Budget Archives - Potts & Co

Dec 17 2025

Capital Allowances

By admin Capital Allowance, Capital Expenditure, Capital Losses, HMRC, Potts & Co Accountancy & Business Advice News

The writing-down allowance (WDA) for capital assets will be lowered from April 2026 and a new first year allowance is introduced Currently, companies can claim full expensing to deduct 100% of the cost of new and unused qualifying assets from their taxable profits. The annual investment allowance (AIA) also provides…

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 15 2025

High Value Council Tax Surcharge

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

From April 2028 residential properties valued at £2m or more will attract a new high value council tax surcharge Announced in the Autumn Budget, eligible owners (rather than occupiers) of properties identified as being valued £2m or more by the Valuation Office will pay this recurring annual surcharge on top…

Dec 14 2025

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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 06 2024

Capital Gains Tax On Investment Disposals

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News

The rates of capital gains tax (CGT) payable on gains arising from assets other than residential property have been increased with immediate effect Rates Those taxpayers who decided to accelerate planned investment disposals before the Budget in anticipation of the predicted CGT hike will be pleased with their decision. From…

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