News & Insights

spring news 2024

Spring News 2024

A look into the tax crystal ball

With a General Election due by January 2025 at the latest, we may have three major ‘fiscal events’ this year: The Budget on 6 March, an early Autumn Statement (possibly in September) and (assuming the Election is in the autumn) a post-Election Budget in November or December. What tax changes might be announced and how might they affect you?

In this newsletter, we make you aware of recent developments that may affect you or your business, irrespective of the tax uncertainties. These include the new National Minimum Wage rates, when it might be worth appealing against penalties for failure to pay the HICBC and (believe it or not) how the VAT rules distinguish between biscuits wholly or partly covered with chocolate and other biscuits! Other topics include a discussion of the VAT rules for cars and how a recent case has clarified the manner in which the Capital Gains Tax (CGT) main residence exemption works when you buy a residence, knock it down and then live in the replacement residence you have built.

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