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Ease Your 2024/25 Tax Burden

John Ditchfield

Whether you’re looking to reduce your tax burden or plan for your long-term financial health, Harmonic Financial Planning can help you with a tailored plan. Keep it in the family: Allowances like spousal transfers and Junior ISAs can help reduce your tax bill this year. As the April 5th end-of-tax-year deadline approaches, January offers the perfect opportunity to...

Budget Summary 30 October 2024

Ian Marlow

Summary The long awaited, much anticipated and dreaded first Budgetof the new Labour government was delivered to Parliament today – 30 October2024 – by the Chancellor, Rachel Reeves. We now know where the funds will come from to financeinvestment and growth, and the vaunted tax increases are no longer speculative,we have the detail.  The impact of the proposed...

Self-employed tax basis period reform

Ian Marlow

The self-employed tax basis period reform has changed the way trading income is allocated to tax years. Under the reforms, the tax basis period has changed from a ‘current year basis’ to a ‘tax year basis’. This means that all sole trader and partnership businesses must now report their profits on a tax year basis, beginning...