Blog
The abolition of non-domicile status
In the Autumn 2024 Budget, Chancellor Rachel Reeves announced significant reforms aimed at non-domiciled (non-dom) individuals. These reforms are due to come into effect from 6 April 2025. What is Non-Dom Status? Non-dom status allows individuals who live in the UK...
Capital Gains Tax changes following the Autumn Budget
Many speculated an increase in Capital Gains Tax “CGT” rates would be announced in Labour’s first budget and they were correct, although rates did not increase as much as anticipated. Capital gains tax rate changes The lower rate of CGT increased from 10% to 18%,...
Raising Share Capital
Often limited companies may find it difficult to raise funds, whether they be starts up, those looking to expand or even to buy new plant and equipment. Some may not have a favourable credit history and cannot secure the required loans. An option to is to issue new...
Tax-free Christmas parties and staff gifts
Christmas is fast approaching us. You may be considering rewarding your employees for their hard work over the last year with a tax-free gift or a staff Christmas party.
Christmas Parties, Gifts & VAT Recovery
With Christmas just around the corner, here at Ellacotts, we see a surge in VAT queries in relation to the festive period. Can VAT be recovered on business gifts? Are there any implications of donating goods to a charity? By a country mile, the most commonly asked...
Are you affected by the Inheritance Tax changes in the Budget?
There had been wide speculation as to the changes that a new Government might bring to the Inheritance Tax (IHT) regime and whilst it remains largely unchanged in terms of Nil Rate Bands and rates, there have been two major changes that could have significant impact...
Employers: Avoid unwanted attention
The latest tax gap figures show a black hole of more than £3 billion for PAYE. This gap is being put down to employer errors. The gap that HMRC is talking about is the difference between the amount that is actually paid, and what should, in theory, be collected...
Case Study: Jointly-owned property: get it right
A need-to-read case came before the Tax Tribunal recently. The property and the problem This was the story of an appeal by taxpayer, Mr Bevan, against penalties for not having notified HMRC of a tax liability in relation to property letting income: and in the event...
HMRC’s new VAT tool
If you are thinking about registering voluntarily for VAT, or hovering around the £90,000 compulsory registration threshold, the new VAT Registration Estimator tool from HMRC could be for you. The tool can help you see what registering for VAT could mean for your...
Major change for holiday lets
Preferential tax rules for furnished holiday lettings (FHLs) end in April 2025, removing any tax incentive to offer short-term holiday lets, rather than letting residential property on a longer basis. Where properties have qualified for FHL treatment, income has...
HMRC targets sales of cats and dogs
If you’ve made money from breeding or selling cats, dogs and other animals, HMRC could be on your tail. HMRC thinks there are widespread instances of failure to pay tax on such income, and it’s writing to those it believes are involved. How does it know? HMRC actively...
Extra staff for Christmas.
Employers boosting their workforce — even temporarily - need to remember the pensions automatic enrolment rules. Under the rules, every employer in the UK has an obligation to put specific staff into a workplace pension scheme and contribute towards it. There is no...
Tax Owing?
HMRC offers Time to Pay (TTP) where a business or individual is struggling to make a tax payment because of genuine financial hardship or personal difficulties. TTP can be used for business taxes, such as VAT and employers’ PAYE, as well as self assessment...
HMRC construction industry concerns
Subcontractor verification is under HMRC’s spotlight. With records showing that some contractors are making incorrect Construction Industry Scheme (CIS) deductions, HMRC is currently taking a keen interest in the construction sector. HMRC’s latest compliance drive...
Changes to Agricultural Property Relief (APR) and Business Property Relief (BPR)
The government has announced changes to APR and BPR from April 2026. Currently, certain assets qualifying for APR can get inheritance tax relief at 100% of their agricultural value and certain assets qualifying for BPR can achieve inheritance tax relief at 100% of...
Autumn Budget 2024
What the Autumn Budget means for individuals and businesses. Rachel Reeves delivered her first Budget as Chancellor of the Exchequer on 30 October 2024. The Budget aims to deal with the £22 billion ‘black hole’ in public finances whilst restoring stability and...
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We are proud to be recognised as a Top 100 Accountancy firm in the Accountancy Age 2023 survey. We are longstanding and active UK200Group members, and affiliate members of AGN, an international association of accountants. We have One Star Best Companies status, reflecting our commitment to being a great workplace. As a Xero Platinum Partner, we are dedicated to supporting our clients in online accounting.
Banbury
Countrywide House
23 West Bar Street
Banbury
Oxfordshire
OX16 9SA
T: +44 (0)1295 250401
Birmingham
Kettering
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
T: +44 (0)1536 646000
