Thompson Elphhick News
Present rates of Corporation Tax
Corporation Tax rises with profit levels. Marginal relief bridges the gap, easing businesses from the 19% small profits rate to the 25% main rate. The Corporation Tax Main Rate applies to companies
2025 Spending Review published
The government’s 2025 Spending Review outlines a major funding boost for healthcare, defence, housing, and infrastructure to support long-term recovery and growth. The 2025 Spending Review was
When do the higher rates of Income Tax apply
Once your income passes £100,000, your tax-free allowance starts to shrink. Between £100,000 and £125,140, the effective tax rate climbs to 60%, but smart planning can help. If you earn over £100,000
Who must send in a tax return
From self-employment to rental income, there are many reasons you may need to file a Self-Assessment return. Know the triggers and register with HMRC by 5 October if this is your first time. There
Tax rules for savings interest
You could earn up to £18,570 in tax-free savings interest in 2025-26, thanks to the personal allowance, starting rate for savings, and the Personal Savings Allowance. If your taxable income for the
BT Eyes Deeper Job Cuts as AI Reshapes Telecoms
BT has announced that it may exceed its previously stated target of cutting 40,000 jobs by 2030, as artificial intelligence (AI) becomes more central to its operations. The move comes as the company
Effects of Rachel Reeves’ Spending Review
Chancellor Rachel Reeves delivered her first Spending Review to Parliament last week, setting out the government’s financial priorities for the next three years. Her approach signals a shift away from
Claim for a business journey in a private vehicle
Use your own vehicle for work? You could be entitled to a tax-free mileage allowance. Make sure you are not missing out on HMRC-approved rates. If you use your own car, van, motorcycle, or bicycle
Private Residence Relief – when it applies
Selling your main residence? Private Residence Relief can exempt you from Capital Gains Tax. If you meet certain conditions, there may be nothing to pay. In most cases, Capital Gains Tax (CGT) does
Do not forget to claim the marriage allowance
If one partner in a marriage or civil partnership earns under £12,570, you could save up to £252 a year, and up to £1,260 if you backdate your Marriage Allowance claim for the past four years. The
Current IHT gift reliefs
Lifetime gifts can reduce Inheritance Tax, but survival for seven years and using key exemptions like the £3,000 annual allowance are crucial to making them fully tax-free. Most gifts made during a
Business Asset Disposal Relief – forthcoming changes
The BADR Capital Gains Tax rate has risen to 14% from April 2025 and will increase further to 18% in April 2026. Business Asset Disposal Relief (BADR) offers a valuable tax advantage by applying a