UHY Ross Brooke Chartered Accountants
The introduction of Making Tax Digital (MTD) for the self-employed and/or landlords with combined income exceeding £50,000 is scheduled to take effect from April 2026. MTD fundamentally shifts the way tax records are maintained and how information is submitted to HMRC. The traditional approach of annual tax returns will be
When it comes to navigating the UK tax system, there is a growing sentiment that it feels increasingly unfair—especially for middle-income households. While taxation is vital for funding public services and infrastructure, the current structure appears to burden certain income brackets disproportionately, often leaving middle earners caught in an uncomfortable
As the 31 January tax return deadline approaches, many individuals across the UK may find themselves wondering whether they need to declare sales of clothes and personal possessions made on platforms such as eBay, Vinted, or similar online marketplaces. While these platforms have made it easier than ever to declutter
Self-assessment deadline 2023/2024 Remember to file your self assessment tax return for tax year 2023/24 by 11.59pm on 31st January 2025, but don’t leave it until the last minute to prepare or submit it! If you were hoping to send a paper return, you’re too late, and will have to
From 6th April 2025, the inheritance tax regime (IHT) in the UK will move to a residency based system. Prior to this, IHT was linked to a person’s ‘domicile’ status. This allowed long term UK residents who were non-UK domiciled to protect foreign assets from UK IHT. By Tom Annat
Download our handy tax card which shows the latest tax rates for the taxes we are asked most about. This summary contains the key tax rates and allowances for the 2024/25 tax year, as applicable to persons resident and permanently settled in the UK. It is not an exhaustive list
With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self Assessment tax returns, the prospect of having to make a heavy tax payment at the end of January 2025 may be causing you
If you trade as a limited company, then you will likely know that balancing salary and dividends is key to extracting profit from your company in the most tax-efficient way. Both methods have distinct implications. and the right mix will depend on your specific circumstances. The Autumn Budget, with its
This is a timely reminder that employers may make small tax-free gifts to employees and directors if all of the following conditions apply: This is known as the ‘trivial benefit’ exemption. Employers do not need to pay tax or National Insurance or let HMRC know, however, they need to keep
HM Revenue and Customs (HMRC) have issued a reminder to be careful about scam attempts that target people filing Self Assessment tax returns. In the last year, nearly 150,000 scam attempts were referred to HMRC, a 16.7% increase on last year. With the 31 January 2025 filing deadline approaching, fraudsters