Around 1.1 million taxpayers who failed to submit the self assessment tax return for 2022/23 on 31 January 2024 now face a £10 daily penalty charge by HMRC.
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The march of the higher rate taxpayer
New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common.
The end of multiple dwellings relief
The abolition of multiple dwellings relief under stamp duty land tax in England and Northern Ireland will impact buyers of multiple properties.
Request flexible working rights from day one
From 6 April, employees now have the right to request flexible working from their first day at work. However, the right is still only to make a request and employers are under no obligation to approve it.
Buy-to-let owners selling up
Changes to capital gains tax on UK residential property sales, including a 4% rate cut but lower annual exempt amount.
Deductibility of training costs
HMRC has recently published guidance to provide greater clarity about the tax deductibility of training costs for the self-employed.
New £500 Income Exemption for Trusts Starting 6 April 2024: Benefits and Complexities
The introduction of a £500 income exemption from 6 April 2024 will impact many trusts.
HMRC ramps up inheritance tax crack down
HMRC is currently busy with several ongoing checks. They are looking at IHT accounts, targeting undeclared dividend income
How much does retirement cost?
Each year since 2019, the Pensions and Lifetime Savings Association (PLSA) has set about answering the question of how much retirement costs for couples and single retirees.
The cost of incorporating a company increases
The fees associated with incorporating and maintaining a company will rise from 1 May 2024, due to an increase in charges from Companies House.
Analysing the Spring Budget Impact:
What was almost certainly the last Budget before the election was a serving of the widely expected, sprinkled with a handful of small surprises.
Personal Taxation
Here is a quick overview for you to view personal taxation for 2024-5 compared with 2023-4. Main personal allowances and reliefs 2024/25 2023/24 Personal allowance* £12,570 £12,570 Marriage/civil partners’ transferable allowance £1,260 £1,260 Married couple’s/civil partners’ allowance at 10%† – […]