Inheritance Tax Planning Ahead of the New Tax Year

approaching tax & accounting deadlines

Inheritance tax (‘IHT’) planning takes many years to implement and as such, if your estate is likely to be impacted by IHT, it is important to review on a regular basis. With the tax-year coming to a close, we have highlighted some important things for you to consider: Review Your Estate The first step in planning for IHT is to … Read More

PRE YEAR END TAX PLANNING FOR INDIVIDUALS

What You Should be Doing Ahead of the New Tax Year With the self-assessment deadline just passed, now represents a perfect time to review your tax position ahead of the tax year ending on 5 April 2024. Most tax reliefs and exemptions do not apply retrospectively, so it is important that action is taken before 5 April 2024 to ensure … Read More

Spring Budget 2024 Predictions

Following Jeremy Hunt’s delivery of the Autumn statement, there was optimism surrounding the possibility of tax cuts in the upcoming Spring budget, slated for March 6, 2024. Initially, it was speculated that the Government might have up to £24 billion in fiscal headroom to allocate towards tax reductions. However, recent news of the UK slipping into a recession, signifying two … Read More

Advisory Fuel Rates from 1 December 2023

From 1 December 2023, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 14 pence 10 pence 1401cc to 2000cc 16 pence 12 pence Over 2000cc 26 pence 18 pence Engine size Diesel – … Read More

Key tax & accounting deadlines to 29 February 2024

As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. December 2023 1 December – Deadline for corporation tax payment for accounting period ended 28 February 2023 1 December – Updated advisory fuel rates published 7 December (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More

Autumn Statement

BUSINESS Full Expensing In the Spring Budget 2023, the government announced “full expensing” whereby a business gets full tax relief at 25% when making investments in the year of investment on qualifying assets. Businesses obtain 25p of tax relief for every £1 that they invest. Originally set to expire in 2026, this measure has now been made permanent, providing certainty … Read More

Advisory Fuel Rates from 1 September 2023

Fuel rates from 1 March 2022

From 1 September 2023, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 13 pence 10 pence 1401cc to 2000cc 16 pence 12 pence Over 2000cc 25 pence 19 pence Engine size Diesel – … Read More

Key tax & accounting deadlines to 30 November 2023

As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. September 2023 1 September – Deadline for corporation tax payment for accounting period ended 30 November 2022 1 September – Updated advisory fuel rates published 7 September (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More

Key tax & accounting deadlines to 31 August 2023

As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. June 2023 1 June – Deadline for corporation tax payment for accounting period ended 31 August 2022 1 June – Updated advisory fuel rates published 7 June (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More

Advisory Fuel Rates from 1 June 2023

From 1 June 2023, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 13 pence 10 pence 1401cc to 2000cc 15 pence 12 pence Over 2000cc 23 pence 18 pence Engine size Diesel – … Read More