The Autumn Newsletter is here!

The Autumn Newsletter is here!

October 2, 2023

The Autumn Newsletter is here! Our latest Autumn newsletter can be found here for all the latest in tax news.

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selling Buy to let

Selling your buy-to-let

September 5, 2023

Selling your buy-to-let   In the UK and there is no CGT to pay (because, the gain is covered by your capital gains exemption). There is no requirement to submit the UK Property Return. The capital gains exemption available for 2023/24 is £6,000. The second important date is 31 January following the end of the

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pension contributions

Pension contribution limits relaxed

August 30, 2023

Pension contribution limits relaxed The annual allowance (AA) caps the amount of tax-relievable pension inputs that can be made to a registered pension scheme.    For money purchase (defined contribution) schemes (which include all personal pensions). The inputs are the total amounts contributed by you and your employer. In a defined benefits scheme ( one

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Reporting benefits and expenses

Benefits and expenses

August 23, 2023

Reporting benefits and expenses HMRC has made it clear that employers  must submit their reports of benefits and expenses provided to employees  (P11D forms) in electronic form this year.  All paper P11Ds will be rejected, as will  any paper amendments to P11Ds for  earlier years. There are now only two options open when reporting benefits

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Settle tax on behalf of your employee

Tax exemptions

August 21, 2023

Settle tax on behalf of your employee There are various tax exemptions you can use to provide an employee with a one-off tax-free reward. Such as certain ‘trivial’ benefits or long-service awards.  If the value of the reward exceeds the tax-free amount permitted, you can bear the tax and NICs (which the employee would normally

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VAT on land

VAT on land and buildings

August 18, 2023

VAT on land and buildings   When you are acquiring a commercial building, you need to know whether the purchase price will include VAT Older non-residential buildings will normally be exempt from VAT, but not if the owner has opted to apply VAT (“opted to tax”) at some point. This option to tax (OTT) is in

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Keep your company’s tax rate low

Keep your company’s tax rate low

August 16, 2023

Keep your company’s tax rate low Corporation tax rates have risen since 1 April 2023 There are some exceptions. For example, if you own an investment company. All its profits may be taxable at 25%, irrespective of the level of profits. These profit thresholds are reduced where there are ‘associated companies’ (broadly, companies under common

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state pension fund

Improve your state pension

August 11, 2023

Improve your state pension If you have gaps in your NICs payment record, you may not receive the full state retirement pension. You can easily check your NICs record for your entire working life in your personal tax account (www.gov.uk/personal-tax-account ). You need at least 35 complete NICs years to receive the maximum state retirement

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Directors Loan

Directors Loan

August 11, 2023

A Directors Loan Account Your company may pay personal expenses on your behalf for which you later reimburse the company, or it might otherwise lend you money.  This means you have a variable outstanding debt owing to the company, which is known as a directors loan account. Where that debt exceeds £10,000 at any point

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payroll

Payroll Hygiene

June 18, 2023

Payroll Hygiene The HMRC computer can be confused by incorrect information in PAYE returns, which may then result in a demand for more tax than you have deducted from your employees. This may happen when the HMRC computer records a duplicate employment for an employee, without ceasing the previous employment. For example, you take on

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