Autumn Budget 2022 – a step back in time

What a month, what a week, what a day! An emergency statement by the Chancellor this morning, in order to prevent further speculation and help settle the markets in advance of the fiscal statement due on 31 October 2022, has taken us back in time to where we were less than a month ago in […]

Autumn Budget 2022 – the shortest-lived tax cut

They say a week is a long time in politics and indeed, that would seem very true. It was only ten days ago that we were taken aback by the major announcements contained in the mini budget – since then we have seen the pound fall and then rise again; the Bank of England step […]

Autumn Budget 2022 – the mini-budget that packed a punch!

Today was always going to be an interesting day – a new Government setting the tone of how they intend to govern, the ongoing cost of living crisis, the recent unlimited commitment to support taxpayers with their energy bills and talk of the UK heading towards (if not already in) recession. It was clear that […]

Autumn Budget 2021 – the tax Budget that never was!

You can never truly know the content of the Budget until the Chancellor has sat down and you get to grips with all of the publications generated by HM Treasury, even in this day and age, when numerous announcements are leaked to the press in the run up to the big day. Often those publications […]

Budget 2021 – tax thresholds frozen but are fundamental changes on the horizon?

Rather than the much anticipated increase in capital gains tax rates, or even changes to business assets disposal relief (previously known as entrepreneurs’ relief), the Chancellor has instead decided to freeze income tax, capital gains tax and inheritance tax thresholds. The Chancellor acknowledged that the fairest route was to have the highest earning households contribute […]

Budget 2021 – greater flexibility to offset losses

A welcome extension to the loss relief provisions was announced today by the Chancellor in his budget speech. In summary, the extension will provide a three year carry back of trading losses crystallised in certain period for all businesses. Losses carried back under these provisions will be set against profits of the later years first. […]

Child’s income: Or is it?

Parents sometimes wish to gift income-bearing assets (e.g. company shares) directly to their unmarried minor children, to take advantage of the child’s personal allowance (and dividend allowance) and possibly also their basic rate income tax band, to reduce the family’s overall tax burden on dividend payments. Unfortunately, this tax planning idea is generally blocked by […]

Partnership expenses: Panic over?

Individual partners in a partnership sometimes incur business expenses personally. It has been widely accepted that tax relief can be claimed for such expenses. This could be achieved by adjusting for the expenses in the tax computation in the partnership tax return, provided any adjustment was made before the net profit was allocated between the […]