Personal Tax

As of April 2027, income tax rates on savings interest and property income will increase, affecting landlords and individuals with taxable investment income. While the overall tax structure remains unchanged, higher rates will place greater pressure on net returns, particularly for higher and additional rate taxpayers.

From 6 April 2027, unused pension funds and certain death benefits will be included within an individual’s estate for inheritance tax (IHT), marking a significant shift in long-standing UK tax planning. Pensions, particularly defined contribution schemes, have historically sat outside the estate and been used as a tax-efficient means of passing on wealth; however, this reform brings them into closer alignment with other assets. As a result, some estates may face increased IHT exposure, and existing strategies may need to be reviewed, especially for those with substantial pension savings or estates near current thresholds. The change also introduces more complex interactions between IHT and income tax for beneficiaries, reinforcing the need for a more joined-up approach to retirement and estate planning ahead of the April 2027 implementation date.

From 1 December 2025, the FSCS deposit protection limit will rise from £85,000 to £120,000 per eligible depositor, per UK‑authorised institution, with temporary high balance cover increasing to £1.4 million for major life events such as property sales or inheritance. This article explains what the higher limits mean in practice for individuals, joint account holders, businesses, and group structures, and outlines practical steps to review and restructure accounts so more of your cash stays fully protected if a bank fails.

From April 2026, HMRC’s Making Tax Digital for Income Tax Self-Assessment (MTDIT) will come into effect. This is a major change to the way self-employed individuals and landlords will need to report their income to HMRC. Instead of submitting a single annual Self-Assessment return, affected taxpayers will need to keep digital records and send quarterly updates to HMRC using ap ...

Winter Fuel Payments 2025/26: This article explains the upcoming changes to Winter Fuel Payments for pensioners in England and Wales, including the new income threshold of £35,000 and how repayments will be handled through the tax system. It outlines who qualifies, the payment amounts, and why these changes matter for your financial planning. The article also offers practical advice on what pensioners should do now to prepare and where to seek help if needed.

As employers prepare for the substantial increase in Employers' National Insurance Contributions (NIC) effective from 6 April 2025, Ward Williams emphasises the importance of strategic financial planning. The NIC rate will rise from 13.8% to 15%, and the threshold for contributions will decrease from £9,100 to £5,000, leading to an estimated additional cost of £615 per employee. In this context, salary sacrifice pension arrangements emerge as a viable solution. This approach allows employees to exchange a portion of their salary for enhanced employer pension contributions, resulting in significant tax and NIC savings for both parties. The article illustrates how a salary sacrifice scheme can save an employer approximately £55,000 annually while also improving employee retention and providing greater flexibility. It also outlines essential considerations for implementation, such as compliance with National Minimum Wage regulations and the potential impact on employee benefits.

As a parent of a young adult aged 18-22, you may be aware that your child could have a forgotten Child Trust Fund waiting for them. With an average value of £2,200, this tax-free savings account is a valuable asset that can help your child on their journey towards financial independence.

In today's data-driven environment, landlords are increasingly vulnerable to tax investigations by HM Revenue and Customs (HMRC). With the government's focus on leveraging property data, it is more important than ever for landlords to ensure compliance with their tax obligations. This article delves into HMRC's strategies for identifying tax discrepancies, including the use of Land Registry and rental income data. We outline the serious implications of failing to declare rental income, such as back taxes, penalties, and reputational damage.

To mitigate these risks, landlords should adopt proactive measures, including maintaining accurate records and consulting with tax professionals. Ward Williams offers expert guidance to help landlords navigate their tax responsibilities and reduce the risk of costly investigations. If you're a landlord facing concerns about tax compliance or HMRC investigations, reach out to Ward Williams for tailored support and advice.

As summer draws to a close, many people reflect on their dreams of owning a holiday home. For some, this dream has become a reality, either through purchase or inheritance. If you’ve decided to rent out your property on platforms like Airbnb, it’s essential to understand the tax implications involved. A key aspect to consider is HMRC’s Digital Disclosure Service (DDS), which of ...

Ward Williams urges UK business owners to prioritise creating Lasting Powers of Attorney (LPAs) and Wills to protect their enterprises. The article emphasises the importance of separate business and personal LPAs, highlights key actions for business owners, and announces a free Business Breakfast event in Uxbridge on 12th September, 2024, focused on securing business legacies through LPAs and Wills. Ward Williams offers specialised services to help business owners navigate these complex legal and financial matters, ensuring business continuity and peace of mind.