Category: Tax Planning

Upcoming changes to the Capital gains tax

Upcoming changes to the Capital gains tax

It comes as no surprise that capital gains tax (CGT) was targeted in the government’s Autumn Statement, with the changes forecast to raise some £1.6 billion over the next five years. The annual exempt amount (AEA) will be cut to […]

pension top-ups for lower paid employees

pension top-ups for lower paid employees

Employees who contribute to an occupational pension scheme under a net pay arrangement do not currently benefit from any tax relief if their earnings are below the personal allowance. This anomaly will be rectified from 6 April 2024 when HMRC […]

R&D tax relief reform on the cards

R&D tax relief reform on the cards

New reforms will affect companies claiming tax relief or credits on research and development (R&D) expenditure for accounting periods beginning on or after 1 April 2023.  Currently, R&D tax relief for small or medium-sized enterprises provides an extra 130% deduction […]

Scotland needs a new tax system and higher tax revenue

Scotland needs a new tax system and higher tax revenue

This was the conclusion reached in a paper published by Reform Scotland at the end of June 2022 and written by Heather McCauley, a former senior civil servant who has worked for the UK, Scottish and New Zealand Governments. We […]

making tax digital for sole traders and landlords

making tax digital for sole traders and landlords

The widening scope of Making Tax Digital (MTD) is highlighting several issues, including the limited availability of the MTD for income tax pilot scheme, and low awareness of the recent expansion of MTD for VAT to all VAT registered businesses. […]

getting the most from salary sacrifice

getting the most from salary sacrifice

In these straightened times, salary may be preferable to receiving a benefit. However, the attraction of salary sacrifice has increased since 6 April, and when it comes to pensions it makes sense to take a longer-term view. NIC savings Salary […]

some of the recent NIC changes have caused complications

some of the recent NIC changes have caused complications

Some of the latest changes to national insurance contributions (NICs) started from 6 July 2022, causing complications for self-employed people and directors.  Normally rates and thresholds are set for the whole tax year, as with employers’ contributions, which increased to […]

what is employment?

what is employment?

The Court of Appeal has for the first time ruled on employment status under the intermediaries legislation (often known as IR35) in two cases involving Kaye Adams and Paul Hawksbee – and agreed with HMRC in both. In each case […]

HMRC’s late payment interest rate rise

HMRC’s late payment interest rate rise

HMRC’s late payment interest rate has gone up by another quarter percent, and now stands at 3.75%. Late payment interest encourages prompt payment, ensuring fairness for those paying on time. The rate for overpayments remains at 0.5%. >Read more: changes […]

Charitable giving pitfalls

Many individuals donate to charity simply for altruistic reasons, but this doesn’t mean the tax benefit should be ignored. With Gift Aid donations saving tax at an individual’s marginal rate, donors need to watch out for any pitfalls that might […]

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