The rates of capital gains tax (CGT) payable on gains arising from assets other than residential property have been increased with immediate effect Rates Those taxpayers who decided to accelerate planned investment disposals before the Budget in anticipation of the predicted CGT hike will be…

Private schools will need to register for VAT and charge output VAT on education and boarding services when the exemption that currently applies is removed from 1 January 2025 All education and boarding services provided by a private school or connected person will be subject…

The Chancellor has announced that the main rate of secondary Class 1 national insurance contributions (NIC) for employers will increase by 1.2 percentage points from 13.8% to 15% from April 2025 The Class 1A and Class 1B employer rates (relating to benefits) will also increase…

The Chancellor has extended the current freeze on inheritance tax (IHT) thresholds until 2030 and announced changes to the treatment of inherited pensions and other IHT reliefs The nil-rate band (NRB) is the amount of any estate that can be inherited tax free. It has…

The stamp duty land tax (SDLT) surcharge levied on purchases of second and subsequent homes has been increased from 3% to 5% with immediate effect The higher rate applies to purchases of second homes and buy-to-let residential properties. The change applies to purchases with an…

If you purchase a double cab pick-up with a payload of one tonne or more before 1 April 2025 for corporation tax, or 6 April 2025 for income tax, you can enjoy the favourable tax treatment available on vehicles primarily suited to the conveyance of…

Showing renewed commitment to promoting electric vehicles over petrol, diesel and hybrid models, the Government has extended the 100% first year allowance for zero-emission cars Businesses and individuals can continue to deduct the full cost of zero-emission vehicles and electric vehicle charge-points from their taxable…

HMRC has completed a long-overdue overhaul of the forms and associated guid­ance used to report chargeable events on which inheritance tax (IHT) is due on a trust. Previously, if you needed to report IHT due on gifts or trusts you had to complete the ‘one-size-fits-all’…

HMRC has published draft legislation explaining how the abolition of the special tax rules for furnished holiday lettings (FHLs) will work. From 6 April 2025 for sole traders and partnerships, or 1 April 2025 for companies, properties currently classed as FHLs will no longer benefit…

HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via…

From April 2026, sole traders and landlords with qualifying income over £50,000 will have to comply with the Making Tax Digital (MTD) for Income Tax requirements. Quarterly updatesMandated taxpayers will need to use third party MTD-compliant software to keep digital records and file quarterly summaries…

HMRC is no longer automatically issuing cheques to refund PAYE overpayments. It is common for employed taxpayers to get to the end of the tax year and find that they have under- or over-paid income tax via PAYE. These discrepancies are calculated by HMRC at…