Blog
All the latest changes to tax legislation- important tax dates and deadlines, Help-Sheets on managing your personal finances, business news & opinion, as well as updates on what’s happening at Rawcliffe’s.
Business Tax
Under the government’s MTD for income tax initiative, businesses will be required to keep digital records and send a
Employment Taxes
Earnings below the LEL are not subject to primary Class 1 NICs and do not accrue entitlement to state benefits. Earnings between the LEL and the PT do
National Living Wage (NLW) & National Minimum Wage (NMW)
Employers must pay their employees at least the NLW, for workers aged 21 and
Capital Gains Tax
As expected, and with immediate effect from the budget date of 30 October 2024, the rates of capital gains tax (CGT) have been increased on
Income Tax
For 2025/26, income tax rates and thresholds remain frozen at their 2024/25 levels.
Autumn Budget 2024
Ms Reeves said the Budget will raise £40 billion in taxes. Employers’ National Insurance contributions (NICs) will be increased from next April while Capital Gains Tax rates will also rise. Inherited pensions will fall within the Inheritance Tax net from April 2027 while reliefs will be reformed on the passing down of agricultural and business assets.
Beware “Scam” Letters Claiming to be from HMRC
We have become aware of scam letters and emails purporting to be from
Many Over 55’s Can Withdraw 25% Of Their Pension Fund Tax-Free
Under current pension rules, many pension funds allow pension scheme members to withdraw up to 25% of their
Should We Bring Forward Asset Disposals Before Budget Day?
CGT changes normally take effect from 6 April, but there have been mid-year changes in the past. This possibility has
Beware “Bed and Breakfast” Anti-Avoidance
Many investors may be looking to realise capital gains on their investments at the current rates, just in case there is an
Rumours of Pension Changes in the October Budget
Changes to pension tax relief seems to be top of the list of possible changes in the Budget and could yield more
“Nudge” Letters Being Sent by HMRC to Taxpayers
HMRC have recently increased their use of “one to many” or “nudge” letters to taxpayers which
Possible Capital Gains Tax Changes in The October Budget
Many commentators are suggesting that the rate of CGT might be aligned with the
Do You Need to Register for Self-Assessment?
HM Revenue and Customs (HMRC) have issued a press release debunking some common
Back to School – Set Up A Tax-Free Childcare Account?
The Government’s Tax-Free Childcare Accounts provide a 25% subsidy towards the
October Budget To Be “Painful”
The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the
HMRC Checking on Workplace Nurseries
With the ever-increasing costs of childcare, a very attractive benefit provided by more and more