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Private Client Tax

The Spring Statement: As it Happened

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.

The Spring Statement: As it Happened

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.

Spring Statement 2022: Key headlines

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.  

Can you claim the 2021/22 marriage allowance?

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.

How will the National Insurance increase affect you?

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.

Tax changes on second homes and holiday lets

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.  

There is still time to consider tax planning options for the 2021-22 tax year

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

Autumn Budget 2021: Key points

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

Making Tax Digital: Plans to scrap Self-Assessment Tax returns delayed until April 2024

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). 

Recovering Tax on duty-free purchases

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.

A return to Duty-free shopping post Brexit!

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.

How Will The New Tax Increases Affect You?

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.

What are the tax collection options?

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.

Can you claim the marriage allowance?

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.

UK Inheritance Tax - What is the current Inheritance Tax Threshold?

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). 

Tax-free property and trading income allowance information

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.

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.

Benefits in Kind - Electric Cars

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

Moore East Midlands launches new Probate Service

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.

Understand the tax rules around Furnished Holiday Lettings

Our latest factsheet shows the benefits and what criteria you need to qualify as an FHL.

New claims required for working from home tax relief

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. 

Tax Day 2021

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.

How can you maximise your cash before the end of the tax year?

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.

Are you aware of the tax implications when taking on a second job?

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. 

Deadline To Set Up A Payment Plan Or To Pay Outstanding Tax Liabilities Fast Approaching

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.

Tax break for married couples and civil partnerships

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

Take advantage of tax breaks from your time working at home

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

Self-Assessment late payment penalties

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.

End of year tax planning tips 2020/21

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.

UK residence and tax

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

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.   

Do you need to make a tax disclosure?

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.  

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.  

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.

ePrivateclient – Tier 1 Top Accountancy Firm

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.

Does your employer still pay for your private fuel?

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.

Does your employer still pay for your private fuel?

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.

Company car drivers and private fuel

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.

Company car drivers and private fuel

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.