This article was written prior to the October 2024 Budget announcement. Stated reliefs are subject to change from 6 April 2026 In previous issues of ProActivity, we’ve covered the topic of inheritance tax (IHT); explaining what it is, how to navigate it, as well as...
Are you a Sole Trader or Partnership? You will likely have heard that the Making Tax Digital scheme is coming into view from April 2026 and a key action step towards this is basis period reform. The financial year ended 5 April 2024 is now the Basis Period Reform...
The Spring Budget 2024 contained no flash surprises or big wins, particularly from a business perspective. Whilst there were a few golden nuggets here and there, for individuals especially, these ‘giveaways’ are really being overshadowed by the ever-increasing...
Chancellor, Jeremy Hunt, made his Spring Statement in the House of Commons this week. Setting out the government’s tax and spending plans for the year ahead, and likely the last before a general election, the Chancellor delivered a “budget for long term growth”...
If you’re self-employed, a sole trader, or operate as part of a partnership – you might be aware that as of April 2024, you’ll need to bring your accounting period in line with HMRC’s tax year. This change is known as the Basis Period Reform. In this article, we...
The most prudent business owners, sole traders, and individuals will already be turning their thoughts to the upcoming end of the tax year – once we’re in 2024, it’ll be April before you know it. April 2023 marked a large number of changes as a result of the winter...
