Autumn Budget 2024: what changes for medical businesses?
The chancellor maintained the £1m threshold allowance of the Business Asset Disposal Relief (BADR), formerly called Entrepreneur’s Relief, on business gains when founders sell their businesses. This rate, currently at 10 per cent, will rise to 14 per cent in April 2025 and 18 per cent the following year. Rachel Reeves chose not to reverse […]
VAT on private school fees
The new prime minister, Sir Keir Starmer is to proceed with Labour’s manifesto plans to levy VAT on fees for independent schools and reduce their current business rate exemptions from January 2025. The Institute for Fiscal Studies (IFS) has estimated that the scheme will raise around £1.6 billion a year in extra tax revenue. However, […]
The new Lasting Powers of Attorney service
We are now offering a lasting power of attorney (LPA) service to help protect your interests and to ease the burden on your loved ones. A lasting power of attorney is a legal document that appoints someone to manage your affairs in the event you are no longer able to do so. This might be […]
Budget update: the wins and losses from the Chancellor
Jeremy Hunt’s pre-election Budget has been dubbed ‘underwhelming’. There were certainly no big surprises – particularly as the big news on National Insurance (NI) was released before the event. Disappointingly for many, the inheritance tax threshold remains unchanged at the rate set back in 2008. To summarise the key points, employees will now pay 8 […]
Giving peace of mind to your loved ones
Lasting powers of attorney (LPAs) have been in the news recently as the paper-based system is due to be replaced with an online application scheme. A lasting power of attorney is a legal document that appoints someone to manage your affairs in the event you are no longer able to do so. This might be […]
Autumn Statement: No IHT reform but tax cuts announced
The Chancellor’s second Autumn Statement was presented with a slightly less dramatic backdrop than his first, which swiftly followed Trussonomics. Nevertheless, the economy still remains challenging and there looms the possibility of a general election next year. There had been much speculation that a change to the inheritance nil rate band would be announced – […]
Will new NHS pension flexibilities be enough?
The outcome of the NHS retirement flexibilities consultation was published in March. From April 2023, doctors in the 1995 scheme will be able to ‘retire and rejoin’ – effectively retire, draw their NHS pension benefits and rejoin the 2015 scheme to accrue further benefits. There is a minimum 24-hour break before rejoining however, the previous […]
McCloud remedy latest: further consultation launched
Another DHSC consultation has been launched to discern how the government plans to implement the McCloud Remedy. This is the plan to alleviate the deemed age discrimination caused by moving some members of the NHS pension to the 2015 scheme. The first consultation last year considered how the legacy pension schemes would close at the […]
