Following on from our previous summary on 30 Oct 2026 of some of the announced measures in the budget, there are also some secondary points that might be worth noting. Please note that the dates noted are the announced dates and many measures may still require consultation and/or legislation and therefore may be subject to a further process. Minimum wages: From 1 April 2027, the National Living Wage increases to £13.21 an hour, with £11.27 for 18–20-year-olds and £8.31 for

Main income-tax and dividend rates remain unchanged: The main income-tax rates remain 20%, 40% and 45%, subject to Scotland’s separate regime. The personal allowance remains £12,570, so the continuing threshold freeze can increase liabilities as earnings rise. Dividend rates remain 10.75%, 35.75% and 39.35%, with the £500 dividend allowance retained. There is therefore no further dividend-rate increase in this Budget. Savings and rental income face higher rates: From 6 Apri

Introduction. The general rule is that securities acquired by an employee from their employer for less than market value will be taxable on that difference under ITEPA03, S62. There are exceptions for tax-advantaged schemes e.g.: (a) SIPs; (b) SAYE; (c) CSOPs; and, (d) EMIs. The general rule is that all securities obtained by an employee from the employer will be “by way of the employment” unless they are shares or securities issued purely for domestic or family reasons (an

Introduction The liability for self-employed earners to pay Class 2 National Insurance contributions was abolished with effect from 6...

Introduction From 6 April 2027, inheritance tax will be payable where someone’s estate at death includes unused pension funds or death...

The reverse charge. The reverse charge process is used in many situations for VAT and it is important that these are clearly understood....

Who needs to file a Self Assessment? In the UK, self-assessment tax returns need to be filed by individuals and certain other entities...

A tax-free lump sum may be withdrawn (known as a pension commencement lump sum - PCLS). The maximum amount was 25% of the pot of of the...

Due to the time delay that there used to be between the disposal of UK property and the payment of any related tax, HMRC introduced new...

If you are a partner in a partnership or a sole trader (self-employed) then you must keep records of your business income and expenses....

Contents of accounts. Generally, accounts must include a profit and loss account, a balance sheet signed by a director and notes to the...

The Spring budget of 2023 introduced the concept of “full expensing”. This is really a new "first year allowance” (FYA) and will apply...

According to a HMRC article, they are planning to launch a new online form for submitting requests for details about overlap relief. This...

In the budget the personal allowance was kept at £12,570 and this will be the case until at least April 2028. The PAYE threshold for...

The Government has announced that the Coronavirus Job Retention Scheme, which was due to close on 31 Oct 2020, will remain open until Mar...

The rules on the time of a supply for VAT are important and they determine when a supply is made and the rules that would apply and the...

Where an individual borrows money for certain purposes then relief may be available on the interest on that loan. A claim is required and...

Where shares have been acquired over a number of purchases over a period of time and then some of these shares are disposed of, it will...

It is the responsibility of the company directors to ensure that year-end accounts, which provide a true and fair view of the financial...

Boxwood is a firm of Chartered Certified Accountants based in London and we work with small and medium sized companies on a daily basis....