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.

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.

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. 

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.

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.

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.

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.

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.

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.

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.

If your taxable income exceeds £100,000 you will suffer a reduction in your personal tax allowance.

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.

Important dates for your tax diary in May and June 2021.

If you've been impacted by the coronavirus pandemic, you can defer your self-assessment payment on account to 31 January 2021.
 

We look at the rules around what the Directors of owner managed businesses can claim for when their employees are 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. 
 

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. 
 

A FIC is a “family investment company” and a tax efficient way of passing on your wealth without losing control of it.

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.
 

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.

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.

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.

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 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.

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.

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.

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’.

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’.

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.