Inheritance tax essentials for 2025/26

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 have been frozen for several years, so rising asset prices can bring more families into scope.

This guide reviews the 2025/26 allowances, rates, and reliefs and outlines legal provisions under HMRC regulations. It offers factual, compliance-based guidance for individuals and families who wish to manage their affairs effectively. (more…)

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Making the most of UK government grants for SMEs

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 tvhevse grants can provide vital financial support, enabling SMEs to innovate, expand, and thrive.
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News Roundup April 2025

Included in this month’s article:
– IR35 Reforms raise £4.2BN Extra Tax
– Weak Consumer Spending Hurts Private Sector
– Landlords to Receive MTD Letters
– 83% of EV Owners Unaware of new Road Tax Bill
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Retirement savings in your 50s: How to catch up

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 informed decisions about your retirement savings. Whether you’re looking to top up your pension, explore additional investment options, or adjust your approach, having a clear understanding of your options can make a significant difference to your future financial stability.
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Using software to streamline accounting operations

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, and free up time to focus on growing your business.

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News Roundup March 2025

Included in this month’s article:
– HMRC Cuts Late Payment Interest to 7%
– Changes to Inheritance Tax on Pensions from 2027
– Bank of England Cuts Interest Rates to 4.5%
– Government AI Rollout Requires Better Collaboration
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Planning ahead for university costs

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 the United Kingdom. The aim is to provide a resource that supports parents, guardians, and anyone involved in preparing a child for university.
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Understanding the Construction Industry Scheme (CIS)

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 the essentials of CIS, covering who it applies to, how it operates, and the key responsibilities involved.

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News Roundup February 2025

Included in this months article:
– Mixed views on business growth this year.
– Charitable donations through wills hit £2.1BN in 2024
– Over 90k self assessment tax returns filed over Christmas
– HMRC helper workers set strike dates

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Pensions for the self-employed

Saving for retirement can feel daunting for many self-employed people. Without the workplace schemes that salaried workers often rely on, self-employed individuals must take proactive steps to secure their financial futures. But with the right guidance, pensions can become a valuable tool for your retirement planning.

We’ll walk you through why pensions are vital, your pension options as a self-employed person and some practical ways to maximise your retirement savings.
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The art of effective business budgeting

Budgeting is the backbone of any business, large or small, providing a roadmap for managing resources, anticipating challenges and setting realistic goals. For small and mediumsized enterprises (SMEs) especially, a robust budget can mean the difference between thriving and simply getting by. In a tough economic climate, effective budgeting has never been more essential for keeping operations smooth and achieving growth.

Let’s look at how to build a business budget that supports your financial health, plans for contingencies and prepares you for the future.
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News Roundup December 2024

Included in this month’s article:
– DOUBLE-CAB PICKUPS TO BE CLASSED AS CARS UNDER NEW HMRC POLICY
– TUITION FEES SET TO RISE FOR FIRST TIME IN EIGHT YEARS
– GOVERNMENT CHAMPIONS HEALTH BENEFITS OF WORK IN NEW INITIATIVE
– BANK OF ENGLAND CUTS INTEREST RATES TO 4.75%
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International expansion for SMEs

Small and medium-sized enterprises (SMEs) are often seen as the backbone of the economy, contributing significantly to job creation and innovation. As the world becomes increasingly interconnected, more SMEs are considering international expansion as a growth strategy. While this presents exciting opportunities, it also comes with its own set of challenges. We’ll explore how SMEs can expand internationally while managing risks and maximising potential
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Financial planning for major life events

Life is full of significant milestones – whether it’s getting married, buying a home or preparing for retirement. These moments can be both exciting and financially challenging. Without proper planning, they can bring unexpected stress. That’s why financial planning is essential for navigating these changes with confidence.
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News Roundup November 2024

Included in this months article:
– Private school VAT could affect 55% of parents
– UK house prices near record high
– IFRS 15 meets expectations despite challenges
– Treasury rethinks NON-DOM tax status changes
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Choosing the Right Business Structure

Choosing the appropriate structure for your business is one of the first and most important decisions you will make. It affects everything from your tax obligations to the level of personal liability you will face, and even how you can raise funds. If you are thinking of starting a business, or restructuring an existing business, it is worth taking a closer look at the options available to ensure you make the best choice for your business.
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Handling a Personal Tax Compliance Check

Personal tax compliance checks can sound intimidating. However, with the right preparation and understanding, they don’t have to be. In this spotlight, we aim to walk you through what to expect during a tax compliance check, how to stay organised and ways to handle the process smoothly.

By offering clear, straightforward advice, we hope to give you confidence in facing any compliance check that may come your way.
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News Roundup October 2024

Included in this months article:
– New HMRC Advisory Fuel Rates
– Crypto Investors Urged to Review Tax Obligations
– Tax Hike Fears Trigger Assets Sell-Offs
– Price of the Average House Increases in 2024
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Tax-efficient giving

Tax-efficient gift-giving is an essential aspect of estate planning that can significantly reduce your inheritance tax (IHT) liabilities while benefiting your loved ones. By carefully planning and utilising the available allowances and exemptions, you can ensure that more of your wealth passes on to your family and less is lost to taxes.

At our practice, we believe that understanding the rules around gift-giving is key to making informed decisions. In this guide, we’ll walk you through the essentials of tax-efficient gift-giving for the 2024/25 tax year.

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Understanding R&D tax credits

Research and development (R&D) tax credits are a crucial incentive designed to encourage businesses to innovate and invest in new technologies, processes and products. Yet, despite their significance, many businesses either aren’t aware of their potential benefits or aren’t fully utilising them.

We explore what R&D tax credits are, who can claim them, and how businesses can maximise their potential.
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News Roundup September 2024

Included in this month’s article:
– Bank of England cuts interest rates
– CGT take falls by £2.5 Billion
– HMRC cuts late payment interest rate
– Businesses targeted for NMW compliance
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What to expect from a statutory audit

A statutory audit may sound alarming, but it’s a vital process that helps ensure a company’s financial health
and compliance.
Whether you’re a small business owner or part of a large corporation, understanding what to expect from a statutory audit can ease any concerns and prepare you for a smooth experience.
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Building an emergency fund.

As an accounting practice, we often stress the importance of having an emergency fund to our clients. An emergency fund is essential for financial stability, offering a safety net during unexpected situations such as job loss, medical emergencies, or significant repairs.
In this guide, we will outline the steps to build an emergency fund, provide tips for maintaining it, and highlight the benefits of having this financial buffer.
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News Roundup August 2024

Included in this month’s article:
– HMRC inheritance tax recovery soars.
– London ranked 8th most expensive global city.
– Council tax debt crisis escalates.
– Labour’s landmark election victory.

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Becoming an Employer

Deciding to become an employer is a significant milestone for any business. It marks a phase of growth and the need for additional support.

In this guide, we will explain what becoming an employer entails, the steps required, the key considerations, and the changes that come with this decision. We’ll also consider the pros and cons to help you make an informed choice.
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Navigating Capital Gains Tax

Capital gains tax (CGT) is the tax on the profit you make when you sell or ‘dispose of’ an asset that has increased in value during your ownership. It is important to note that the tax is levied only on the gain made from the sale, not the total sale price.
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News Roundup July 2024

Included in this month’s article:
– HMRC Contacts Pending for Claimants
– House Prices Rise Slightly Again
– Media Sector Faces Scrutiny from HMRC
– Only 13% of Bounce Back Loans Paid Off

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Business valuation: Knowing your company’s worth

Understanding your business’s value is more than a number on a balance sheet – it’s a crucial indicator of your company’s health and future potential. Whether considering a sale, seeking investment or planning strategic moves, a precise valuation provides robust information.

With this spotlight, we aim to guide you through the essentials of business valuation, helping you realise your company’s worth in clear terms.
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Wealth planning for you and your family

Financial planning is undoubtedly the bedrock of successful wealth management, serving as the critical first step in a lifelong journey of financial growth and security. The process begins with a thorough evaluation of your current financial situation, a crucial stage that involves a detailed analysis of your assets, liabilities, income and expenditures. This comprehensive review is not just about numbers; it’s about understanding the story behind your financial decisions and how they align with your future goals.
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NEWS ROUND-UP JUNE 2024

INCLUDED IN THIS MONTHS ARTICLE:
– HOUSE PRICES FALL FOR THE SECOND MONTH IN A ROW
– UK PREDICTED SLOWEST GROWTH AMONG RICH NATIONS
– SME ENERGY STANDING CHARGES ARE TOO HIGH
– MPS WARN UNFAIR BANKING IS HARMING SMALL FIRMS
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News Roundup May 2024

INCLUDED IN THIS MONTH’S ARTICLE:
– HOUSE PRICES GROW SLOWLY IN MARCH
– STEALTH TAX FREEZE THREATENS INCOME OF PENSIONERS
– ENHANCED CHILD BENEFIT PAYMENTS SET TO COMMENCE
– BREXIT CHARGES COULD LEAD TO HIGHER FOOD PRICES
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Debt management strategies

Managing debt effectively is an increasingly crucial component of personal financial health in today’s economic climate. With rising living costs and the easy availability of credit, it’s easy to find yourself in a situation where debt becomes overwhelming.

This guide offers you practical and effective strategies tailored for managing your debt. Our aim is to empower you with the knowledge and tools necessary to tackle debt management. By implementing these strategies, you can work towards regaining financial stability and achieving peace of mind.

Whether you’re dealing with high-interest credit card debt, personal loans or mortgage payments, our advice is designed to help you manage your financial situation.
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Tax deadlines and penalties for limited companies

Managing a limited company requires meticulous attention to regulatory obligations, particularly with regard to tax and accounting. Financial compliance is punctuated by a series of key deadlines and potential penalties for non-compliance, demanding a proactive and informed approach from company directors.

This guide delves into the intricacies of these obligations, offering a comprehensive overview to help ensure your company remains in good standing.
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Personal tax planning in 2024/25

As we step into the 2024/25 tax year, it’s now more important than ever to take a proactive approach to managing your
personal finances.

Whether you’re navigating the complexities of income tax, considering investment opportunities or planning for your future, understanding the nuances of the UK tax system can help you make informed decisions.

This guide is crafted with you in mind, offering clarity and actionable advice to help you optimise your tax position and secure your financial wellbeing.
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Managing cashflow: Tips for small businesses

Managing cashflow effectively is critical for the survival and growth of your small business. It’s about planning, monitoring and controlling the money coming in and going out of your business, which ensures you have enough cash to cover your expenses and avoid insolvency.

Given the nature of the economy and evolving business practices, staying updated with the latest tools and strategies is vital.

In this spotlight, we explore detailed cashflow management tips, incorporating practices and tools that have gained popularity in recent years, ensuring you can effectively manage your cashflow cycle with modern methodologies.
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NEWS ROUND-UP APRIL 2024

Included in this month’s article:
– UK HOUSE PRICES RISE AS INTEREST RATES FALL
– MANUFACTURING AND R&D TO RECEIVE £360M BOOST
– STEALTH TAX AND SAVINGS SHAKE UP SALARY BANDS
– PM PROPOSES SCRAPPING NATIONAL INSURANCE
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Mastering Business Expenses

In today’s economic landscape, where financial acumen plays a pivotal role in the sustainability and growth of any business, the importance of effectively managing business expenses cannot be overstated.
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News Roundup March 2024

Included in this month’s article:
– HMRC CLAMPS DOWN ON UNDECLARED DIVIDEND EARNINGS
– ‘HELP TO GROW’ CAMPAIGN AND SMALL BUSINESS COUNCIL TO AID SMES
– ‘LIMITED TAX CUT OPTIONS IN BUDGET’, SAYS CHANCELLOR
– HOUSE PRICES BEGIN TO FALL AT A SLOWER RATE
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Is property investment right for you?

Many individuals invest in real estate to boost their income and gain greater financial security. But while the journey can be rewarding, it also requires committing a significant amount of your own time and money. So, how do you know if property investment is right for you?
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The ABCs of VAT for small business owners

Value Added Tax (VAT) is a significant part of the UK tax system. If you run a VAT-registered business, you’re required to charge this tax on most goods and services, which you must then report and pay to HMRC. Basically, you are collecting VAT on the Government’s behalf.
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News Roundup February 2024

Included in this month’s article:
– National Insurance Cut Boosts UK Households
– Economic Confidence Index Declines
– HMRC enforces Tighter Rules on ‘Side Hustle Tax’
– UKEF Introduces Enhanced Financing for Small Businesses
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YEAR-END TAX GUIDE 2023/24

The conclusion of the 2023/24 tax year prompts us to reflect on some of the notable developments in the fiscal landscape.

This past year has been marked by ongoing efforts to recover from the economic impact of the global pandemic. Inflation has emerged as a significant concern, influenced by persistent disruptions in the supply chain and geopolitical tensions.

To address these economic challenges, the Government has adjusted tax policies to balance revenue generation with support for businesses and individuals.
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NEWS ROUND-UP JANUARY 2024

Included in this month’s article:

– HMRC LAUNCHES CRYPTOASSEST TAX DISCLOSURE SERVICE
– OVERSEAS FIRMS PLEDGE TO INVEST BILLIONS IN THE UK
– ADVISORY FUEL RATES DECEMBER 2023
– HMRC REMOVES PAYE SELF-ASSESSMENT THRESHOLD

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Recruitment – Should you hire or outsource accounting?

Running a successful business entails astute financial management, and at the core of this is the crucial decision of how to handle your accounting needs.

Should you bring a full-time, in-house accountant into the fold, or does the more flexible route of outsourcing better suit your business objectives?

In this in-depth exploration, we’ll dissect the pros and cons of each option, providing you with comprehensive insights to empower you in making an informed decision aligned with the unique goals of your business.
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Personal financial planning in 2024: New year, new strategy

The new year marks the start of new beginnings, so there’s no better time to revisit your personal financial strategy. Drawing up an economic plan with clear, achievable goals can improve your long-term financial health and help protect you and your family against external factors.

Whether you’re putting a personal financial plan together for the first time or you want to revisit your strategy, here are a few personal financial planning tips to help you secure your financial future in 2024.

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NEWS ROUND-UP: DECEMBER 2023

Included in this month’s article:
– UK ACCOUNTANTS DEMAND HMRC SERVICE IMPROVEMENTS
– BANK OF ENGLAND HOLDS INTEREST RATES STEADY
– SMALL BUSINESS CONFIDENCE IMPROVES IN Q3 2023
– CORPORATE INSOLVENCIES HIT A TWO-DECADE HIGH

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