What is the IHT rate for 2023/24? | How much can I gift to avoid inheritance tax?
We wanted to remind you of the inheritance tax (IHT) implications of making cash
gifts during the 2023-24 tax year ending on April 5, 2024.
What is the IHT rate for 2023/24? | How much can I gift to avoid inheritance tax?
We wanted to remind you of the inheritance tax (IHT) implications of making cash
gifts during the 2023-24 tax year ending on April 5, 2024.
What are the annual exemption changes for Capital Gains Tax?
The annual exempt amount applicable to
Capital Gains Tax (CGT) is to be more than
halved from April 2023. This means that the exempt amount will be reduced from £12,300 to £6,000 from April 2023 before being further reduced to £3,000 from April 2024.
How will Making Tax Digital for Income Tax affect Landlords?
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is set to impact Landlords with a gross income of more than £10,000 a year from property from 6 April 2024. Landlords will need to be prepared for the coming tax changes well before the required switch date to avoid any issues and/or penalties.
Do I qualify for Rent-A-Room Tax Relief?
The
Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else.
Do I qualify for Rent-A-Room Tax Relief?
The
Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else.
Struggling to keep up with inflation? Here’s how to stay on top of your finances
To keep your earnings in sync with increases in prices is becoming progressively difficult. Most individuals – whether employed or self-employed – would find it unrealistic to secure pay rises (if employed) or price increases (if in business) unless the demand for their goods or services was high.
Struggling to keep up with inflation? Here’s how to stay on top of your finances.
To keep your earnings in sync with increases in prices is becoming progressively difficult. Most individuals – whether employed or self-employed – would find it unrealistic to secure pay rises (if employed) or price increases (if in business) unless the demand for their goods or services was high.
How to save £2,000 in tax-free income.
There is no tax to pay on trading income or earnings from land and property as long as the income from each of these two sources does not exceed £1,000.
How to save £2,000 in tax-free income
There is no tax to pay on trading income or earnings from land and property as long as the income from each of these two sources does not exceed £1,000.
Are You Facing A Loss In Your Personal Allowance?
If your taxable income exceeds £100,000 you will suffer a reduction in your personal tax allowance.
Beware of tax credit renewal scams
In the 12 months to 30 April 2021, HMRC responded to more than 1,154,300 referrals of suspicious contact from the public. More than 576,960 of these offered bogus tax rebates.
TAX DIARY MAY & JUNE 2021
Important dates for your tax diary in May and June 2021.
COVID-19: Optional deferral of self-assessment tax payments
If you've been impacted by the coronavirus pandemic, you can defer your self-assessment payment on account to 31 January 2021.
Working from home: what Directors can claim for
We look at the rules around what the Directors of owner managed businesses can claim for when their employees are working from home.
COVID-19: What you can claim when working from home
The working from rules are not new but are certainly more relevant than ever as larger numbers of employees are required to work from home due to the COVID-19 pandemic.
Return to date of death - no problem?
I have been appointed as executor - when does this start?
As an executor or personal representative you may consider that your responsibilities start at the date of death.
Is a FIC right for you?
A FIC is a “family investment company” and a tax efficient way of passing on your wealth without losing control of it.
Your Personal Tax Account
Have you checked your personal tax account recently? If at all?
Latest research from the Post Office shows that 46% of UK workers have never checked their personal tax account.
Self Assessment Update
On Friday 1st February, HMRC announced that over 93% of taxpayers filed their self-assessment tax returns on time and before the 31st January deadline.
Self Assessment Update
On Friday 1st February, HMRC announced that over 93% of taxpayers filed their self-assessment tax returns on time and before the 31st January deadline.
What can you give away before the end of the tax year?
You can give away £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’.
What can you give away before the end of the tax year?
You can give away £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’.
Plan your money 2019
2019 is set to be a year of changes for finances, with everything from council tax, state pension payments and inheritance tax set to change. Find out about the changes below and how your finances could be affected.
Plan your money 2019
2019 is set to be a year of changes for finances, with everything from council tax, state pension payments and inheritance tax set to change. Find out about the changes below and how your finances could be affected.
Ministers considering over 40’s tax
Ministers in the United Kingdom are considering new ways to fund the increasing cost of social care.
One of the suggested methods has been successfully used in Germany for nearly two decades and involves placing a 2.5% levy onto the income and earnings of those aged over 40.
Ministers considering over 40’s tax
Ministers in the United Kingdom are considering new ways to fund the increasing cost of social care.
One of the suggested methods has been successfully used in Germany for nearly two decades and involves placing a 2.5% levy onto the income and earnings of those aged over 40.
CGT planning for married couples
This article is also relevant to couples who have entered into a civil partnership.
For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700.
This allowance is available on a per person basis and so married couples (and those in a civil partnership) have a combined CGT allowance of £23,400.
CGT planning for married couples
This article is also relevant to couples who have entered into a civil partnership.
For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700.
This allowance is available on a per person basis and so married couples (and those in a civil partnership) have a combined CGT allowance of £23,400.
Chancellor calls for a simplification on Inheritance Tax
The Office of Tax Simplification (OTS) has already highlighted inheritance tax (IHT) as an area ripe for an overhaul and now the Chancellor, Philip Hammond, has asked the body to conduct a system-wide review of the current tax regime, and wants to see proposals for simplification, ‘to ensure that the system is fit for purpose and makes the experience of those who interact with it as smooth as possible’.
Chancellor calls for a simplification on Inheritance Tax
The Office of Tax Simplification (OTS) has already highlighted inheritance tax (IHT) as an area ripe for an overhaul and now the Chancellor, Philip Hammond, has asked the body to conduct a system-wide review of the current tax regime, and wants to see proposals for simplification, ‘to ensure that the system is fit for purpose and makes the experience of those who interact with it as smooth as possible’.
Marriage Allowance: how to claim
From 2015/16 the Marriage Allowance was introduced for married couples and civil partnerships. This allows one spouse to transfer 10% of their personal allowance to their partner - reducing their tax by up to £230.