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2024/25 tax year rates and allowances 

National Insurance and Tax Tax-free personal allowance – £12,570 Basic rate – 20% – up to £37,700 Higher rate – 40% – from £37,701 to £125,140 Additional rate – 45% – above £125,140 National Insurance Rates Primary threshold - £12,570 [...]

2024-04-18T10:45:32+01:0025 March 2024|

Tax Basis Period Reform for Sole Traders and Partnerships

If you're a sole trader or a partner in an unincorporated or incorporated partnership, upcoming changes in tax rules may affect you. These reforms alter how businesses like yours are taxed. Overview of the Basis Period Reform HMRC is changing how taxable profits are calculated. Previously, unincorporated businesses were taxed [...]

2024-02-29T10:42:31+00:0029 February 2024|

The Autumn Statement 2023

Chancellor Jeremy Hunt has just finished delivering his Autumn Statement 2023, which he’s hailed a ‘huge boost’ for British competitiveness in his statement for growth. A series of measures were announced with the ‘overall impact of £20bn a year within the decade – the biggest ever business boost for [...]

2024-01-15T10:28:45+00:0022 November 2023|

How much tax can you expect to pay on an electric car?

In recent years, electric cars have become increasingly common on our roads. Charging points are now a familiar sight in supermarket and office car parks, as well as private driveways. And with Government targets for all cars to be hybrid or electric by 2030 and 100% electric by 2035, it [...]

2024-01-15T10:28:46+00:0018 July 2023|

The Spring Budget 2023

Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. Driving business investment The Chancellor announced a £27 billion transformation of capital allowances from April this year, which will [...]

2024-01-15T10:28:46+00:0016 March 2023|

BREAKING NEWS – today’s announcements from Jeremy Hunt

Jeremy Hunt, The Chancellor of the Exchequer, has today scrapped the majority of tax cut plans that were announced in the government's ‘growth plan’ mini-budget by Kwasi Kwarteng on 22 September 2022. As part of his ‘Growth Plan’, Kwarteng had set out a number of tax cuts designed to support [...]

2024-01-15T10:28:47+00:0017 October 2022|Tags: |
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