Chancellor Jeremy Hunt has announced a series of changes to the UK research and development (R&D) tax credit regime, including a cut to the deduction and credit rates for the SME scheme. The R&D SME scheme enhanced deduction rate will be cut to 86 per cent from the current 130 per cent, and the payable […]
Companies House goes fully digital
Companies House has gone fully digital after the announcement of the closure of its office in London and all filing being transferred online. It has also permanently shut the public counters in Cardiff, Belfast and Edinburgh. Online services will be available 24 hours a day, seven days a week. Changes have taken place with improved […]
Be prepared for changes to Capital Gains Tax thresholds
The exemption for paying Capital Gains Tax (CGT) is changing. The CGT annual exemption will fall from £12,300 to £6,000 from April 2023, before being cut in half again to £3,000 from April 2024. CGT is what you pay on any gains that you make when you come to sell an asset, such as a […]
Sharpest house price fall in two years
The average house price in the UK fell at the sharpest pace since early 2021, according to figures from Halifax. Prices fell by 0.4% in October, which was the third decline in four months. The annual rate of growth in house prices fell to 8.3% from 9.8%. Across the UK, the average house price in […]
Autumn Statement: Slashing CGT huge blow to landlords
Capital gains tax (CGT) is a tax levied on the profit you make when you sell an asset that has increased in value. Currently, there is an annual exemption of £12,300, which means that you only have to pay CGT on any profit you make above this amount. However, from next year, the exemption will […]
Autumn Statement: Stamp duty cut will end in 2025
In September, the Chancellor of the Exchequer, Kwasi Kwarteng, announced a cut to stamp duty in the mini-budget. The tax break, which applied to properties worth up to £250,000, was initially introduced as a permanent measure. However, in the Autumn Statement, Chancellor Jeremy Hunt confirmed that the stamp duty cut will only remain in place […]
Councils given the flexibility to increase council tax and social rents capped at 7%
Jeremy Hunt announced that English local authorities will be able to increase council tax by 5% annually without a referendum. Following the Autumn Statement, local authorities will be allowed to raise council tax by 3%, and those which also have social care responsibilities can increase it by a further 2% (a total of 5%) without […]
Furnished Holiday Let Tax: What do you need to know?
A furnished holiday let (FHL) is a particular type of rental property classification in the UK.
The Christmas gift allowance: how it works
Are you planning on treating your staff or clients this Christmas? Christmas gifts can be subject to tax, so it is important to understand these tax rules this festive season.