Tax Advice

Double Cab Pick Vehicles Tax

New Tax Rules for Double Cab Pick-Up Vehicles (DCPUs)

In the Autumn Budget 2024, the government has announced a raft of changes that will affect the provision of company vehicles. Following a recent Court of Appeal judgement, the government will change how double cab pick-up vehicles (DCPUs) with a payload of one tonne or more are classified for tax purposes. Starting from: DCPUs will […]

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Understanding Life Insurance and Protecting for the Future

Understanding Life Insurance: A Comprehensive Guide to Protecting Your Future

Life is full of surprises, and not all of them are pleasant. In a world where uncertainty is a constant companion, individuals and families are increasingly seeking ways to secure their financial future. One such avenue that has gained prominence is relevant life insurance, a unique policy that not only offers protection but also comes

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5% VAT reduction for Construction on Empty Properties

5% Reduced Rate of VAT on Construction Work on an Empty Home

The current standard rate of VAT is 20%, but there are reduced VAT rates which apply to specific activities, including certain construction work. One notable area where the 5% reduced VAT rate applies is the renovation or alteration of residential properties that have been empty for a specified period. This reduced rate can provide significant

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Making Tax Digital For Self Assessment

Making Tax Digital for Income Tax Self-Assessment (MTDITSA)

MTDITSA is coming! But what is it? Who will it affect? When is it happening? Below you will find answers to these pressing questions, providing some insight into what will soon become a mandatory HMRC requirement. What is MTDITSA? Making Tax digital for Income Tax Self-Assessment is a new way of reporting income and expenses

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Annual Tax on Enveloped Dwellings

Demystifying Annual Tax on Enveloped Dwellings (ATED): Your Comprehensive Guide

ATED is a tax that applies to high value residential properties held in certain corporate structures, such as companies. The purpose of ATED is to discourage the use of corporate structures to avoid other property related taxes. ATED Key Points Explained Applicability. ATED applies to dwellings (typically residential properties) valued over £500,000, that are owned

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Basis Period Reform Tax Changes

Understanding Basis Period Reform: Your Complete Guide to Income Tax Changes

Introduction With effect from 2023/2024 tax year, the basis period for annual accounts will change for self-employed traders, partners in trading partnerships and other unincorporated bodies with trading income, such as trading trusts and estates. Currently, the legislation adopts the Current Year Basis (CYB) rule which taxes the profits of the 12-month accounting period ending

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Maximising Your Pension

Building Wealth for Tomorrow: A Complete Guide to Maximising Your Pension

We have seen an increase in corporation tax this year from 19% to 25% and so there is no better time to consider your pension arrangements to take advantage of the tax relief available on such expenditure. Pensions play a crucial role in securing financial stability during retirement, offering individuals a source of income after

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Cycle to Work Scheme 2023 Explained

A Complete Guide to the Cycle To Work Scheme 2023

The Cycle to Work Scheme is a government-backed scheme designed to encourage employees to, quite literally, get on their bike and cycle to work. The scheme allows employees to hire a bike, and any necessary cycling equipment, through their employer to help promote a healthier lifestyle and reduce environmental impact. No doubt you are thinking

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Shareholder Exit Options for Businesses

A Complete Guide to Navigating Shareholder Exit Options

Investing in a company can be really rewarding but unfortunately circumstances change, and shareholders may find themselves needing an exit strategy. Luckily, shareholders do have several options to consider when looking to sell their ownership in a company. Below we have provided a brief overview of common exit options available to shareholders in the UK.

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