Chancellor of the Exchequer Rachel Reeves delivered an update on the economy in her first Spring Statement last week, promising no further tax rises and a commitment to her earlier pledge of only one major fiscal event per year. Income Tax, employee National Insurance contributions and VAT remain unchanged, with the focus of the Statement being on economic growth.
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Tea and biscuits make the perfect pairing. On their own, they’re great – but put them together and something magical happens. The same could be said for small and medium-sized businesses and accountants. On their own, they’re knowledgeable – but put them together and that’s when real business success happens. Don’t just take our word for it – it’s been proven!
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It was reported on 3 February this year by the BBC that, according to HMRC, an estimated 1.1 million people missed the deadline for filing their annual tax return.
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We continue to see the popularity of hybrid working and many more people are working from home regularly in the post lockdown era, whereas pre 2020 this may not have been an option. This might lead to a small but worthwhile tax saving opportunity.
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If you have your own business and usually have amounts owing to you by your customers, you could be in for a pleasant surprise when your tax bill is calculated for tax year 2024/25.
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The tax year 2025/26 will bring significant changes if you are an employer. Here’s what you need to know.
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