Tax planning for high-net-worth individuals (HNWIs) in 2025 requires sharper focus as thresholds tighten and new changes take effect after announcements in the Budget. Staying ahead of these developments will help you maximise allowances, minimise exposure, and protect your wealth. Here are some key areas to consider. Capital Gains Tax allowances are lower than ever […]
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What can you expect this year from the Budget’s non-dom tax overhaul?
Chancellor Rachel Reeves announced substantial changes to the taxation rules surrounding non-UK domiciled individuals (non-doms) in October’s Budget. These changes will have a big impact on how foreign income, gains, and assets are treated. With the abolition of the remittance basis and new rules for Inheritance Tax (IHT), offshore trusts, and Capital Gains Tax (CGT), […]
Read moreThe importance of audit and assurance for large companies
For large businesses, managing finances involves more than simply following the rules. It is about staying updated with changing laws, reducing risks, and using financial insights to support growth. The 2024 Autumn Budget introduced changes that have an impact on larger companies, making reliable audit and assurance services more important than ever. We specialise in […]
Read moreCenturions – Celebrating 100 years of excellence and innovation
This year marks an incredible milestone for MGI Midgley Snelling LLP as we celebrate our 100th anniversary. Since Mr H.A. Snelling first began practising as a Chartered Accountant on 14 May 1925, our firm has grown from humble beginnings at 195 Strand, London, to becoming a founding member of MGI Worldwide, a leading international accounting […]
Read moreHMRC’s bookkeeping shake-up: New rules for 2025 and beyond!
As the 2025/26 tax year approaches, it brings several significant changes to HM Revenue & Customs’ (HMRC’s) rules that will impact your business operations, financial reporting, and tax management. Here is a quick rundown of the new rules that are planned for 2025 and beyond: Basis period reform: Fully implemented by 2025, this reform changes […]
Read moreConfusion on savings interest – HMRC weighs in
HM Revenue & Customs (HMRC) has clarified that if your earnings from interest exceed £10,000, tax may apply depending on the account type. This clarification came when a customer reached out to the tax authority on X to see if they needed to file a tax return after earning more than £2,000 in interest. HMRC […]
Read moreBecome an eco-conscious business – Taking advantage of Climate Change Agreements
Taking advantage of green tax reliefs is a good way to reduce how much Climate Change Levy tax (CCL) your business pays. To get these reliefs, your business will need to operate in a more environmentally friendly way. Any business in the industrial, public services, commercial and agricultural sectors is subject to the CCL Tax. […]
Read moreSole traders – Is there a benefit to van ownership?
As a sole trader, it is only natural to look for opportunities to save money and maximise your earnings. One effective strategy is to consider buying a van, as sole traders can benefit from tax deductions on business-related expenses through Government reliefs like Capital Allowances. Why are Capital Allowances beneficial? Capital Allowances are the tax […]
Read moreWhat are the risks with directors’ loans?
A director’s loan is money taken out of a company by a director that is not a salary, dividend, expense reimbursement or money that has previously been paid into or loaned to the company. A record of money borrowed or paid into the company must be kept – usually known as a director’s loan account […]
Read moreIs 2025 your year to incorporate? Here are our top tips
Nearly 900,000 companies were incorporated in 2024 – an 11.2 per cent increase compared to 2023. More entrepreneurs are recognising the benefits of limited companies. The advantages of limited companies include limited personal liability, mitigated taxation and greater exposure to investment opportunities. To help you start your journey towards limited company status, here are our […]
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