By James W. Melhuish DipPFS EFADirector, Pocknells Wealth Management I often meet clients who know the additional rate of Income Tax starts above £125,140, but have never heard of the effective 60% rate that can apply before they reach it. For clients in England, Wales and Northern Ireland, the problem sits between £100,000 and £125,140 of adjusted net income. It is created by the gradual loss of the Personal Allowance. The rate does not appear on an HMRC tax table, but the effect is real. The trigger is not limited to salary. A bonus, dividend, rental profit, bank interest or

Where do independent accountancy practices sit in a world dominated by private equity and disrupted by AI? Can they survive, or even thrive? These were two key questions that Foulger Underwood’s Keith Underwood broached in our latest Accountancy M&A Market Update webinar, where we were delighted to welcome some new attendees from the SPA to the session. The questions: If PE has hoovered up so many small practices, can independents still find the acquisitions they need to grow, flourish and be fit for purpose? Can we remain independent as AI disrupts service provision; with clients likely to want lower bills?

Vape tax kicked in on October 1st as government eyes up £120m windfall tax as 44% increase in vape costs and an instant 44p hike in the duty on cigarettes and £2.20 on tobacco. A typical Elf vape retailing for between £5 and £6 will go up to between £7.20 and £8.20. A 2ml pod will attract 44p of duty, while a 10ml refill bottle will attract £2.20, regardless of nicotine strength. The government also took the opportunity to hike up tobacco duty in what HMRC described as a ‘one-off (pro-rata) increase’ of £2.20 per 100 cigarettes or per 50