Latest News
Electric vehicles are still tax-efficient
The taxable benefit for using an electric company car for private journeys is currently calculated at 2% of its list price. If you chose a hybrid company car, models that can drive at least 130 miles on electric power also currently carry a taxable benefit ...
Prepare for higher dividend tax
The tax you pay on dividends increased by 1.25 percentage points from 6 April 2022; these higher rates will remain in place for 2023/24. The dividend allowance will be cut from £2,000 to £1,000 on 6 April 2023 and cut again to £500 in April ...
Reducing CGT bills
Everyone has a CGT annual exemption of £12,300 for 2022/23. This is wasted if you don’t make capital gains in the tax year, as it can’t be carried forward. In 2023/24 the annual exemption will be £6,000 and in 2024/25 it will be cut to ...
Tight CGT reporting deadline for residences
Contrary to popular belief, the profit you make when you sell your home, or a former home, is not automatically exempt from CGT. This tax exemption applies to gains that relate to periods in which you lived in the property as your main home. However, ...
Beyond Numbers: Unveiling the Benefits of Accountants
Thousands of new businesses are registered every single day in the UK, hoping to become the next giant in their industry. However, the reality is that lots of those businesses will collapse within their first two years. When starting a business owners tend to think ...
Risk with tax breaks as a reward
The Government wants to encourage individuals to make high-risk investments in small trading companies by providing income tax relief for investors. In 2022/23 the main schemes available are: Enterprise Investment Scheme (EIS): 30% relief on up to £2 million Seed Enterprise Investment Scheme (SEIS): 50% ...
Tax-free rent
When you let rooms in your own home as residential accommodation, you can receive the rent tax-free if it falls within the limits for rent-a-room relief. This relief is currently capped at gross rents of £7,500 per year. Where more than one person receives the ...
Will you get a full state pension?
If you are looking forward to retirement, it’s a good idea to check out how much state pension you will get. You can do this by logging on to your personal tax account on gov.uk, which contains lots of useful information about how much tax ...
Don’t miss tax deadlines
If you miss the deadline for filing your self-assessment tax return (31 January for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another ...
A Complete Guide To Self-Assessment Tax Returns
In this guide we will go over everything you need to know about Self Assessment Tax Returns. We’ll cover all of your questions and provide you with all the information regarding who needs to file a self assessment, what documents you need, when the deadline ...
September 2023 – A family view
In the UK, everyone is taxed as an individual, but social security benefits, including tax credits and Universal Credit, are awarded on the basis of the family’s total income. Child Benefit is clawed back based on the income of the higher earner in a couple, ...
September 2023 – Where there’s a Will…
When you die, your executors or relatives need to sort out your affairs. This stressful task can be made easier if you leave a clear and up-to-date Will that has been drafted with tax in mind. Your executors may need to pay inheritance tax (IHT) ...
