RRL Accountancy earns a spot among the elite

Friday 25th April, 2025

Congratulations to RRL accountancy, based in Peat House on Newham Road, which has been shortlisted for the prestigious Tolley's Taxation Awards 2025 in the Best Single Office Tax Practice category.

These are the leading national awards for the UK tax profession, meaning just to be recognised on the shortlist is an honour in itself. The winners will be announced on May 8 at London’s Hilton Park Lane. 

Tax partner Steve Maggs said: “The award shortlisting is well-deserved recognition of our tax advisory team and the unique tax advisory capability we have for an independent firm, particularly in Cornwall.”

The accolade comes at the beginning of a new tax year which will see significant changes for both individuals and businesses. Some of which have been on the cards for a while, others were announced in the 2024 Autumn Budget. 

These can be broadly summarised as follows: 

• Company Directors. Changes to National Insurance and dividend allowance mean profit extraction strategies need more attention. The old strategy of “low salary, rest as dividends” isn't always best anymore. Other ways to extract profit include bonus payments, pension contributions and loan repayments.
• Pensions. Pensions are a tax-efficient way to save with tax relief on contributions, but there are rules about how much you can contribute. Higher rate tax relief must be claimed through a self-assessment tax return. Employer pension contributions are tax-deductible for the company and provide tax relief for the employee.
• Rental Income – Furnished Holiday Let (FHL). From April 6, 2025, the beneficial tax regime for holiday lets is abolished. Seek advice on how your tax position will be affected.
• Making Tax Digital (MTD) for Income Tax. From April 6, 2026, MTD for Income Tax requires individuals with self-employment or rental income over £50,000 per year to keep digital records and submit them quarterly to HMRC using compatible software. Prepare early for this new requirement.
• Inheritance Tax (IHT). From April 6, 2027, unused pension savings will be subject to Inheritance Tax at 40%. It's therefore better to use pension funds for living expenses and consider other assets for inheritance tax planning. Changes to Business Property Relief and Agricultural Property Relief mean only the first £1 million of assets get 100% relief; additional assets get 50% relief. IHT planning is crucial, including lifetime gifts, trusts, and reviewing wills. Professional advice is recommended.

“We feel that we really stand apart in our ability and focus to provide proactive, practical tax advice,” Steve continued. “If you need help with any of the points above, we’d be only too happy to help.”