Original artwork by local photographer W H Harding for more information click here
The deadline for voluntary National Insurance (NI) contributions is fast approaching, leaving you with little time to fill gaps in your NI record to maximise your state pension. HM Revenue & Customs (HMRC) has reminded taxpayers that the window to fill these gaps dating back to 6 April 2006 will close on 5 April 2025.…Read More
Lifetime ISAs (LISAs) have become a popular way to save for a first home or retirement, offering a 25 per cent Government bonus on contributions. However, if you withdraw money for anything other than these specific purposes, you could face penalties from HM Revenue & Customs (HMRC). A freedom of information (FOI) request has revealed…Read More
For months, there was speculation that the upcoming Budget could bring major changes to pension tax relief, specifically a move towards a flat rate of tax relief for pension contributions. While nothing has yet been confirmed, reports in The Guardian suggest that these plans have now been dropped, leaving many wondering what this means for…Read More
The upcoming Budget could see a rise in Capital Gains tax (CGT) rates so that they align with Income Tax rates. This rumour has led to many business owners considering the sale of their business before they are subject to these higher rates. For those considering an exit strategy, one option available is a Management…Read More
PAYE Settlement Agreements (PSAs) are a convenient tool for employers, allowing them to cover the tax and National Insurance contributions (NICs) on specific benefits provided to employees.
Optimism is on the rise among small and medium-sized enterprises (SMEs) for the third consecutive year.
This quarter, we’ve seen several exciting events and initiatives within the FFT team. For a start, we’ve welcomed two new starters – Almis and Max – who have joined as Audit and Accounts Trainees. The partners are all looking forward to seeing how their careers progress and they’ve already contributed to helping some of our…Read More
Labour’s Autumn Budget is just around the corner (30 October) and many businesses are uncertain of what the next few years may hold for them. The Prime Minister Keir Starmer has already warned of a “painful” Budget, with big changes to taxation, funding for public services, and incentives for investment. For businesses, these changes can…Read More
As the Government seeks to plug certain gaps in the public purse, we are unlikely to see any change in Income Tax thresholds – despite wages and the State Pension rising. Under the previous Government, tax thresholds were frozen until March 2028, and it remains to be seen whether this will change under the Labour…Read More
For business owners and directors, dividends may form a critical element of your salary strategy and tax planning, keeping your tax liabilities to a minimum. To extract profit tax-efficiently from your business, you may use a combination of: Dividends can be an excellent choice for business owners because they are taxed at a lower rate…Read More
As the Autumn Budget approaches, the Government has pledged that it will “make the tax system fairer” and avoid raising taxes on working people and certain businesses. The Government has said that it will not raise: While Corporation Tax is not levied on individuals, the fact that the Government is not changing it may be…Read More
Taxpayers have a fundamental right to reclaim input tax, also referred to as input VAT. However, HMRC has the authority to refuse this right under certain conditions if they can demonstrate that the taxpayer was aware, or should have been aware, that their transactions were linked to fraud. There has been a noticeable rise in…Read More
Capital allowances are a great way to reduce your tax liabilities by claiming deductions on certain property-related expenses. They allow you to offset the cost of capital expenditure – plant, machinery and certain fixtures – against your taxable profits, especially if you have invested in commercial properties or made major improvements. Who is eligible to…Read More
Labour shortages, particularly in the hospitality sector, are creating significant challenges for many businesses this year. Managing your costs while trying to maintain service quality and customer relations can be a difficult balance. Given the difficulty in hiring sufficient staff, many of you will be investing in technology to increase your efficiency. Luckily, the Annual…Read More
In our latest blog, we continue our look ahead to the 2024 Autumn Budget and how it could affect taxpayers. Today, we turn our attention to Inheritance Tax (IHT) and explore the potential changes that might arise from the Chancellor’s announcements. IHT receipts in the UK are on track for another record-breaking year, fuelling speculation…Read More
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