAT will also need to be charged on Boarding Fees. Private schools will also need to charge VAT on any extra…

National Insurance Category H for apprentices - What checks do employers need to carry out?

National Insurance Category H for apprentices – What checks do employers need to carry out?

November 28, 2024

Jackie Hemus

Category H is a National Insurance (NI) category for apprentices under the age of 25. We have had some queries regarding letter H apprentices and employers not paying national insurance. It’s the employer’s responsibility to ensure the correct category letter has been applied to the assessment of NICs based on the age and circumstances of the employee….

Community Amateur Sports Clubs state - What is it and are you still eligible?

Community Amateur Sports Clubs state – What is it and are you still eligible?

November 12, 2024

Sophie Graham

What are Community Amateur Sports Clubs? Local amateur sports clubs can register with HMRC which then allows then to benefit from various tax reliefs and benefits.  The scheme is open to qualifying clubs within the UK.  This allows similar reliefs available to charities however once you have been given CASC status you cannot apply to…

Thinking of selling your furnished holiday let?

Thinking of selling your furnished holiday let?

November 8, 2024

Lindsay Farrer

If you are thinking of selling your furnished holiday property, it might be worth considering the timing of the sale and if this isn’t possible before 5 April 2025, whether its worth ceasing to trade before 5 April 2025. It might save you quite a bit of tax to consider the timing. If you sell…

Budget Spotlight - what do the Inheritance Tax changes mean for me?

Budget Spotlight – what do the Inheritance Tax changes mean for me?

November 6, 2024

Alex Dent

One of the biggest announcements in the Autumn Budget was in relation to Inheritance tax, the key changes are: Any unused pension pots will be subject to Inheritance Tax on deaths from 6 April 2027. Business Property Relief (BPR) and Agricultural Property Relief (APR) at 100% will be capped at a combined £1million for both…

Employment costs from 6 April 2025

Employment costs from 6 April 2025

November 1, 2024

Lindsay Farrer

The chancellor has announced changes to the employers’ national insurance contribution rate, increasing it from 13.8% to 15%, and the threshold at which employers’ national insurance becomes payable has been reduced by £4,100 from £9,100 to £5,000. She also announced an increase in the employment allowance of £5,500 from £5,000 to £10,500. Employer’s with employers…

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