The usual tax position for couples living with their spouse or civil partners is that property income held in joint names is divided 50:50, regardless of the actual ownership structure. However, where there is unequal ownership and the couple wants the income taxed on that basis, a notification must be sent to HMRC together with proof that the beneficial interests in the property are unequal. This is done using a Form 17 Declaration.
 

With a new government in place, our tax experts provide a summary of the tax proposals in The Labour Party's political manifesto.

It is always a good idea to review tax planning opportunities to ensure allowances are maximised and your planning is in line with current legislation, particularly this year given various changes now coming into force. Our guide is a brief reminder of the key points to be addressed when tax year planning for 2024/25.

In the 2024 Spring Budget, the Chancellor announced the abolition of the tax-advantageous regime for furnished holiday lets from April 2025. There is a limited window of opportunity for property owners to review their property letting activity to take advantage of the key tax benefits available for qualifying rentals. 

Key headlines from the Spring Budget 2024. 

At the start of the year, new rules were implemented requiring digital platforms that allow individuals to earn income to share their user’s information with HMRC. The list of digital platforms includes Vinted, eBay, Airbnb, Uber, Deliveroo, YouTube, Etsy, and many others. 
 

In the  recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions for both employees and self-employed people.
 

In the  recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions for both employees and self-employed people.
 

An overview of the measures announced by Channellor Jeremy Hunt in the Autumn Statement 2023 to "help grow the British economy, back British businesses and support the people who kept our country running during the pandenic". 

The P85 form should be completed by individuals to advise HMRC they are planning to move abroad or they have already moved abroad and they intend to work for at least a full tax year. Individuals who complete a self-assessment tax return can tell HMRC of their plans to leave the UK through their return. The “resident” section (form SA109) should be completed and sent by post (this cannot be done online). If you don’t usually complete a self-assessment tax return you should include parts 2 and 3 of your P45 form.
 

The P85 form should be completed by individuals to advise HMRC they are planning to move abroad or they have already moved abroad and they intend to work for at least a full tax year. Individuals who complete a self-assessment tax return can tell HMRC of their plans to leave the UK through their return. The “resident” section (form SA109) should be completed and sent by post (this cannot be done online). If you don’t usually complete a self-assessment tax return you should include parts 2 and 3 of your P45 form.
 

You need to submit a tax return to HMRC if any of the following situations apply in the 2023/24 tax year, the 6th of April 2023 - the 5th of April 2024.
 

You need to submit a tax return to HMRC if any of the following situations apply in the 2023/24 tax year, the 6th of April 2023 - the 5th of April 2024.
 

There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake such as entering a number incorrectly or omitted information from the return.

There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, this can happen if you made a mistake such as entering a number incorrectly or omitted information from the return.

The annual exempt amount on capital gains tax for individuals in2023-24 was reduced to £6,000 (from £12,300) and is set to be further halved to £3,000 from April 2024. A married couple each have a separate exemption. This also applies to civil partners who are treated in the same way as married couples for capital gains tax purposes. 

The annual exempt amount on capital gains tax for individuals in2023-24 was reduced to £6,000 (from £12,300) and is set to be further halved to £3,000 from April 2024. A married couple each have a separate exemption. This also applies to civil partners who are treated in the same way as married couples for capital gains tax purposes. 

The Inheritance Tax residence nil rate band  (RNRB) is a proportion of an estate on which tax is payable at a rate of zero percent for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. 

The Inheritance Tax residence nil rate band  (RNRB) is a proportion of an estate on which tax is payable at a rate of zero percent for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. 

HMRC’s notice that refers to this relief has recently been updated to remove the word 'intensively' from the end of the following sentence: 'Agricultural property that qualifies for Agricultural Relief is land or pasture that is used to grow crops or to rear animals.'

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2022-23 tax year that will end on 5 April 2023.

One of the key measures of the Spring Budget was the announcement that the £40,000 cap on annual pension contributions will be increased by 50% to £60,000 from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of Income Tax and is subject to the increased underlying limits. Taxpayers will continue to access carry-forward, unused annual allowances for the last three tax years if they have made pension savings in those years.

HMRC has released an updated version of the Inheritance Tax account form (IHT400). This is the main form used as part of the probate or confirmation process where there is Inheritance Tax due or if the deceased's estate does not qualify as an 'excepted estate'. Box 2 on the IHT400 calculation form has been updated.

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. 

The Non-resident Landlord (NRL) Scheme is a special scheme for the UK rental income of non-resident landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. HMRC classifies a person living abroad for 6 months or more per year, as a non-resident landlord. This is the case even if the person is a UK resident for tax purposes.

 National Insurance (NI) contributions are made in a variety of ways:

• Class 1 contributions are paid by employers and their employees
• Class 2 contributions are fixed weekly amounts paid by self-employed people.
• Class 3 contributions are voluntary NICs paid by people wanting to fill gaps in their contribution record.
• Class 4 contributions are paid by self-employed people on their profits.

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on free of IHT as a tax-free threshold.

The Bank of England’s Monetary Policy Committee (MPC) met on 2 February 2023 and voted 6-3 in favour of raising interest rates by 50 basis points to 4% in a move to try and continue to tackle upward pressures on inflation. This is the tenth time in a row that the MPC has increased interest rates with rates now the highest they have been since November 2008.

Key highlights from the Chancellor's Autumn Statement. 

Following on from the previously announced U-turns on Corporation Tax and the top rate of income tax, new Chancellor Jeremy Hunt has today announced plans to scrap ‘almost all’ the tax cuts announced in the ‘mini-Budget’ on 23 September.
 

Domicile is a historical legal concept that is relevant to far more than an individual’s tax position.  

The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing cost of living crisis. The Chancellor also stressed that, apart from the untold human suffering, the Russian invasion of Ukraine is creating further uncertainty in the domestic and global economy, particularly in relation to energy markets and the food supply-chain.

Against a backdrop of rising prices and an OBR inflation prediction of 7.4% this year, the Chancellor’s Spring Statement announced a number of measures aimed at helping households and businesses.
 

The allowance enables married couples or those in civil partnerships to transfer part of their personal allowances if one partner receives income under their Personal Allowance threshold of (usually) £12,570 and the other is a basic rate taxpayer.

This is a reminder that from April 2022, your National Insurance contribution is set to rise through the introduction of a 1.25% Health and Social Care Tax Levy on earned income. Dividends rates are also set to increase by the same amount.

From April 2023, second homeowners will be required to provide proof that their property is an operating holiday let to qualify for small business rates relief.
 

With rare exceptions, once the end of the tax year has passed, tax planning options to reduce tax liabilities are no longer possible.

For those struggling from the pressures of Covid-19, HMRC has announced that it will be extending the deadline for Self Assessment taxpayers for one month.
 

A roundup of the key points announced by Chancellor Rishi Sunak in the 2021 Autumn Budget. 

The Government has announced this week that its Making Tax Digital (MTD) for Income Tax programme has been postponed for 12 months until April 2024 (General Partnerships until April 2025). 

One (potentially large) benefit of Brexit is that from 1st January 2021 residents of England, Scotland and Wales shopping in the EU (or Northern Ireland) are eligible to shop tax-free on certain goods as a private consumer.

Following the cessation of the Brexit transition period on 31 December 2020, the appeal of alcohol stocking holidays has dropped. There is no longer the option to fill up trailers and car boots with countless bottles of wine and champagne and openly transport them through customs with a wide grin.

Yesterday the government announced a new tax: The Health and Social Care Levy. From April 2022, National Insurance contributions are set to rise through the introduction of a 1.25% Health and Social Care Tax Levy on earned income. Dividends rates are also set to increase by the same amount.

If you do not pay your tax bill on time and cannot make an alternative arrangement to pay, HMRC can take ‘enforcement action’ to recover any tax you owe.

The allowance enables married couples or those in civil partnerships to share their personal tax allowances if one partner earns an income under their Personal Allowance threshold of £12,570 and the other is a basic rate taxpayer.

Inheritance tax, or IHT as it is commonly known, is generally payable on everything that is of value in your estate when you die (after your IHT threshold and subject to some exemptions). 

You can claim up to £1,000 each tax year in tax-free allowances for property or trading income. If you have both types of income, you will qualify for a £1,000 allowance for each.

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.

All zero emission cars (i.e. fully electric) will have no Benefit in Kind (BIK) for 2020-2021.

Chartered Accountants Moore East Midlands, which has offices in Peterborough, Corby and Northampton has launched a new Probate Service to complement their existing Trusts and Estates and Inheritance Tax planning services.

An overview of the tax rules around Furnished Holiday Lettings

Employees who work from home due to the COVID-19 pandemic will need to make a new claim for the 2021/22 tax year so that they can continue to claim tax relief where they have not been reimbursed by employers. 

23 March 2021 marked the UK’s first Tax Day, as the government published consultation documents, calls for evidence, and other documents relating to the future shape of the UK tax regime.

Tax planning might not sound like the most exciting way to spend your time, however it could have a significant effect on your finances. As the 2020/21 tax year draws to a close there are multiple considerations for what you can do to utilise your cash before the limitations reset as well as planning ahead for the future.

Have you thought about taking on an extra job during the COVID – 19 pandemic? Perhaps you have been put on furlough and have spent time thinking of innovative ways to start a side business, to pass some time and inevitably save up some money, for when life returns to normal. 

You have just over a week (until 1 April 2021) to pay any outstanding tax liabilities in full or to set up an online payment plan for the 2019/2020 financial year.

HMRC is encouraging married couples and people in civil partnerships to sign up for a tax break this year.

Employed and Self-Employed persons can take advantage of tax breaks on their time working from home. 

HMRC has announced that Self-Assessment customers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1 April 2021.

As we approach the end of the 2020/21 tax year, now is the ideal time to make sure you are making use of all the available allowances to benefit your overall tax position.

Your UK residence status affects whether you need to pay tax in the UK on your foreign income. 

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. 
 

HMRC has a new £100m weapon to help identify individuals who may not be declaring all of their income and, therefore, paying too little tax.  

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.
 

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’.

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’.

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.

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.

We are pleased to announce that Moore has been named in Tier I of the 2018 ePrivateclient Top Accountancy Firms rankings, the annual analysis of the leading UK advisory firms providing wealthy clients and their families with tax and business advice.

As we are approaching the end of yet another tax year, it is worth repeating our suggestion that highlights the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2017-18.

As we are approaching the end of yet another tax year, it is worth repeating our suggestion that highlights the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2017-18.

Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the employer for private fuel included in petrol bills paid by the employer. Otherwise, the employee may face a tax charge.

Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the employer for private fuel included in petrol bills paid by the employer. Otherwise, the employee may face a tax charge.