Thompson Elphhick News
Check your State Pension forecast
The enhanced Check Your State Pension forecast service is available online. The service can be found on GOV.UK at the following webpage https://www.gov.uk/check-state-pension. The new digital service
Guidance for charities on managing public disorder
The charity commission has offered the following guidance to charities following the recent public disorder events. The main points are summarised below: Are you operating in an area which has
£32m for AI projects
Companies developing artificial intelligence (AI) to improve safety on construction sites, reduce time spent repairing the railways and cut emissions across supply chains are amongst a number of
Don’t forget to report property gains
A higher rate of CGT applies to gains on the disposal of residential property (apart from a principal private residence). In the Spring Budget 2024, the Chancellor announced a reduction in the higher
Tax relief for goodwill purchases
Goodwill is a concept frequently discussed, and yet it is seldom addressed in legislation. Typically, it is defined as the additional value of a business beyond its tangible assets. In the vast
Corporate claims for charitable donations
When a limited company makes charitable donations specific rules apply. These may include Corporation Tax relief for donations to registered charities or community amateur sports clubs (CASC), as well
More detail on VAT charge on private school fees
More details have been published regarding Chancellor Rachel Reeves' plans to impose a VAT charge on private school fees. The government has said that the money raised by ending the tax breaks on VAT,
Holiday Lets – the demise of tax concessions
It was announced as part of the Spring Budget measures that the present favourable tax benefits presently allowed for the letting of properties as short-term holiday lets - known as the furnished
Pension contributions – claiming higher rate tax relief
You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the overriding limits. Tax relief is paid on pension contributions at the highest
Road fuel costs still too high
The Competition and Markets Authority (CMA) has published an update on the widespread action it is taking to ensure that people can get the best possible choices and prices in the face of ongoing cost
Living Wage rates to be overhauled
In a move to put more money in working people’s pockets, the government has overhauled the remit of the Low Pay Commission (LPC). This will, for the first time, ensure the independent body considers
First interest rates cut in over four years
The Bank of England’s Monetary Policy Committee (MPC) met on 1 August and in a very close 5-4 vote decided to reduce interest rates by 25 basis points to 5%. The 4 remaining members voted to keep the