The Chancellor's Budget on 30 October 2024 introduced several significant tax changes, particularly affecting Capital Gains Tax (CGT), Employer National Insurance Contributions (NICs), and Income Tax for Non-Domiciled Individuals. There were also important announcements on VAT, Business Taxes, and Property Taxes. Below is a summary
Business Asset Disposal Relief (BADR) is a tax relief in the UK that allows individuals to pay a reduced capital gains tax (CGT) rate of 10% on gains from qualifying business disposals. It was previously called Entrepreneurs' Relief until the 2019/20 tax year. BADR is
A UK tax year runs from 6 April to the following 5 April. The last tax year started on 6 April 2023 and ended on 5 April 2024. When we talk about important dates for tax, these include the dates ‘during the tax year’ or
Landlords can claim certain allowable expenses from their rental property income when calculating their taxable profits and can reduce their tax bill. All the exepnses other than the capital expenditures (for improvements to the property) are allowable expenses, as long as they are incurred ‘wholly,
You must send a tax return if in last tax year you : worked as a Self Employed and earned more than £1000 ;were a partner in a business partnership ;received income from renting out a property, tips and commission, income from savings, investments and
CGT is a tax which is charged when you sell, give away as a gift, exchange for something else or in any other way dispose of an asset for profit or gain. CGT is not charged on the amount of money you receive for the