skip to navigationskip to main content

Original artwork by local photographer W H Harding for more information click here

How to avoid Lifetime ISA withdrawal penalties from HMRC

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

What pension tax reforms could we see in the October Budget?

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

What are the benefits and challenges of a Management Buyout?

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

What if Inheritance Tax is affected by the 2024 Autumn Budget?

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

IFRS S1 and S2 and the future of ESG reporting standards

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

HMRC updates bank details for tax payments – What businesses need to know

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

How to effectively manage business expenses and improve profitability

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

Gifts out of surplus income – A smart way to reduce Inheritance Tax

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

Reminder – The deadline to register for Self-Assessment is approaching

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

Why your business needs to prioritise sustainable practices now

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

Working with you

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.