UK Tax Changes 2025: Key Updates Every Business Owner Must Know to Save Money and Stay Compliant4/3/2025 Major UK Tax Changes Coming April 2025 – What Business Owners Need to Know
Stay Compliant & Minimize Your Tax Bill 🚨 Big tax changes are coming from April 2025 that will impact small businesses, self-employed individuals, and company directors. These updates affect income tax, corporation tax, VAT, dividends, capital gains, inheritance tax, and even vehicle tax. 💡 If you own a limited company, operate as a sole trader, or have investment properties, these UK tax changes for 2025 could increase your tax bill if you don’t act now. But don’t worry! Tax Affinity Accountants can help you legally reduce your tax liabilities and stay ahead. 📌 Key UK Tax Changes Effective April 2025: 1️⃣ National Minimum Wage Increase
📌 Learn how Tax Affinity can help with payroll & PAYE 2️⃣ Vehicle Excise Duty (VED) - Road Tax Updates🚗 All vehicles, including electric cars, will now be taxed under VED rates. Previously, EVs were exempt, but from April 2025, they will incur road tax costs. 📌 Find out how Tax Affinity can help with tax-efficient company cars 3️⃣ Stamp Duty Land Tax (SDLT) Thresholds Lowered🏡 The tax-free threshold for SDLT is reducing, meaning property investors and home buyers will pay more tax on purchases. 💡 Property investors should consider incorporating rental properties into a limited company for tax benefits. 📌 Get expert property tax advice from Tax Affinity 4️⃣ Inheritance Tax (IHT) Changes – Business & Property Relief at Risk💰 Changes to Business Property Relief (BPR) could impact succession planning. If you are a business owner, your estate could face higher inheritance tax (IHT) unless you take action now. 📌 Learn how to protect your estate with smart IHT planning 5️⃣ Capital Gains Tax (CGT) Exemption Cut – Investors & Landlords Affected📉 The annual tax-free CGT allowance is being slashed from £6,000 to £3,000. This means landlords, property sellers, and investors will pay more capital gains tax on disposals. 📌 Speak to Tax Affinity about CGT strategies to reduce your tax bill 6️⃣ Corporation Tax – Full Expensing for Business Investment🏢 The "full expensing" tax relief continues, allowing companies to deduct 100% of eligible equipment costs from profits. 📌 Tax Affinity can help you maximize corporation tax relief 7️⃣ Dividend Allowance Cut – Directors & Shareholders Pay More Tax📊 The tax-free dividend allowance is now £500 (down from £1,000). 💡 Limited company directors should review tax-efficient salary and dividend strategies to minimize extra tax. 📌 Get expert tax planning for directors & shareholders 8️⃣ VAT Changes – More Businesses Must Register📈 The VAT registration threshold remains at £90,000, but more businesses may be required to register due to HMRC’s updated reporting rules. 📌 Tax Affinity can assist with VAT registration & filing 9️⃣ New Double Cab Pickup Truck Tax Rules 🚙📢 From April 2025, HMRC is changing the way double cab pickup trucks are taxed!
📌 Get expert vehicle tax advice from Tax Affinity 🚀 How Tax Affinity Can Help You Stay Compliant & Save Money📢 Don’t let these tax changes increase your tax bill! Tax Affinity Accountants specialize in helping UK businesses, landlords, and individuals navigate tax law and legally reduce their tax liabilities. ✅ Free 1-on-1 Tax Consultation – Get expert tax-saving strategies tailored to your situation. ✅ Limited Company Tax Planning – Maximize deductions and minimize Corporation Tax. ✅ Capital Gains & Property Tax Advice – Sell assets tax-efficiently. ✅ PAYE & Payroll Support – Keep up with minimum wage changes. ✅ Self-Assessment & HMRC Filing – Ensure full compliance and avoid penalties. 📌 Book a Free Tax Review Now 📢 Don’t Wait – Take Action Now!🔴 Avoid paying more tax than necessary! Get expert guidance today from Tax Affinity Accountants and make your business tax-efficient before April 2025. 📞 Call us now see the number at the top of this page or fill the contact us page and we will get back to you 🌎 Visit us: www.taxaffinity.com 💬 Share This With Business Owners & Entrepreneurs!💡 Know someone who runs a business? Share this guide and help them save thousands in tax! 🚀 By Anni Khan at Tax Affinity Accountants Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. #UKTaxChanges #TaxUpdates2025 #BusinessTax #SmallBusinessUK #TaxPlanning #HMRC #InheritanceTax #CapitalGainsTax #CorporationTax #SelfAssessment #LimitedCompany #TaxTips #Accounting #FinancialPlanning #TaxRelief #TaxAffinity #DoubleCabPickup #StampDuty #DividendTax #VATThreshold
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Budget 2015 the key points for you at a glance:
The Chancellor George Osbourne delivered the first 100% Conservative budget since 1996 and here is the all important quick reference guide for all new and experienced entrepreneurs: Good News:
Bad News:
Either way News:
By Anni Khan at Tax Affinity Accountants. Tax Affinity Accountants are experts in Tax and Accountancy. Based in Kingston upon Thames they provide a bespoke service to client’s right across the UK and are considered in the industry to be experts. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. As the new tax year begins so with it new tax savings rules and the potential to make more income in 2015/16 as the UK economy moves further away from the recession. The personal tax free allowance rises from £10,000 to £10,600 per annum and for those born before 6 April 1938 its £10,660. And married couples not using their entire tax free allowance can transfer some tax saving to their partner to help him/her save tax on their tax bill. Make sure to employ a good tax accountant (like Tax Affinity Accountants) that will take this into account as it could mean moving across up to £1060 in tax free allowance in the year. With the BOE base rate interest rate staying at a record 0.5% for the entire term of the current coalition government. Making any substantial gain on savings is relatively small. The ISA savings rate has grown to £15,000 per annum tax free but with rates of return at around 2.2% i.e. £330 profit (yes that really is it!). So any real entrepreneur worth his/her salt would never be happy with such low returns. So what should a UK entrepreneur be doing then? Well the word on the street is ‘expand and grow’ to take full advantage of the economic growth predicted in 2015/16 (2.5% Real GDP). This means plan ahead now and start making changes now, take full advantage of the optimistic uplift in consumer confidence after the general election on 7th May 2015 and the follow through of huge world cup sporting events, falling oil prices and UK growth leading London and the South East regions. If your business is in property then development is the real boom currently, buying a distressed property or expanding and renovate to a high standard of finish is the where the real money is in property. With older properties, with real potential, being snapped up by developers who have found rising equity easy from their portfolio to use as deposits. Or if you’re in the service industry then a shift to registering your own Limited company and working through this will mean you can take advantage of the lower 20% tax band for companies as compared to the higher 40% band for individuals earning over £31,865. We’ve seen an explosion in new company registrations in the last 12 months and are seeing more and more people not from just the IT crowd but from NHS staff working through agencies to construction workers and engineers moving into this. By Anni Khan at Tax Affinity Accountants. Tax Affinity Accountants are experts in Tax and Accountancy. Based in Kingston upon Thames they provide a bespoke service to clients right across the UK and are considered in the industry to be experts in business advice. They mentor and support members of the public to make their businesses grow and reach their full potential. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. With none of the politics and huff that goes along with a budget just before a major election. The media maybe filled with information about the colour of the chancellor's tie and the opposition's facial expressions.
So at Tax Affinity Accountants we know and understand that businesswomen and men simply just want to just know what the effect will be on their business. That's why we have compiled a simple at a glance list to help you. 1. The Income tax personal allowance will be raised to £10,800 starting from 6th April 2015 (from £10,600) and to £11,000 the following year. 2. The higher rate of tax threshold is also raised to £43,300. 3. Plans to abolish annual tax return and move to a more automated digital accounts system. 4. Plans to abolish Class 2 national insurance contributions for the self employed in next Parliament. 5. Growth of the economy forecast to be up to 2.5% this year. Then 2.3% next year before reaching 2.4% in 2019. 6. Inflation is forecast to be at 0.2% for this year and the same for the next three years. 7. Fuel duty to remain the same as before as September's planned increase is cancelled. 8. Plans to sell get money back when banks were bailed out. £13bn of mortgage loans still owned by the government from Northern Rock and Bradford & Bingley will be sold. Plus £9bn of Lloyds Banking Group shares to be sold this year. 9. Alcohol duty changes see 1p off a pint of beer and a 2% cut in cider and whiskey duty. While wine duty is to same as before. 10. Changes in ISA's. Total annual savings limit for ISAs has been increased to £15,240. With some types of ISA which will allow savers to draw money and put it back in the same year without losing any part of their tax free allowance. And a new help to buy ISA for first-time buyers will allow government to top up by £50 every £200 saved for a deposit. (speak to your bank for more details). 11. Changes so that pensioners will now be able to trade in their annuities for cash, with the 55% tax abolished and tax being applied at a marginal rate. 12. Plans to review inheritance tax avoidance through "deeds of variation". 13. A new personal saving allowance where the first £1,000 interest on savings income will be tax free for 20% basic rate taxpayers and £500 for higher 40% tax rate payers. 14. New tax on diverted profit to come into effect next month. This is aimed at companies moving profits artificially off shore. 15. There are plans to review of business rates to help businesses. 16. And for charitable donations the gift aid limit for charities to be extended up to £8,000. By Omar Tahir Khan at Tax Affinity Accountants. Tax Affinity Accountants are experts in Tax and Accountancy. Based in Kingston upon Thames they provide a bespoke service to clients right across the UK and are considered in the industry to be experts in business advice. They mentor and support members of the public to make their businesses grow and reach their full potential. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. |
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