The Chancellor, Jeremy Hunt, presented his Spring Budget on 15 March 2023. There were no changes to the income tax rates and thresholds, which had been announced previously. However, the Chancellor unveiled the successor to the capital allowances super-deduction which ends on 31 March 2023. Key dates The capital allowances super-deduction for companies is replaced […]
Changes to capital allowances from April 2023 Read More »
IHT is payable when a person dies, and their estate exceeds certain limits. It is also potentially payable on gifts made by an individual during their lifetime if the gift was made in the seven-year period prior to their death. Small lifetime gifts can be exempt. These include: Larger lifetime gifts are potentially chargeable to
Inheritance Tax (IHT) – Tax Free Gifts 2022-23 Read More »
George Osborne, definitely had a bee in his bonnet about property owners, particularly those who were building buy-to-let property portfolios. A major change that he introduced was the gradual reduction in the amount of tax relief that landlords of residential property could claim for finance charges: this includes mortgage interest. Accordingly, finance charges are now
Property Business Tax Review 2022-23 Read More »
Business Tax Review 2022-23 THE BASICS: Whether you are self-employed or have your own company your periodic business tax payments will always be based on yearly trading profits and other chargeable gains made in the same period. If you run your business through a company, corporation tax is payable on adjusted business profits (after allowances
Year-end planning for Business Owners Read More »
The Chancellor, Jeremy Hunt, presented his Spring Budget on 15 March 2023. There were no changes to the income tax rates and thresholds, which had been announced previously. However, the Chancellor unveiled significant pension reforms. Key dates The pension lifetime allowance is scrapped from 6 April 2023 and the pension annual allowance is increased from
March 2023 Budget – Pension changes Read More »
There are certain assets that you can sell without paying CGT. They include: CGT rates for 2022-23 are: If you pay income tax at higher rates (40% or above) you will pay CGT at: If you pay income tax at basic rates (20%) you will pay CGT at: To qualify for the lower rates your
Capital Gains Tax (CGT) – Tax Free Gains 2022-23 Read More »
Fiscal drag – freezing tax allowances As announced in the Autumn Statement 2022, most of the personal tax and NIC rates and allowances are to be frozen at current levels for a further two years until April 2028. This does mean that most pay increases in the next six years will be taxable. If these
Tax Planning for Individuals 2022-23 Read More »
When the High Income Child Benefit Charge applies You are able to claim child benefit if you are responsible for bringing up a child under the age of 16, or under the age of 20 where the child stays in approved education or training. However, some or all of the child benefit that you receive
The tax code is fundamental to the operation of PAYE. It indicates how much ‘free pay’ an employee is able to receive each time they are paid and, depending on the code, the rate at which tax should be deducted. HMRC operate a system of dynamic coding whereby they update your tax code during the
Update your tax code – what to do if your tax code is incorrect Read More »
HMRC have wide ranging powers to charge penalties for late and incorrect returns. Where errors are made on returns and other paperwork which understate the tax or misrepresent the tax liability, whether a penalty is charged and the amount of the penalty depends on the taxpayer’s behaviour. Key dates If a penalty has been charged
Impact of taxpayer behaviour on tax geared penalties Read More »
