Tax

From 6 April 2027, income tax on Saving income and Property income will be increased to 22%, 42% & 47% for basic, higher & additional tax payer respectively. From 6 April 2027, most unused pension funds and death benefits will be included in a deceased person’s estate for Inheritance Tax (IHT) purposes. This ends the […]

If you are the personal representative (PR) ie the executor or administrator, you may have to complete a tax return for the period after the date of death if the tax position of the estate is complex or if the tax liability is significant via a Trust and Estate Tax return. From 24/25, if the

If your Gross income from self-employed and rent for 25/26 is £50,000 or more, you should keep record of your income/expenses digitally and report them to HMRC via commercial software from April 2026 ( You won’t be able to use HMRC software any longer). What you have to do for the MTD tax return? Maintain

IHT changes: IHT thresholds Nil-Rate Band (NRB) £325K and Residence  Nil-Rate Band (RNRB) £175K will be frozen until 2030.  Inherited pensions will be liable to IHT from 2027. Agricultural Property Relief (APR) and Business Property Relief (BPR) will be reformed. Agricultural Property Relief (APR) and Business Property Relief (BPR) From 6 April 2026:  Relief will

Capital Gains Tax (CGT) rates were announced at the 2024 Autumn Budget, from 30 October 2024 (during the 2024-25 tax year): The lower rate of CGT increased from 10% to 18%. The higher rate of CGT increased from 20% to 24%. The rate of CGT that applies to trustees and personal representatives increased from 20% to 24%. The rates for residential property gains remain at 18% for

If you are Non-UK domiciled, under current rule you can elect for remittance basis to pay for tax on your foreign income or gains only when you remitted to the UK. However, from April 2025, under new Tax rules for Non-domicile, New Non-UK domiciled will need to pay for tax on worldwide income & gains

Spring Budget 2024 announced a reduction to the main rates of primary Class 1 and Class 4 National Insurance contributions. From 6 April 2024, employees will pay for class 1 National Insurance contributions (NIC) at reduced rate from 10% to 8% and self-employed will pay for class 4 National Insurance Contribution at reduced rate from

You need National Insurance Contribution (NIC) for roughly 35 qualifying years to get a full State Pension.  Anyone aged 40 to 73ish can fill the gap years for 6 past years normally. However, currently until 5 April 2025, you have an unbeatable opportunity to buy back any missing National Insurance Contribution years from 2006 to