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Private Residence Relief – when it applies

Selling your main residence? Private Residence Relief can exempt you from Capital Gains Tax. If you meet certain conditions, there may be nothing to pay.

In most cases, Capital Gains Tax (CGT) does not apply to the disposal of a property that has

Current IHT gift reliefs

Lifetime gifts can reduce Inheritance Tax, but survival for seven years and using key exemptions like the £3,000 annual allowance are crucial to making them fully tax-free.

Most gifts made during a person’s lifetime are not immediately subject to

Four critically important KPIs

Gross profit margin
This measures the profitability of your core operations by comparing gross profit (sales minus cost of goods sold) to total revenue. A stable or improving gross margin indicates pricing, production, or service delivery is

The value of tax planning for high net worth individuals

For high net worth individuals (HNWIs), tax planning is not simply a compliance activity, it is a strategic tool to preserve and grow wealth. With rising scrutiny from HMRC, frozen allowances, and increasingly complex legislation, the value of

Tax Diary July/August 2025

1 July 2025 – Due date for corporation tax due for the year ended 30 September 2024.

6 July 2025 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.

19 July 2025 – Pay Class 1A NICs (by the 22 July

Claiming tax relief on pension contributions

Private pension contributions can attract up to 45% tax relief, if you know how to claim it. Use your £60,000 annual allowance wisely and carry forward unused relief from past years to boost your retirement savings.

You can usually claim tax relief

Can you reduce your 31 July tax payment on account

Expecting lower profits 2024-25 compared to 2023-24? You can ask HMRC to reduce your 31 July 25 tax payment on account. Act early to manage cash flow. Use your online account or we can handle it for you.

Self-assessment taxpayers normally pay their

VAT – advantages of the VAT Flat Rate Scheme

Small business? The VAT Flat Rate Scheme could cut paperwork and improve cash flow. Pay VAT as a set percentage of turnover and enjoy simpler admin, budgeting ease, and even a 1% discount in year one of your registration for VAT.

The VAT Flat Rate

IHT exemption – normal expenditure out of income

Make regular gifts from your income and avoid inheritance tax. If structured properly, surplus income gifts can support loved ones and stay outside your estate without the seven-year survival rule.

Wealthier individuals can benefit from a

Tax write-offs for an electric car with zero emissions

Buying a zero-emission electric car through your limited company could mean 100% tax relief in year one. Understand the capital allowances and boost your business’s tax efficiency with smart vehicle choices.

If you are considering purchasing a

VAT exempt supplies

Not all VAT-free sales are the same. Understanding the key difference between zero-rated and VAT-exempt supplies could save your business money and prevent costly VAT mistakes.

It’s important to understand the distinction between zero-rated and

Government sells last Nat West shares

The UK government has officially concluded its involvement with NatWest Group, formerly known as the Royal Bank of Scotland (RBS), by selling its remaining shares. This move ends nearly 17 years of public ownership that began during the 2008

How working capital is funded

Working capital refers to the day-to-day funds a business uses to manage its operations. It is the difference between current assets (such as cash, stock, and trade debtors) and current liabilities (such as trade creditors and short-term loans).

Employing your family

Employing family members can work well, but it does not mean you can skip the rules. HMRC expects full compliance on pay, tax, pensions, and working conditions—just as with any other employee.

When a new employee is added to the payroll it is

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