Watson Knipe Blog

There were some significant changes last year for those owning and operating furnished holiday lettings (FHL). From April 2025, the FHL tax regime will be abolished, reshaping how these properties are treated for tax purposes. Here is a comprehensive overview of what this means for property owners and how to prepare for the upcoming changes.

The Chancellor's Autumn Budget 2024 announcement has brought stability and opportunities for businesses, with changes that will impact financial planning, investment strategies, and operational costs. Let’s delve into the key highlights and what they mean for businesses across the UK.

The Autumn Budget 2024 has brought several key updates to personal tax policies in the UK. Whether you're a salaried individual, a business owner, or an investor, these changes will affect how you manage your finances. This article is a summary of the most critical updates announced.

The Autumn Budget 2024 brought key updates to taxable benefits for company cars. These changes, effective from April 2025, will affect both employers and employees who use company vehicles. Businesses must understand these updates to remain compliant and optimise tax planning.

The Autumn Budget 2024 brought notable changes to National Insurance Contributions (NICs), impacting both employers and the self-employed. With adjustments set to take effect from April 2025, businesses and individuals need to understand how these changes will affect their finances and take action to mitigate the impact.

The Autumn Budget 2024 introduced notable changes to Capital Gains Tax (CGT), impacting a wide range of taxpayers, particularly property owners, landlords, and investors. Here’s an overview of the key changes and their implications.

When it comes to providing expert tax advice with a personal touch, Haidee Watson stands out. As the Personal Tax Director at Watson Knipe, Haidee combines extensive experience with a deep understanding of her client’s needs to offer tailored solutions. Here’s a closer look at Haidee’s journey and her approach to helping businesses and individuals with their taxation needs.

Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’.

Billions in tax rises

Ms Reeves said the Budget will raise £40 billion in taxes. Employers’ National Insurance contributions (NICs) will be increased from next April while Capital Gains Tax rates will also rise.

The past few years have been very challenging for all businesses due to the ever-shifting economic landscape. Economic conditions have fluctuated and unexpected factors have meant that it’s been difficult for businesses to grow. In such an environment, simply reacting to change is not enough.

At Watson Knipe in Ravenshead, Dawn plays an invaluable role as a dedicated and skilled bookkeeper. With her expertise in bookkeeping and VAT support, she has become an integral part of the team, ensuring that clients remain informed about their corporation tax liabilities and managing various financial tasks with precision.

The Renters' Rights Bill 2024 is designed to improve the private rental market in England by addressing key issues for both tenants and landlords. It aims to transform the current system, making renting more secure and fair. Here's a breakdown of the most relevant provisions of the Bill for landlords and property investors.

Starting a business is a thrilling and challenging journey, full of potential and possibility. However, it can also be fraught with financial risks and uncertainties. For any start-up, getting the financials right from the outset is crucial for long-term success.

Jane Wilson plays a vital role at Watson Knipe Accountants, focusing on Payroll and Construction Industry Scheme (CIS) services. With nearly two decades of payroll experience, she brings significant expertise from her previous role at a UK-based international company.

Expatriate taxation is a complex area that requires expert guidance, particularly for those who live or work abroad but still have tax obligations in the UK. We specialise in providing comprehensive advice and support to expatriates, ensuring they remain compliant with UK tax laws while maximising their financial position.

The latest UK Rental Market Report for Q2 2024 presents vital information for landlords and property investors, particularly in Nottingham and the wider Midlands region. As the rental market continues to evolve, understanding these trends can help optimise investment strategies and manage portfolios more effectively.

At Watson Knipe, we pride ourselves on our dedicated team, and one such valued member is Hollie Pritchett. Hollie is an AAT-qualified accountant who joined our firm through an apprenticeship program over 14 years ago. Since then, she has gained a wealth of experience in corporate and self-employed accounts, bookkeeping, and VAT returns.

We work with many landlords and property investors and advise them on the financial aspects of their property portfolios. One question we are often asked is what the benefits of setting up a Special Purpose Vehicle (SPV) are as opposed to managing their properties through personal ownership.

If you're a sole trader or a small business owner who must submit a self-assessment tax return each year, this guide will help you navigate the process and manage your tax payments effectively.

Louise Warden is a key team member; she joined us in 2017. Louise, a qualified accountant with AAT qualifications, plays a vital role in supporting clients with self-assessment tax returns and other accounting needs.

Employers use the P11D form to report details of expenses and benefits paid to employees or directors as part of their employment, which are not included in their wages or salaries and are not subject to PAYE tax deductions.