Author: Neil Dando

Economic outlook, fiscal stability and planning reforms Introduction The Government of the United Kingdom has typically held two major fiscal events each year – the Autumn Budget and the Spring Statement – with each updating on the economy’s performance, significant tax changes, fiscal measures and adjustments to allowances. In 2024, however, Chancellor Rachel Reeves committed…

Strategies for minimising IHT liabilities. Inheritance tax (IHT) in the United Kingdom applies to the transfer of wealth after death. It can affect property, savings, investments, and other assets. Although it applies to a smaller portion of estates, those crossing certain value limits may face a 40% tax charge on amounts above available allowances. Thresholds…

Unlock funding to grow your business. Small and medium-sized enterprises (SMEs) are the backbone of the economy, comprising 99.9% of all businesses and employing a significant portion of the workforce. To support the growth and sustainability of these enterprises, the government offers a variety of grants tailored to diverse business needs. Understanding and accessing these…

Tax changes could cost drivers up to £600. Many electric vehicle (EV) owners are unaware that road tax charges will rise from April 2025. A survey of 2,000 UK car owners by used car retailer Motorpoint found that 83% of EV drivers did not know they would soon need to pay vehicle excise duty (VED).…

Landlords and sole traders to receive letters from April. HMRC is set to inform taxpayers affected by Making Tax Digital (MTD) for Income Tax. Initially, these will go to landlords, sole traders, and self-employed individuals earning over £50,000. From 6 April 2026, those earning above this threshold must report income quarterly. While this is the…

Business activity across the UK private sector has fallen again, with weak consumer spending weighing on companies. The latest growth indicator from the Confederation of British Industry (CBI) shows that private sector activity declined faster in the three months to February than in the previous quarter. All sectors reported falling business volumes, pushing the CBI’s…

HMRC’s clampdown on IR35 off-payroll working rules has raised £4.2bn in additional tax, National Insurance, and apprenticeship levy payments between October 2019 and March 2023. Around 120,000 contractors were affected, with the average individual paying £10,000 more in tax. The reforms first hit the public sector in April 2017, followed by the private sector in…

By your 50s, retirement planning often moves to the top of the financial agenda. If your pension pot isn’t where you’d like it to be, there are ways to increase contributions, take advantage of tax reliefs, and strengthen your long-term financial security. This guide outlines the latest pension rules, allowances, and strategies, helping you make…

In the modern business environment, efficiency and accuracy in financial management are paramount. We understand businesses’ challenges in maintaining precise financial records while striving for growth. Implementing accounting software can be a game-changer, offering numerous benefits that streamline operations and enhance decision-making. This guide explores how the right tools can simplify financial processes, improve compliance,…

The Government’s use of artificial intelligence (AI) is expanding, but departments must work together to manage risks effectively. Cabinet Office officials recently told the Treasury Committee that AI tools are used in customer service across many Government departments. However, HMRC confirmed that its helpline advisers do not currently use AI, though it is trialling a…

The Bank of England (BoE) has cut the base rate by 0.25%, bringing it to its lowest since May 2023. Seven members of the Monetary Policy Committee (MPC) supported the move, but two pushed for a deeper cut to 4.25%. Governor Andrew Bailey warned that inflation could climb to 3.7% this year. Despite progress in…

From April 2027, unused pension pots and death benefits will be included in an individual’s estate for inheritance tax (IHT) purposes. The Association of Taxation Technicians (ATT) has warned that this change, announced in the Autumn Budget, could increase costs and cause delays for around 50,000 families a year. Pension pots are exempt from IHT…

Following the Bank of England’s base rate cut to 4.5% on 6 February, HMRC will lower its late payment and repayment interest rates from 25 February. The late payment interest rate will drop from 7.25% to 7.0%, while the repayment interest rate will decrease from 3.75% to 3.5%. These changes reflect HMRC’s standard approach, where…

As we approach the end of the 2024/25 tax year, it’s a good time to reflect on the year’s financial developments and their impact on tax planning.The UK economy has continued to navigate a challenging landscape, with high interest rates affecting businesses and individuals alike. Inflation has begun to stabilise, offering some relief, but persistent…

Paying for higher education can be one of the largest financial commitments families face. By planning in advance, you can reduce the need for costly borrowing and help your child start adulthood on a strong financial footing. This guide explains current tuition fees, student finance arrangements, and tax-efficient ways to save for university costs in…

A guide for contractors and subcontractors. The Construction Industry Scheme (CIS) is a vital part of the tax system for workers in construction. Whether you’re a contractor managing subcontractors or a subcontractor working on various projects, understanding how CIS works is key to ensuring compliance and managing cashflow effectively. In this guide, we’ll break down…

Public and Commercial Services Union (PCS) members have announced strike action affecting HMRC’s Benton Park View offices in Newcastle. The strikes, scheduled across eight days from 23 December 2024 to 14 February 2025, aim to reinstate three sacked union representatives. The industrial action involves approximately 0.5% of HMRC’s workforce and takes place during the height…

In 2024, over 400 estates donated at least £1 million to charities, contributing to a record-breaking total. Gifts exceeding £1m rose by 33% from the previous year, increasing from £850m in 2023 to £1.1bn. These high-value donations accounted for 54% of the £2.1bn gifted to charities through wills in 2024. A total of 440 estates…

Most UK businesses are optimistic about the start of 2025, with economic confidence surveys showing plans for growth following a difficult period. However, retail and hiring concerns linger. According to Lloyds Bank, 70% of businesses expect turnover to rise over the next year, up from 62% in December 2023. Additionally, 73% anticipate greater profitability. Seven…

Steps to smooth business transitions Planning for the future of your business is one of the most critical responsibilities of an owner. Business succession planning ensures your enterprise can transition smoothly to new ownership or leadership, safeguarding its continuity and success. Whether you’re passing the reins to a family member, selling to a third party,…