Thompson Elphhick News
Autumn Budget 2025 – High Value Council Tax Surcharge
Starting in 2028-29, the government will introduce a High Value Council Tax Surcharge (HVCTS) for residential properties in England valued at £2 million or more. This surcharge will be collected by
Autumn Budget 2025 – Fuel Duty rates
In the Autumn Budget, the Chancellor had been expected to increase fuel duty rates. However, she has extended the fuel duty cut for a further 6 months to help support households and businesses. The
Autumn Budget 2025 – Alcohol and Tobacco Duty
The Chancellor has confirmed a series of duty increases on tobacco, vaping liquid, and alcohol that will take effect over the next year, with new rates intended to balance public health concerns with
Autumn Budget 2025 – Pension changes
The Chancellor has kept the main pension allowances unchanged but has confirmed a new cap on salary sacrifice arrangements that will apply from April 2029. There had been heated speculation that the
Autumn Budget 2025 – Minimum Wage increases
The Chancellor of the Exchequer, Rachel Reeves announced increases to the Minimum Wage rates on the eve of the Budget. The Chancellor confirmed that the government has accepted in full the proposals
Autumn Budget 2025 – Personal Tax changes
The chancellor Rachel Reeves announced as part of the Autumn Budget measures that the Income Tax thresholds will be maintained at their current levels for a further three years until April 2031. This
Budget Summary 26 November 2025
The degree of speculation about this year’s Budget announcements was further compounded when the Office of Budgetary Responsibility uploaded their report on Budget changes prior to Rachel Reeves
How a business grows financially by retaining profits
Many business owners focus on sales as the main driver of growth. Sales matter, but they are only part of the story. Real financial growth happens when a business retains profits. Keeping a portion of
The link between planning and progress
Most business owners know that progress matters, but many still hesitate when it comes to planning. It can feel like an extra task or something that only large companies need to worry about. Yet, in
Claim flat rate expenses for work clothing and tools
If you use your own money to buy items for work, you may be eligible to claim tax relief as long as the items are essential for your job and are used solely for work purposes. Flat rate expenses
National Insurance credits and Child Benefit
Claiming Child Benefit can provide an important benefit by granting National Insurance credits. If you claim Child Benefit and your child is under 12, you will automatically receive National
Taxable & tax-free state benefits
While there are many state benefits available, it is not always clear which of these are taxable and which are tax-free. HMRC’s guidance outlines the following list of the most common state benefits











