Rachel Reeves delivered her first Budget as Chancellor of the Exchequer on 30 October 2024.

It was a confident and inspiring presentation by the first female Chancellor of the Exchequer in British history.

The Budget aims to deal with the ‘ black hole’ in public finances whilst supporting economic and fiscal stability, increasing investment and rebuilding public services.

What is ATED?

The Annual Tax on Enveloped Dwellings (ATED) is payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect certain companies, partnerships with company members and managers of collective investment schemes described in the legislation as NNPs.

What is ATED?

The Annual Tax on Enveloped Dwellings (ATED) is payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect certain companies, partnerships with company members and managers of collective investment schemes described in the legislation as NNPs.

Herd the one about Johnston Carmichael? The Moore UK member firm’s Tayside team has temporarily recruited a new member – a Hairy Highland coo. The sculpture is part of the Hairy Highland coo, a new art installation located across Perth and Kinross.  

Business Asset Rollover Relief also known as CGT Rollover Relief allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the payment of any tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost of the new asset and any CGT liability is deferred until the new asset is sold or otherwise disposed of.

When a couple is separating or is divorced it is unlikely that they are thinking about the tax implications of their actions. However, apart from the emotional stress, there are also tax issues that can have significant implications.

• expenses payments
• benefits
• facilities

HMRC has published new guidance for taxpayers who regularly sell goods or services through an online marketplace. The guidance clarifies that this activity could be treated as a ‘trade’ for UK tax purposes. If this is the case, taxpayers may need to pay the income tax they earn from buying and selling goods as a trade or business using online marketplaces such as eBay. 

marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2023-24).

If using the VAT Flat Rate Scheme, businesses pay VAT as a fixed percentage of their VAT-inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify how a business accounts for VAT and reduce the administration costs of complying with the VAT legislation.

The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR) of 19% was also introduced from the same date for companies with profits of up to £50,000, ensuring these companies continue to pay Corporation Tax at the same rate as was previously the case.

One of the many ways payments can be made to HMRC is by using a direct debit. The direct debit can be set up online.

One of the many ways payments can be made to HMRC is by using a direct debit. The direct debit can be set up online.

Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. Gift Hold-Over Relief means that any gain on the asset is 'held-over' until the recipient of the gift sells or disposes of them. This is done by reducing the acquisition cost by the amount of the held over gain for the acquirer.

Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. Gift Hold-Over Relief means that any gain on the asset is 'held-over' until the recipient of the gift sells or disposes of them. This is done by reducing the acquisition cost by the amount of the held over gain for the acquirer.

A trust is created when assets, usually referred to as the trust property, are placed under the control of a trustee for the benefit of another, usually referred to as the beneficiary. The person transferring assets to the trust is known as the settlor.

A trust is created when assets, usually referred to as the trust property, are placed under the control of a trustee for the benefit of another, usually referred to as the beneficiary. The person transferring assets to the trust is known as the settlor.

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23.

There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There also used to also be a lifetime limit for tax relief on pension contributions but this was removed with effect from 6 April 2023.

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23.

There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There also used to also be a lifetime limit for tax relief on pension contributions but this was removed with effect from 6 April 2023.

There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake such as entering a number incorrectly or omitted information from the return.

There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake such as entering a number incorrectly or omitted information from the return.

The annual exempt amount on capital gains tax for individuals in2023-24 was reduced to £6,000 (from £12,300) and is set to be further halved to £3,000 from April 2024. A married couple each have a separate exemption. This also applies to civil partners who are treated in the same way as married couples for capital gains tax purposes. 

The annual exempt amount on capital gains tax for individuals in2023-24 was reduced to £6,000 (from £12,300) and is set to be further halved to £3,000 from April 2024. A married couple each have a separate exemption. This also applies to civil partners who are treated in the same way as married couples for capital gains tax purposes. 

The Inheritance Tax residence nil rate band  (RNRB) is a proportion of an estate on which tax is payable at a rate of zero percent for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. 

The Inheritance Tax residence nil rate band  (RNRB) is a proportion of an estate on which tax is payable at a rate of zero percent for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. 

We previously notified you that the deadline was approaching for individuals aged 45 to 72 to fill in gaps in their National Insurance Contribution (NIC) history. For those under 45, it will generally not make sense to pay for additional years as you should have sufficient remaining working life to achieve the maximum number of NIC years (although other factors could affect this such as if you have moved overseas). The initial deadline was April 5th 2023, which due to the current overload of government helplines, was subsequently extended to 31st July 2023 and has now been further extended to 5th April 2025 as advisers have been unable to provide the necessary advice.

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be subject to Income Tax.

HMRC’s notice that refers to this relief has recently been updated to remove the word 'intensively' from the end of the following sentence: 'Agricultural property that qualifies for Agricultural Relief is land or pasture that is used to grow crops or to rear animals.'

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence relief.

Inheritance tax (IHT) is commonly collected on a person’s estate when they die but can also be payable during a person’s lifetime on certain trusts and gifts. The rate of IHT currently payable is 40% on death and 20% on lifetime gifts. IHT is payable at a reduced rate on certain assets if a taxpayer leaves 10% or more of the 'net value' to charity of their estate.

If you are currently using QuickBooks Desktop, then you have less than one month to make the switch to QuickBooks online or a different financial management software (FMS) solution

• Class 1 contributions are paid by employers and their employees
• Class 2 contributions are fixed weekly amounts paid by self-employed people.
• Class 3 contributions are voluntary NICs paid by people wanting to fill gaps in their contribution record.
• Class 4 contributions are paid by self-employed people on their profits.

London-based Moore UK member firm, Moore Kingston Smith has been named Corporate Finance Advisory Firm of the Year in England – 2022 at this year’s Corporate INTL Global Awards.