When considering your financial affairs, few topics are as emotive and complex as Inheritance Tax and estate planning. Yet, proper planning in this area is vital to ensure your wealth is passed on according to your wishes, rather than being significantly diminished by tax liabilities or unintended legal consequences.

One of the benefits of wealth can be the acquisition and holding of art and antiques. Collections may be acquired in your lifetime or inherited within a family. They may range from old masters through to contemporary art, but you may be surprised to learn that you need an art accountant, and that tax may be due on the disposal or inheritance of such items. So, in this article we highlight some of the tax implications of your art or antiques collection. 

In this final article in our series about the marginal rate of tax and tax rates, we take a look at Capital Gains Tax, Inheritance Tax and tax in respect of property. You can read the rest of the articles in the series here:  What is the Marginal Rate of Tax 

In this series of articles, we are explaining tax rates and allowances. Following on from our last article about employment tax rates, benefits and expenses, in this article, we explain business tax rates such as Value Added Tax, corporation tax and business tax reliefs.

In this series of articles, we have set out the various different tax rates that may be applicable to you. In the last article we set out details of personal tax rates, and in this article, we take a closer look at employment taxes. 

Key Tax Rates and Allowances

In this article we have set out the key tax rates and allowances for the 2025/26 tax year, as applicable to persons resident and permanently settled in the UK. It is not an exhaustive list and there may be other factors relating to your situation that are not covered here.

One of the key discussions we have with our clients is “what is your marginal rate of tax?” as well as, of course, the absolute amount payable.  With this in mind, over the course of the next few articles, we have produced a Tax Rate Guide for 2025/26 to help you understand how your circumstances fit into the myriads of tax rates that exist in the UK.

In our last two articles, we have explained the government’s Making Tax Digital for Income Tax initiative (MTD for IT) and how it may affect you.  In this article we take a look at appropriate choice of software, penalties and the next steps you need to take in preparing for the scheme. 

In our last article, we explained the government’s Making Tax Digital for Income Tax initiative (MTD for IT) and how it may affect you.  With no more delays expected to the implementation of the scheme and the introduction of it now less than a year away for some, it’s essential to understand what action you need to take and when by as well as understanding what qualifies as digital record keeping. So, in this post, we take a closer look.