UHY Ross Brooke Chartered Accountants
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
Significant tax changes were announced in the Autumn 2024 Budget affecting owners of double-cab pickup trucks (DCPU). From 1 April 2025 for Corporation Tax and 6 April 2025 for Income Tax, double cab pick up trucks with a payload capacity of one tonne or more will be reclassified as cars for
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
The recent announcement in the 2024 Autumn Budget that the rate of employer’s National Insurance will rise from 13.8% to 15% from April 2025 will encourage employers to look at ways to reduce this additional cost, and one way that employers and employees might find appealing is an electric vehicle
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