Employer NI Hike - April 2025

This increase will have a considerable impact on both small and medium-sized businesses (SMEs) and larger corporations.

Making Tax Digital (MTD) for Individuals is coming soon. Will it affect you?

If you’re a business owner, self-employed individual, or landlord earning over £50,000 annually, MTD for ITSA will apply to you from April 2026.

Employer NICs rise may have unforeseen consequences

If you’re an employer, whether you hire staff or pay yourself or your family via a limited company, these updates will impact your NI obligations. Understand the changes and explore key tax tips to manage your business finances effectively.

Income Tax Threshold frozen until April 2028

For those receiving child benefit, a clawback applies once either partner’s income exceeds £60,000. If income exceeds £80,000, the entire benefit becomes repayable.

Significant updates to the Capital Gains Tax (CGT) rates.

CGT rate on most gains (excluding residential properties) was 10% for those within the basic rate band of £50,270 and 18% for higher or additional rate bands. With the recent changes, these rates have increased to 18% and 24%, respectively.

Business Asset Disposal Relief 2024

BADR reduces the Capital Gains Tax (CGT) rate on the gain to 10% for all taxpayers. However, from April 2025, the rate will increase to 14%, and from April 2026, it will rise further to 18%

Understanding Dividends Tax Allowance

The dividend allowance remains at £500 per year. Any dividends above this threshold that fall within the basic rate band are taxed at just 8.75%, compared to 33.75%

Autumn Budget 2024: Key Takeaways for Small Business Clients

The 100% First Year Allowances (FYA) for qualifying expenditure on zero-emission cars will be extended until 31st March 2026 for limited companies and 5th April 2026 for sole traders and partnerships.

Christmas Gifts and Entertainment

Generally, gifts to employees and directors are treated as benefits in kind and incur tax for the employee and class 1A NI for the employer. They are either added to the employees PAYE or included in a yearend P11D submission.

Property Tax Specialists

Did you know Blackman Terry specialises in property tax for landlords both in the UK and abroad?

Budget Updates

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Change in VAT threshold

From April 1st 2024 the VAT registration threshold will increase from £85,000 to £90,000

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