UHY Ross Brooke Chartered Accountants
News reported last week said that the Chancellor has put together draft plans for spending cuts to welfare and other government departments. At the time of the 2024 Autumn Budget, the Office for Budget Responsibility (OBR) said that there was a £9.9 billion buffer available against the Chancellor’s own self-imposed
As accountants, we are often asked whether splitting a business into separate legal entities (eg sole trader and partnership) can help avoid VAT registration. While this may seem like a logical step for small business owners wanting to remain below the VAT threshold, HMRC has clear rules regarding VAT disaggregation,
UK Inheritance Tax (IHT) receipts are on course to hit a record high by the end of the 2024/25 tax year, with figures showing that between April 2024 and January 2025, collections have already reached £7 billion – a £700 million increase from the previous year. If this trend continues,
Environmental, Social, and Governance (ESG) principles are no longer just the domain of large corporations. Increasingly, SMEs are expected to demonstrate responsible business practices that align with ESG standards. While the pressure from regulators and stakeholders grows, the benefits of embracing ESG go far beyond compliance. However, there’s a fine
From 6th April 2025, the removal of domicile as a connecting factor for inheritance tax (IHT) will have a significant impact on trusts and not just individuals. Prior to 6th April 2025, non-UK assets could be settled on trust by a non-UK domiciled settlor and remain outside the scope of
The new tax year starts 6th April 2025, so you have one month to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before 6th April. Do you fall into any of
Employee Ownership Trusts (EOTs) have been gaining popularity in recent years as a means of enabling business owners to transition ownership while safeguarding the company’s future. But a common question arises when exploring this model: what happens to the profits in an EOT? Understanding how profits are treated within this
As the end of the tax year (5 April 2025) approaches, now is a good time to check that your family and business finances are arranged in the best way possible to ensure prosperity for you and your circumstances. As always, our purpose, helping you prosper, remains at the heart
Prior to April 2025, an individual resident in the UK but not UK domiciled, had the option to be taxed on foreign income and gains to the extent they were ‘remitted’ (brought) to the UK. In contrast, a UK resident and UK domiciled individual, did not have this option and
A Start Up Loan is a government-backed personal loan aimed at helping new businesses get off the ground, especially those who find it difficult to source finance from traditional lenders. Eligible new business owners can borrow between £500 and £25,000 at a fixed interest rate of 6% per year. Loans