Deans

A trust is an obligation that binds a trustee, an individual or a company, to deal with assets such as land, money and shares and which form part of the trust. The person who places assets into a trust is known as a settlor and the trust is for the benefit of one or more ‘beneficiaries’. The trustees make decisions about how the assets in the trust are to be managed, transferred or held back for the future use of the beneficiaries. #DiscretionaryTrusts #EstatePlanning #UKTrustLaw

As part of the Autumn 2024 Budget measures, the government introduced new anti-avoidance provisions to prevent the abuse of the existing close company anti-avoidance rule. The measure will have effect for any tax avoidance arrangements falling within the scope of the announcements that are made on or after 30 October 2024. #CloseCompanyRules #AntiAvoidanceUK #TaxCompliance

The 18% and 28% Capital Gains Tax (CGT) rates currently applied to carried interest gains remain unchanged for the current tax year. This charge applies to individuals who provide investment management services to funds and receive carried interest on which they are liable to pay CGT. #CarriedInterestTax #TaxRateChanges #Investments

Securing funding for a new startup is one of the most critical steps in ensuring the success of a business venture. However, obtaining financing can often be challenging. For instance, traditional bank loans may not always be an option, or they might require security conditions like a personal guarantee. #StartUpLoans #BusinessFunding #Entrepreneurs

The vehicle benefit charges for 2024-25 were announced at Autumn Budget 2024. The government will introduce legislation by statutory instrument in December 2024 to ensure the changes are reflected in tax codes for tax year 2025-26. #FuelBenefit2025 #TaxChangesUK #CompanyVehicles

The mandatory rollout of Making Tax Digital (MTD) for Income Tax is set to begin in April 2026. MTD for ITSA will bring substantial changes to how businesses, self-employed individuals, and landlords interact with HMRC. The system will require them to register, file, pay, and update their details through an online tax account. #MakingTaxDigital #DigitalTaxReform #MTDUK

A salary sacrifice arrangement involves an agreement by an employee to lower their cash salary in exchange for non-cash benefits. Importantly, this reduction must not bring their earnings below the National Minimum Wage (NMW). #SalarySacrifice #Remuneration #Tax

The current tax benefits for the letting of properties as short-term holiday lets (known as Furnished Holiday Lets - FHL) is to be abolished from April 2025. The changes will take effect on or after 6 April 2025 for Income Tax and for Capital Gains Tax and from 1 April 2025 for Corporation Tax and for Corporation Tax on chargeable gains. #FHL #HolidayLets #FHLTaxStatus

The limit on Income Tax reliefs has applied since 6 April 2013. This measure was the first time a limitation to existing reliefs had been introduced. #IncomeTax #IncomeTaxReliefs

If you believe you have overpaid tax to HMRC, you can typically claim a tax refund for the excess amount. The process for making a claim varies depending on factors such as whether you submit a self-assessment return and how much time has passed since the tax was overpaid. #TaxRefunds #ClaimingTaxRefunds