How Labour’s Victory Could Impact Your Business

Labour began its celebration of a significant victory on Friday morning, claiming a majority that fell short of its last landslide success in 1997. With this newfound power, Labour’s manifesto for change promises to shape the next five years of Parliament. While not revolutionary, these proposals are far-reaching, and it’s crucial to understand how they could impact you and your …

Navigating the UK’s Updated Tax Rules for Non-Domiciled Individuals – Personal Income Tax

The UK has seen significant changes in its tax regime for non-domiciled individuals following the Spring Budget. Although HMRC began holding ‘listening sessions’ for advisors and stakeholders to discuss the proposals, these sessions were cut short by the announcement of a General Election on 4 July. Consequently, the reforms were not included in the pre-dissolution Finance Bill, leaving many questions …

Spring 2024 Budget – Personal Income Tax

Personal Income Tax Tax rates and allowances – 2024/25 (Click Link – Page 2) The Autumn Statement included the announcement that the main personal allowance and the 40% threshold will remain at their 2022/23 levels until the end of 2027/28. This represents a tax increase where income rises from year to year. For example, a person with a salary of …

Non-Dom

Navigating the Changing Landscape of UK Non-Domicile Taxation

The world of taxation is often a labyrinth of regulations and reforms, and for individuals navigating the UK’s non-domicile (non-dom) regime, recent changes bring both challenges and opportunities. As of April 2025, a new four-year residence-based regime will come into effect, reshaping the taxation landscape for non-UK residents. Let’s delve into the key points of this upcoming transformation: Timing Existing …

March 2024 BUDGET – What you need to know!

Overview These key points include measures that were announced previously but are about to come into force. Measures which have been announced but will not take effect during 2024 are listed separately below. Personal tax The main personal tax-free allowance (£12,570) and the 40% tax rate threshold (£50,270) remain frozen at their present levels until the end of 2027/28, representing …

Navigating Financial Uncertainty: Budgeting Tips for Individuals in the UK

In the face of economic uncertainties, mastering the art of budgeting becomes a paramount skill for individuals striving for financial stability. At AEL Markhams, we understand the challenges that many individuals are facing, and we are here to share practical budgeting tips tailored for navigating uncertain times in the UK. Embrace the Power of a Detailed Budget Creating a detailed …

Understanding the 40% Tax Bracket and Strategies for Efficiency

Celebrating pay rises, bonuses, and new clients is thrilling, but as success grows, the 40% tax bracket may loom. In this article, we’ll explore what the 40% tax bracket entails, the income threshold, and ways to optimise your tax situation. What is the 40% Tax Bracket? How much do I have to earn to be in the 40% tax bracket? …

Maximising Home Office Expenses for Sole Traders

Running a sole trader business from home comes with its perks, and one of them is the potential to claim tax relief on various home-working expenses. In this guide, we’ll walk you through what constitutes a working-from-home expense and the methods to calculate and claim these expenses against your tax bill. What Qualifies as a Working from Home Expense? When …

Unveiling the World of Holding Companies: A Comprehensive Guide

Introduction: Many businesses are born with the aim of offering specific products or bespoke services. However, there’s another type of company that exists solely to own or invest in other businesses, known as a ‘holding’ company. Contrary to common perception, holding companies aren’t exclusive to massive international organisations. This blog explores the intricacies of holding companies, how they operate, and …

Navigating Crowdfunding for Your Business: A Comprehensive Guide to Taxes

Navigating Crowdfunding for Your Business: A Comprehensive Guide to Taxes Introduction: Crowdfunding has become a prevalent method for raising funds, catering to diverse causes and serving as a popular choice for businesses seeking financial support for testing ideas and launching ventures. In this blog post, we will delve into how businesses utilise crowdfunding and the implications it holds for tax …