In this Winter edition of the Pay Less Tax newsletter, we highlight key changes and opportunities to help you minimise your tax liabilities:
Business Selling Woes:
- Capital Gains Tax (CGT) rates are increasing—from 10% to 18% on the first £1 million.
- Strategies to mitigate tax, including selling early, incorporation, or employee ownership trusts.
Employer Tax Increases:
- National Insurance rate rising to 15% from April 2025.
- How salary sacrifice, bonus waivers, and remuneration planning can help reduce costs.
Furnished Holiday Lets – Major Changes:
- From April 2025, FHL tax benefits will end, aligning taxation with long-term lets.
- Changes to loan interest relief, CGT rates, and tax treatment of rental income.
Tax Year-End Considerations:
- Making Tax Digital (MTD) compliance—key deadlines and next steps.
- State pension top-ups before the 5 April 2025 deadline.
- Inheritance & personal tax planning strategies to maximise reliefs.