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 »
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 »
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
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 »
A little bit of pre-Christmas cheer for you today. In parliament today, the treasury announced a delay to the rollout of MTD (Making Tax Digital) for sole traders, partnerships and landlords. Before today’s announcement, any sole trader or landlord with a total gross income of over £10,000 would have needed to keep their financial records
MTD for sole traders, partnerships and landlords is delayed Read More »
Now that everyone has had time to start absorbing the details of last month’s announcements, we can begin to consider what the impact will be and what if any actions are required to minimise the effect on businesses and families.The overall impact of the proposals will be an increase in the tax burden as a
Autumn Statement Commentary Read More »
No business owner wants to be the subject of a routine tax audit or investigation by Her Majesty’s Revenue and Customs (HMRC). There are some routine practices that, if followed, will lessen the likelihood of an audit or investigation. Here are five key actions to take: 1. Keep accurate and up-to-date financial records One of
Avoiding Tax Investigations – 5 Actions you must take Read More »
The Chancellor, Jeremy Hunt, presented his first Autumn Statement against a challenging UK and global economic backdrop. He set out three priorities for the Government, namely stability, growth and public services, and outlined the steps to the achieve these, including a number of tax measures designed to contribute to repair of public finances. Key dates
Autumn Statement -17 November 2022 Read More »
On 24 October, HMRC issued a news release reminding taxpayers within self-assessment that they had 100 days left in which to complete their 2021/22 self-assessment tax return. However, earlier deadlines apply to taxpayers who want to file a paper return or who want any tax that they owe for 2021/22 to be collected through an
Self assessment tax return deadlines Read More »
