Welcome to RB Taxation Services
RB Taxation Services is a specialist practice with particular expertise in personal and capital taxation. With experience both inside and outside of HM Revenue & Customs, we are happy to advise regarding tax problems as well as to help clients with their tax returns. We welcome the opportunity to advise clients not only when they have incurred liabilities, but also when they are contemplating a transaction, want someone to review advice given already, or are simply looking ahead.
At RB Taxation Services, we aim to help clients to claim relevant deductions and to use reliefs available within the law. I try to provide tax advice, and to propose solutions, which fit the needs and personality of those involved, recognising that, even at similar stages of life, people have different aspirations and financial priorities.
About Us
The practice was established more than 25 years ago when, from premises in London, we worked for clients in both the Home Counties and the local area. Since that time, we have specialised, to some extent, in personal taxation, including advising in connection with capital gains tax and inheritance tax. Because the firm has remained a small practice, whenever you approach RB Taxation Services to discuss a need, a proposed transaction, or a tax problem, we are able to offer attention to your tax affairs at principal level.
In this connection, the firm’s principal has a background in taxation, and more than 40 years' experience in the profession. He has assisted individuals who have received an enquiry or other communication from HM Revenue & Customs, and has negotiated with HMRC on their behalf. Of course, taxation is an ever-changing field and the firm encourages continual learning and/or training in order to keep up to date.
Latest News
October 2024 Budget
This was the first Labour Budget since 2010: some key points were:
Income and personal taxes. In keeping with pre-election promises, there were no changes to the current bands or rates for income tax, primary Class 1 NI, Class 4 NI or dividends. An unexpected announcement was that the personal tax thresholds will unfreeze from April 2028.
For employees with company-provided cars, the percentage for zero emission and electric vehicles will increase by two percentage points per year in 2028-29 and 2029-30, rising to 9% in 2029-30.
Business taxes. A leaked increase in the rate of secondary Class 1 NI was confirmed, with the rate increasing to 15% from April 2025. This was coupled with a reduction in the payment threshold to £5,000 (£96.15 per week). However, to ensure that this will not adversely impact smaller employers, the employment allowance will increase to £10,500 – more than double its current level.
Despite significant criticism, the previously-announced application of VAT to private school fees will go ahead.
Capital taxes. The two-tier system of CGT rates was retained, but the rates were increased with immediate effect to 18% and 24%, aligning the rates applicable to assets generally with those for residential property. The trust rate was increased to
24% accordingly. These changes apply to disposals made on or after 30th October 2024. The rate applying to carried interest will increase to 32% from April 2025, with further reform promised.
The rate that applies to business asset disposal relief and investors’ relief will increase to 14% for disposals made on or after 6 April 2025 and from 14% to 18% for disposals made on or after 6 April 2026. The lifetime limit for investors’ relief reduces to £1 million (from £10 million) for disposals made on or after 30th October 2024.
Inherited pensions will be brought within inheritance tax from April 2025.
Other taxes. The stamp duty land tax surcharge for purchases of additional dwellings was increased to 5% (from 3%) from 31st October 2024. This also affected the rate paid by companies, which increased to 17% for residential properties over £500,000.
Disclaimer: The material contained in this news item neither purports, nor is intended, to be advice on any particular matter. RB Taxation Services cannot accept any responsibility or liability to any person (whether a client or not), in respect of anything done or omitted to be done by any such person in reliance, whether sole or partial, upon the whole or any part of the material in this news item.
© RB Taxation Services – 1st January 2025
Our Services
Capital Gains
Computations & Reliefs
We prepare calculations or estimates based on information provided by you (this would include advice requested in connection with a prospective transaction)
we advise you regarding any relevant claims, elections or reliefs which may be available
if requested, we advise you regarding the entries required on your tax return
or, if we are preparing the return, we complete the relevant entries and prepare any necessary claims or elections
Tax Return
Completion
we prepare tax returns for a wide variety of clients: we use information provided by you or supplied by third parties in order to complete the returns for your approval
we try to ensure a high level of accuracy in order to assist you in complying with your obligations and minimise the risk of enquiries
we calculate your liabilities under self-assessment and advise you thereon
we advise you regarding any relevant claims or elections which may be needed and, from time to time, we may make suggestions to minimise future tax liabilities or improve tax-efficiency as a result of a review of your tax position
Inheritance Tax
Considerations
following a request from you, we should be happy to review your assets, how these are held and the potential liability of your estate to inheritance tax
Our review would take into account also your current needs and your current income including pensions, income from business interests, investments and/or property, as well as the estimated capital values of the assets mentioned above
we should then discuss with you possible actions which you might wish to take in order to carry out your estate plan effectively and mitigate the potential liability
if appropriate, we might refer you to financial advisers or other specialists (e.g. if legal work is required)
Negotiations with
HM Revenue & Customs
we are happy to advise you if you have received an enquiry or some other communication from HM Revenue & Customs
our approach would depend on the nature of the enquiry and this would be discussed with you
we should then need to establish any relevant facts and, if appropriate, to prepare a report or draft reply to HMRC for your approval
we should then respond and, if necessary, negotiate with HMRC on your behalf
