Thompson Elphhick News
Bank of England eases base rate to 4.75%
The Bank of England's recent decision to reduce the base rate to 4.75% brings several potential benefits to various sectors of the UK economy. Let's explore these advantages in detail. Reduced
Tax Diary December 2024/January 2025
1 December 2024 - Due date for Corporation Tax payable for the year ended 28 February 2024. 19 December 2024 - PAYE and NIC deductions due for month ended 5 December 2024. (If you pay your tax
Changes to HICBC
It was announced as part of the Autumn Budget measures that the government will not now proceed with the reform to base the High Income Child Benefit Charge (HICBC) on household incomes. To make it
Help to Save scheme extended
As part of the recent Budget measures, it has been confirmed that the Help to Save scheme is to be extended by a further 2 years, until April 2027. The last date an account can be opened under the
Changes to Agricultural and Business Property Relief
It was announced as part of the Budget measures that the government will reform these reliefs from 6 April 2026. The existing 100% rates of relief will be maintained for the first £1 million of
Taxation of double cab pick-ups
The tax treatment of double cab pick-up vehicles (DCPUs) has been clarified as part of the recent Budget announcements. This follows a chequered history of the tax treatment of DCPUs after a 2020
Payrolling of benefits in kind
At Autumn Budget 2024, the government confirmed that it will go ahead with a simplification measure first announced in January 2024. This new measure will mandate the reporting of Income Tax and Class
Budget confirms change in non-dom tax status
It was confirmed as part of the Autumn Budget measures that changes announced by the previous government at the Spring Budget earlier this year will proceed almost entirely as initially announced.
UK Government’s sweeping changes to UK employment law
The new Employment Rights Bill will end zero-hour contracts and the ease of ‘fire and rehire’, establishing rights to bereavement, paternity and parental leave from the first day of employment, and
R&D receives a welcome boost in the Budget
As part of the October Budget the Chancellor announced the highest ever level of government investment of £20.4 billion in research and development for next year, reinforcing the government’s
Keeping an eye on competitors
Keeping an eye on competitors offers crucial advantages, especially in a dynamic market. Here’s why it pays off: Improving Market Positioning By observing competitor pricing, branding, and marketing
Autumn Budget 2024 – Alcohol and Tobacco Duty
As part of the Autumn Budget measures the Chancellor announced that the duty rates on tobacco products were increased by 2% above the rate of inflation (based on RPI) effective from 6pm on 30 October