You do not have to take your state pension at state pension age The current state pension age (SPA) – the earliest age at which you can draw your state pension – is 66. It will be gradually increased to […]
The level of fraudulent claims being made for research and development (R&D) tax relief has prompted HMRC to introduce a new procedure: companies must provide detailed information ahead of making their claim. HMRC figures show that nearly 20% of claims […]
The Bank of England base rate increase is impacting on the government’s tax takes, with more taxpayers paying tax on savings income due to higher interest rates. Increased mortgage rates are contributing to rocketing capital gains tax (CGT) takings too. […]
HMRC is chasing taxpayers who have submitted tax returns for 2021/22 containing unresolved provisional figures, while also extolling the benefits of filing early for 2022/23. What are provisional figures? A provisional figure is not the same as an estimated one. […]
The 50th anniversary of the UK’s introduction of VAT was earlier this year, but despite being around for a while, many VAT-registered businesses still find VAT too complex and confusing. No surprise then that more businesses than ever are getting […]
Draft legislation has been published that will, from 6 April 2024, restrict the geographical scope of agricultural relief and woodlands relief to property in the UK. Currently, property can qualify for either agricultural relief or woodlands relief if it is […]
New income tax statistics from HMRC appear to be good news, but the numbers are not what they seem. Taxpayer’s marginal rate Basic Rate Higher Rate Additional Rate 2020/21 Average tax rate 9.5% 21.8% 38.3% 2023/24 Average tax rate 9.9% […]
Just over 200 businesses – including some of the country’s best-known retailers – have failed to pay the minimum wage and will have to repay workers and face penalties of up to £7 million. The minimum wage rules can be […]
HMRC is offering taxpayers named in the leaked Pandora Papers a chance to correct their tax affairs. The October 2021 leak involved almost 12 million documents revealing hidden wealth and tax avoidance. The papers revealed that many taxpayers had used […]
The combination of a frozen inheritance tax (IHT) nil rate band and considerably higher property values has pushed more estates into the IHT net.
Fulfilling a self-assessment tax return holds immense importance for various reasons, although PAYE taxpayers are generally exempt from this requirement.
From 1 July, the energy price cap set by energy regulator, Ofgem, will fall from £3,280 to £2,074.