I am explaining basis period reforms with illustration, this will help sole traders to understand the changes that will impact them.
From 6 April 2025, the current rules for the taxation of non-UK domiciled individuals will end for all new foreign income and gains (FIG) that arise after 5 April 2025. These will be replaced with:
The UK government has announced significant changes to the taxation of inheritances and donations, set to take effect from April 6, 2025. These reforms aim to broaden the scope of Inheritance Tax (IHT) and adjust reliefs associated with certain assets. K…
Business Property Relief (BPR) is a tax relief in the United Kingdom that allows for certain types of business assets to be passed on free of Inheritance Tax (IHT), provided specific conditions are met.
Here are the key points about Business Property Re…
You have until 5 April 2025 to fill gaps in their National Insurance records dating back to 6 April 2006. After this deadline, they’ll only be able to make payments for the previous 6 tax years.
We recommend using the ‘pay by bank account’ option online.…
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