Tax Tips 2024 – 25 Part 3

Your property – making the most of bricks and mortar  16 Let rooms in your own home to one or more lodgers. Rent-a-room relief allows up to £7,500 of rent per property to be received tax free per year. The rooms must be let as residential accommodation in the home you...

Tax Tips 2024 – 25 Part 2

Savings and investment – making the most of your money  10 Contribute up to £9,000 into your child’s Junior ISA. The fund builds up free of tax on investment income and capital gains until your child reaches 18, when the funds can be either withdrawn or rolled over...

Tax Tips 2024 – 25 Part 1

Introduction to Tax Planning 2024/25 The new tax year brought some good news for employees, with a second two percentage point reduction in the main rate of employee national insurance contributions (NICs) to 8%, with the main rate for the self-employed falling from...