The 2024 Spring Budget for Doctors
Further to the Spring Budget last week, please see below a short summary which is designed to provide Doctors and NHS Consultants with an overview of how the changes introduced will affect their tax position moving forward. This article is by no means exhaustive so please do get in touch if we can provide further tax advice.
Latest Lovewell Blake/NFU farmers’ evening hears from four leading experts on planning issues facing agriculture
Two major new planning initiatives will have a huge impact on farmers – offering both opportunities and challenges. That was the message heard by around 60 Norfolk and Suffolk farmers at the latest joint NFU/Lovewell Blake Farmers’ Evening in Halesworth.
Overcome those investment jitters to take advantage of a good time to invest
Being nervous about market volatility shouldn’t be a reason not to invest, says Sharon Mattheus.
Personal cashflow - Taking the whole life view
Whilst each stage of our case study tackles a specific issue in Joe and Jessie’s lives, each is intrinsically linked, as a financial decision made early in life will affect every aspect of a person’s financial wellbeing throughout their life.
Changes to the 'Non-Domicile' tax regime
In his 2024 Spring budget, the Chancellor Jeremy Hunt announced that the government would ‘abolish the current tax system for Non-Doms, get rid of the outdated concept of domicile and the remittance basis in the tax system’. But what is the ‘Non-Dom’ tax regime, and how could this affect you (even if you are not considered a Non-Dom)?
Removal of the remittance basis from April 2025 (often confused with ‘non-dom’ tax status)
I’ll start by putting a myth to bed – the term ‘non-dom’ remains because the concept originates from a taxpayers (and their parents) place of birth. Whilst a Chancellor has many powers he can’t change the origin of somebody’s birth!
SDLT - Multiple Dwellings Relief (MDR) and mixed use acquisitions
This was a nasty surprise in the Budget announcement – the removal of MDR. The announcement concluded it didn’t benefit the intended taxpayer and has been subject to frequent abusive claims.
The proposed extension of full expensing to leased assets
Changes to capital allowances rules have for many years been a prominent feature of the annual announcements from the Chancellor, generating endless rate changes and transitional measures. These yoyoing rules and thresholds have made it particularly difficult for businesses to plan tax efficiently for capital expenditure.