The start of the tax year on Monday 6 April (Easter Monday) heralds a variety of changes to tax rules, few of them welcome. We take a look at the main changes coming into effect.
The government cut the capital gains tax (CGT) annual exemption from £12,300 in 2022/23 to just £3,000 from 2024/25 onwards. You might expect this to lead to a higher tax take, but the results so far have been quite the opposite.
From 6 April 2026, the basic and higher tax rates on dividend income are going to increase by two percent. This means owner-managers need to act as a matter of urgency if they wish to benefit from some fairly basic tax planning.
More than 5.6 million employees were issued the wrong tax code last year, resulting in £3.5 billion in tax overpaid to HMRC. Reclaiming overpayments, however, can be a slow and frustrating process.
The tax charge when a director, who is also a participator, has an outstanding loan with a close company is going up by two percent, to 35.75%, from 6 April 2026.
The rate of income tax relief for individuals investing in venture capital trusts (VCTs) is to be cut. However, gross asset and investment limits for the scheme will become more beneficial.
With the festivities behind us, it is time to turn our thoughts to the next ‘new year’, on 5 April. We take a brief look at a few things to consider before the end of the tax year.
With the end of January rapidly approaching, many will be turning their attention to the Self-Assessment tax return deadline. If you need to file a tax return and haven’t yet now is the time to act.
Companies House have announced a substantial increase to the fees charged. The doubling cost of incorporating a business is a particular sting in the tail.
Government plans on company reporting appear somewhat contradictory. Some regulations are set to tighten from April 2027, but latest announcements suggest a move in the opposite direction.
HMRC’s newly launched online service means that taxpayers can pay a high income child benefit charge (HICBC) in real time. It should reduce the number of individuals who have to register for self assessment only for HICBC.
Today the Chancellor, Rachel Reeves, delivered her 2025 Autumn Budget – not before the OBR accidently published its official forecast early - where a number of changes were announced.
Used wisely, a company loan can be an attractive option for directors who need to access company funds, especially if the need is urgent. However, there can also be serious tax implications for the unwary.
From April 2026, Making Tax Digital (MTD) will become mandatory for sole traders and landlords with an annual income of more than £50,000. However, some may be able to avoid the requirements.
A Bank of England proposal to cap stablecoin holdings at a maximum of £10,000 or £20,000 for individuals has received fierce criticism; however, there are signs the Bank is softening its stance.
Recently published statistics show that the company car is making something of a comeback, with the number of recipients for 2023/24 up 80,000 from the previous year.
