Budget Update Archives

Dec 16 2025

Loan Charge Settlement Opportunity

By admin Budget Update, HMRC, Loans, Potts & Co Accountancy & Business Advice News

The Chancellor has announced significant and welcome changes for individuals facing tax bills under the loan charge The loan charge was introduced in 2019 to tackle 'disguised remuneration' schemes, where workers were paid through loans instead of salary to avoid paying income tax and national insurance. If these loans remained…

Dec 14 2025

Potts-and-Co-Accountancy-Income-Tax-increase-0004

Income Tax Increases

By admin Budget Update, Dividends, HMRC, ISA, Potts & Co Accountancy & Business Advice News, Property

The Chancellor will add two percentage points to the rates of tax paid on income received from dividends, savings and property If you receive dividends; interest and other savings; or income from a property you rent out as a sole trader landlord you will see an increase in the amount…

Nov 12 2024

Non-Doms Regime Abolished

By admin Budget Update, HMRC, Inheritance Tax (IHT), Non-Doms, Potts & Co Accountancy & Business Advice News

As expected, the Chancellor has confirmed the abolition of the generous tax regime enjoyed by non-UK-domiciled individuals, or 'non-doms' Broadly, the current rules apply to a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. These individuals do not pay UK tax on…

Nov 10 2024

VAT Exemption Removed From Private School Fees

By admin Budget Update, Education, HMRC, Potts & Co Accountancy & Business Advice News, VAT

Private schools will need to register for VAT and charge output VAT on education and boarding services when the exemption that currently applies is removed from 1 January 2025 All education and boarding services provided by a private school or connected person will be subject to VAT at the standard…

Nov 09 2024

SDLT: Higher Rate On Additional Dwellings Increased

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News, Property, SDLT

The stamp duty land tax (SDLT) surcharge levied on purchases of second and subsequent homes has been increased from 3% to 5% with immediate effect The higher rate applies to purchases of second homes and buy-to-let residential properties. The change applies to purchases with an effective date on or after…

Nov 08 2024

Another Handbrake Turn On Double Cab Pick-Ups

By admin Budget Update, Company Cars, HMRC, National Insurance, Potts & Co Accountancy & Business Advice News

Reversing the previous Government's u-turn on the tax treatment of double cab pick-ups, they will revert to being treated as cars for certain taxation purposes from April 2025 If you purchase a double cab pick-up with a payload of one tonne or more before 1 April 2025 for corporation tax,…

Nov 07 2024

Bad News For Hybrid Vehicles

By admin Budget Update, Company Cars, Electric Cars, HMRC, Potts & Co Accountancy & Business Advice News

Showing renewed commitment to promoting electric vehicles over petrol, diesel and hybrid models, the Government has extended the 100% first year allowance for zero-emission cars Businesses and individuals can continue to deduct the full cost of zero-emission vehicles and electric vehicle charge-points from their taxable profits until 31 March 2026…

Nov 05 2024

Employer’s National Insurance Hike

By admin Budget Update, National Insurance, Potts & Co Accountancy & Business Advice News

The Chancellor has announced that the main rate of secondary Class 1 national insurance contributions (NIC) for employers will increase by 1.2 percentage points from 13.8% to 15% from April 2025 The Class 1A and Class 1B employer rates (relating to benefits) will also increase in line with this. As…

Mar 19 2024

CGT Higher Rate On Dwellings Reduced

By admin Budget Update, Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Private Residence Relief (PRR), Property

The higher rate of capital gains tax (CGT) for residential property disposals will be cut from 28% to 24% from 6 April 2024. The lower rate will remain at 18% for any gains that fall within an individual’s unused basic rate band. The annual exempt amount will be lowered as…

Mar 19 2024

Multiple Dwellings Relief Scrapped

By admin Budget Update, HMRC, Multiple Dwellings Relief (MDR), Potts & Co Accountancy & Business Advice News, SDLT

Multiple dwellings relief (MDR) can significantly reduce the stamp duty land tax (SDLT ) payable on the purchase of two or more properties in one transaction. When a taxpayer purchases a property that consists of more than one dwelling they may claim MDR to reduce the amount of SDLT payable…

Budget Update