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Understanding the Shift in Life’s Timelines

In recent years, a noticeable shift in how people approach life’s major milestones has emerged. Andrew Davis FCCA, drawing on the latest data from the Office for National Statistics (ONS), discusses the financial implications of these changes. From starting work to buying homes, marrying, and retiring, the timeline for these life events is extending further into the future. Here’s what this means for financial planning and advice. The Changing Timeline: 1. Starting Work and Leaving Home:The data indicates that on average, individuals now begin full-time employment at the age...

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Unlocking the Potential of the Lifetime ISA: A Missed Opportunity for First-Time Buyers

In the realm of financial planning and saving for the future, certain opportunities are too significant to overlook. One such opportunity, especially for young savers and aspiring homeowners, is the Lifetime ISA (LISA). Designed for individuals aged 18 to 40, the LISA offers a blend of flexibility and government support that can significantly enhance your ability to save for a first home or retirement. Yet, surprisingly, many eligible savers have yet to capitalize on this opportunity, potentially missing out on substantial benefits. What is the Lifetime ISA? The Lifetime ISA allows...

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Pioneering the Future of Finance: The Virtual Finance Director Service

In a world where technology and creativity intersect, we, a group of tech-savvy, Chartered Certified Accountants, have identified an untapped opportunity in the financial sector. Our mission is to bridge the gap between small and medium-sized enterprises (SMEs) and the world of accounting, fostering a mutually beneficial environment characterized by transparency and growth. Tailored Financial Solutions for SMEs Introducing the UK’s premier Virtual Finance Director service, a groundbreaking approach designed to revolutionize how SMEs manage their finances. The traditional...

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We are now playing cricket not rugby get ready for the challenges ahead!

Scrapping Non Domiciled Status  April 2025 In Law, domicile is relevant to an individual’s “personal law”, which includes the law that governs a person’s status and their property, It is independent of a person’s nationality.  Although a domicile may change from time to time, a person has only one domicile, or residence, at any point in their life, no matter what their circumstances. Domicile is distinct from a habitual residence, where there is less focus on future intent. A lot of individuals don’t appreciate that the UK...

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Insights and Updates from Festival of Accounting and Bookkeeping 13-3-2024 

The recent accountancy conference I attended brought to light several critical updates and changes that are on the horizon for the accounting profession, particularly regarding the Companies Act and its upcoming amendments. As we navigate through these changes, it’s essential for all clients to be aware that we are entering a period of increased regulation and compliance, especially with the significant rise in filing fees set to take effect from 1 May 2024. The ease of filing confirmation statements and forming companies in the UK is expected to see a shift, demanding more rigorous...

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Recent Dividends Campaign – Insight From A UK Based Accountant

Navigating HMRC’s Recent Dividend Campaign: Insights from a UK Accountant As a practicing accountant in the UK, my days are often filled with a variety of queries from clients concerning their finances, taxes, and, more recently, dividends. One call I received this week particularly stood out, highlighting a concern that I believe many small business owners and shareholders across the UK may currently share. The question was straightforward but loaded with anxiety: “I’ve seen in the press that HMRC has launched a campaign for undeclared dividends. Am I affected?” This...

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High earners with PAYE income over £150,000 will no longer have to file a self assessment tax return from 2025

HMRC has confirmed the removal of the self assessment filing threshold for individuals with income over £150,000 which is taxed via PAYE from tax year 2024 to 2025. These changes mean up to 338,000 taxpayers will no longer have to submit a tax return. It is important to note that if the earner has other income from dividends, savings interest and property rental, for example, they will still have to submit an annual return. The latest change is in addition to the increase of the threshold from £100,000 to £150,000 which took effect in the 2023 to 2024 tax year. While the exemption...

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HMRC have scrapped paper VAT registrations

The new rules came into effect from 13 November as part of HMRC’s Making Tax Digital (MTD) strategy.  Taxpayers will have to register for VAT through the online VAT Registration Service using their Government Gateway account. However, some types of business will not be able to use the service as the online service still needs to be expanded to cover businesses joining the agricultural flat rate scheme, overseas partnerships and entities without a unique tax reference (UTR) number.  It is important to note that if a taxpayer has a particular exemption, they will have to contact HMRC...

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Buy-to-lets in a high-interest era 

Let’s look at the tax implications for landlords of buy-to-let properties after interest rates have risen significantly in a little over a year. The Bank of England base rate was a mere 0.1% in September 2021 and stayed there until the end of that year.   At the time of writing (November 2023) it is now 5.25%. Some of us are old enough to remember when mortgage rates reached more than 15% p.a. but I don’t think we have ever seen base rates rise by more than 5,000% in such a relatively short period of time.   What are the implications for a tax regime last reformed at a time when...

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