SJB & Co Chartered Accountants

Tax

August 2023 Update

Hello everyone, this month we are covering tax investigations, tax return completion, child benefit and inheritance tax – is it relevant to you?   As always, if there are any questions please let me know.Kind regardsSimon Tax investigationsThe thought of a tax investigation or visit from HMRC can be worrying for many. Some HMRC enquiries are …

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Which way to turn?

Coping with inflation, recession, and other financial challenges This update sets out some of the business and personal financial challenges for 2023-24, and a few ideas for countering these challenges. The challenges for business owners The combination of rising energy bills, high inflation, recession and climbing interest rates sets a grim stage for 2023-24. All …

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Changes to capital allowances from April 2023

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 …

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Inheritance Tax (IHT) – Tax Free Gifts 2022-23                  

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 …

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Property Business Tax Review 2022-23

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 …

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