Firm News
A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.
Capital Gains Tax on the sale of residential property – the Angela Rayner affect
Recently, the headlines have been focusing on the disposal of politician Angela Rayner’s house and whether or not she correctly calculated her Capital Gains Tax (CGT) liability. Our Tax Partner, Lucy Orrow, looks at some of the main points which have been raised in...
Tax Changes 2024/25
As we enter the 2024/25 tax year, below is a list of key tax changes that came into effect from the 6th April 2024. Individuals The personal allowance remains unchanged at £12,570. The personal allowance is the amount of income a person can earn before paying tax. The...
State pension deadline to make voluntary contributions
If you are a man born after 5 April 1951 or a woman born after 5 April 1953, you have until 5 April 2025 to pay voluntary contributions to make up for gaps between tax years April 2006 and April 2016, if you’re eligible (see below). This extension to the deadline was...
Furnished holiday let property changes
In the Spring Budget 2024, the Government announced changes that will affect individuals who own a Furnished Holiday Let (FHL), effective from 6 April 2025. From this date, furnished holiday letting businesses will be treated in the same way as other property rental...
Abolition of the non-domiciled regime
In the recent Budget on 6 March 2024, the Government announced that it intends to abolish the current tax treatment for UK resident, non-domiciled individuals (non-doms) from 6 April 2025. The non-dom regime has been part of the UK’s tax system for more than 200...
Spring Budget 2024 – analysis from our team
Vote-winning announcements are always expected from a Chancellor’s Budget in an election year. Despite the stagnant economy and limited fiscal headroom, Jeremy Hunt still announced a few tax cuts and other surprises. Please find to follow a round-up of Spring Budget...
Nick Forsyth – Spring Budget 2024 comments
This was a budget for jobs – Conservative Parliamentary jobs – and for some they already realise that it didn’t go far enough. But the facts are that the Chancellor has little opportunity to go further without grabbing the attention of the World as the Truss...
Mark Pearson – Spring Budget 2024 comments
With a general election later this year, Spring Budget did not bring any major surprises (or not what had already been released by the media). This budget was aimed at trying to win over voters by reducing taxes and trying to support families. But is it enough? As UK...
Graham McNeill – Spring Budget 2024 comments
As expected, nothing to get too excited about from the Spring Budget 2024. The 2% NI reduction was as expected, but we need to remember this is only for employees paid between £12,571 and £50,270. This reduction is also only 3 months after the 2% deduction in January....
Craig Weavers – Spring Budget 2024 comments
The agricultural sector is facing a challenging time. The poor weather is impacting the ability to grow a crop for the 2024 harvest. With subsidies decreasing, interest rates increasing and the prospect of lower yields for the 2024 harvest, the agricultural sector...
Events
The latest tax, employment, business and economic news affecting businesses and individuals alike.
