The UK tax system is undergoing a major transformation, and it is closer than you might think. From April 2026, Making Tax Digital (MTD) will become mandatory for many individuals with self-employment or property income. If you are not yet prepared, now it is the perfect time to start. Here’s everything you need to know […]
The Spring Budget was delivered by the Chancellor Jeremy Hunt on Wednesday 15 March. While the majority of the 2023/24 tax rates were released in the autumn, some changes involved unwinding the announcements of Mr Hunt’s predecessor. The key highlights and our budget analysis can be found below. After presenting a Budget-in-all-but name with the […]
It comes as no surprise that capital gains tax (CGT) was targeted in the government’s Autumn Statement, with the changes forecast to raise some £1.6 billion over the next five years. The annual exempt amount (AEA) will be cut to £6,000 for 2023/24, with a further, permanent, fall to £3,000 from 2024/25. The AEA is […]
It comes as no surprise that capital gains tax (CGT) was targeted in the government’s Autumn Statement, with the changes forecast to raise some £1.6 billion over the next five years. The annual exempt amount (AEA) will be cut to £6,000 for 2023/24, with a further, permanent, fall to £3,000 from 2024/25. The AEA is […]
At 6.00 am on Monday 17 October, the Treasury issued a press release announcing that the (new) Chancellor, Jeremy Hunt, would making a statement “bringing forward measures from the Medium-Term Fiscal Plan”. The timing of the press release suggested that the Treasury was concerned it had not done enough the previous Friday to calm markets […]
On 14 October, as an important deadline loomed for Bank of England support of the government bond markets to expire, the government’s political turmoil ratcheted up as the fallout from the ‘fiscal event’ of 23 September claimed its first scalp. A new Chancellor Jeremy Hunt replaced Kwasi Kwarteng as Chancellor, making him the fourth Chancellor […]
The Chancellor of the Exchequer delivered his Growth Plan 2022 to Parliament on 23 September 2022. Kwasi Kwarteng’s first set piece as Chancellor of the Exchequer was never going to be easy, even before the 0.5% increase in interest rates the day before. The new Prime Minister Liz Truss revealed much of what we might […]