UHY Ross Brooke Chartered Accountants
The UK government is introducing changes to how taxpayers report their income. This initiative, called Making Tax Digital for Income Tax (MTD for ITSA), aims to simplify tax reporting and improve accuracy. Here’s what you need to know. By Chris Davies – Partner Why Is the Government Introducing MTD? The
On 30 October 2024, Chancellor Rachel Reeves presented her first Budget to Parliament. This was a Budget intended to restore stability to our economy and to begin a decade of national renewal. Investment will be funded by revised debt rules to facilitate additional borrowing and a hefty £40 billion of
Well, here we are, in the aftermath of what felt like the most eagerly anticipated budget ever (maybe). The sky hasn’t fallen in but there is certainly lots to consider. Back in March 2024 our ‘reform of the non-dom taxation’ blog summarised the changes to the non-dom rules which were
There were significant changes in the Budget on the 30th October 2024 that will have a major impact on Estate Planning in the future. This note is not intended to be all embracing but seeks to address the concerns of our typical clients. By Michael Brooke FCA TEP The major changes
The current State Pension is £11,502 and is due to rise to around £12,000 a year for 2025/26. At current annuity rates it would cost over £300,000 to receive an index-linked annuity starting at £12,000 a year, so it’s important to maximise your entitlement. In order to receive a full
As the Budget date approaches, what might we expect to see announced on 30 October? By Chris Davies The government faces a considerable fiscal challenge, with a projected £22 billion shortfall, necessitating decisive action to manage public finances. While significant tax increases on income, VAT, or National Insurance have been
As of 1st October, new laws are in place to ensure that workers keep 100% of the tips, gratuities, and service charges they earn. This is a major development for employees in sectors such as hospitality, where tipping plays a significant role in take-home pay, and for employers, who will
HMRC recently announced in their August 2024 Trust and Estate Newsletter that, following recommendations made by the former Office of Tax Simplification (OTS) and with working alongside professional bodies, such as the Chartered Institute Of Taxation (CIOT), the IHT forms have been updated. By Rebecca Horne-Smith – Senior Tax Manager
As HMRC intensifies its crackdown on National Minimum Wage (NMW) noncompliance, it’s vital to make sure you don’t fall foul of NMW laws. Compliance can have more complexities to it than many assume, and the risks of getting it wrong are significant. HMRC is focusing on SMEs for Minimum Wage
Technology now enables us to work away from the usual office setting. That situation ramped up hugely during the COVID pandemic. We are now left in a position where remote working, or some form hybrid working, is very much the norm. In some situations, the employee may even be working