Original artwork by local photographer W H Harding for more information click here
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.
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
Sustainability has become a core part of how businesses are expected to operate, whether we like it or not. You might think that all the talk about environmental, social, and governance (ESG) issues is only relevant to big corporations or public companies, but that’s not quite the case anymore. Even though adopting International Financial Reporting…Read More
Keeping up with tax payments is something every business owner knows is important. On that note, HM Revenue & Customs (HMRC) has recently updated its payment details for certain tax regimes. Bank transfers remain one of the easiest ways for businesses to pay taxes. Businesses must use the correct payment information and understand the payment…Read More
Effective expense management is key to driving profitability in any business. Whether you’re a small start-up or an established company, keeping a close eye on costs can be the difference between thriving and just surviving. Here are some practical strategies to help you manage your business expenses to improve your profitability. Track consistently and review…Read More
If you’re enjoying the freedom and flexibility that comes with freelancing, you might be wondering if it’s time to take the next step and set up a limited company. It’s a big decision, but it could be just what you need to unlock new opportunities and benefits. Let’s look at some of the reasons this…Read More
As the Autumn Budget approaches, many are wondering how potential changes could impact their personal finances. From Capital Gains Tax to pensions, the Budget may bring about changes in the way individuals manage their wealth and plan for the future. Let’s take a look at some of the taxes that have been mooted for upheaval…Read More
Making financial gifts during your lifetime is a thoughtful way to provide for your loved ones while also reducing your estate’s exposure to Inheritance Tax (IHT). One often overlooked but effective approach is using surplus income to make these gifts. Over time, this can help lower the value of your estate, easing the potential IHT…Read More
When you’re self-employed, keeping track of essential dates and deadlines can be challenging. One crucial date to remember is 5 October 2024, which is the deadline to register for Self-Assessment. If you started working as a self-employed individual on or after 6 April 2023, you must register with HM Revenue & Customs (HMRC) by this…Read More
The furnished holiday lettings (FHL) tax regime is set to be scrapped from April 2025, with draft legislation already on the table. If you own a holiday home, now is the time to get familiar with these forthcoming changes and consider how they could impact your tax liability. From April 2025, the tax incentives associated…Read More
While we’ve made meaningful progress in the global energy transition, the pace is still too slow. The charity Accounting for Sustainability (A4S) and Aviva Investors have sounded the alarm in their new report, Accelerating the Transition: Assessing Progress and Driving Action. Despite the shift from voluntary to mandatory sustainability reporting, emissions continue to rise. Scientists…Read More
Whether you're starting from scratch or have been in business for years you'll benefit from working with FFT advice on how to take you to the next level.
