Personal Tax

Tax uncertainty in an election year

January 25, 2024

Tax uncertainty in an election year 2023 has been a lot more stable, politically and economically, than 2022. Rather than the multiple fiscal events of the latter, there has been a single. Budget plus an Autumn Statement. However, with a pre-election Budget due on 6th March. We wait to see whether there will be major

Read More
Reporting benefits and expenses

Freelancers will need to make substantial adaptations in response to the latest taxation regulations introduced by HMRC.

December 15, 2023

Navigate the intricacies of HMRC’s updated tax regulations for freelancers and partnerships through our comprehensive analysis of the forthcoming changes set to take effect in the 2024-25 tax year. In a pivotal development for the UK’s freelance and partnership sector. HMRC is poised to implement substantial alterations to taxation for the 2024-25 tax year. This

Read More
Financial research,government taxes and calculation tax return c

All Quiet on the Tax Front

September 21, 2023

Taxation With the government’s time taken up in dealing with economic issues such as high inflation and public debt, we are not expecting any significant tax announcements until the Budget, due to be held next March. The General Election is likely to be held later next year, so this Budget may well contain a lot

Read More
Interest rate and dividend concept. Businessman with percentage symbol and up arrow, Interest rates continue to increase, return on stocks and mutual funds, long term investment for retirement.

The state pension is expected to rise

September 18, 2023

The increase means the full new state pension will rise by £900 to £11,501 – edging closer to the basic rate income tax threshold The state pension is expected to rise by at least 8.5 per cent under the triple lock in April 2024. However, hundreds of thousands of pensioners won’t feel the full benefit.

Read More
tax deadline

Squeeze value out of your losses

February 5, 2023

If your unincorporated business made a loss during the COVID pandemic in 2020/21 or in 2021/22, you will want to set off those losses against profits and receive a tax refund as soon as possible. Fortunately, the rules for pandemic losses allow you to do this. A trading loss from 2020/21 or 2021/22 can be carried

Read More
tax deadline

Filling self assessment

February 5, 2023

If you miss the deadline for filing your self-assessment tax return (31 January for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another penalty is incurred (the higher of £300 or 5% of the

Read More
family finances

Child benefit

February 5, 2023

In the UK, everyone is taxed as an individual, but social security benefits, including tax credits and Universal Credit, are awarded on the basis of the family’s total income. Child Benefit is clawed back based on the income of the higher earner in a couple. Irrespective of who receives it. Families with an unequal distribution

Read More
family finances

Crossing the threshold

February 5, 2023

When your total income reaches certain levels, it tips any extra income into a higher tax band. This can also mean you lose part or all of your personal savings allowance (PSA), personal allowance (PA) or pensions annual allowance. Taxpayers who live in Scotland have slightly different tax thresholds but the principle is the same.

Read More
for rent

Rent-a-room relief

February 5, 2023

When you let rooms in your own home as residential accommodation, you can receive the rent tax-free if it falls within the limits for rent-a-room relief. This relief is currently capped at gross rents of £7,500 per year. Where more than one person receives the rent from the property, each person has a tax-free exemption for rent

Read More
National-Insurance-NIC-Class-2-Class-4-

NIC thresholds change in July

June 26, 2022

NIC thresholds changes National Insurance Contributions (NIC) rates increased for everyone by 1.25 percentage points from 6 April 2022, but the thresholds from which employee NIC are payable are being raised significantly from 6 July 2022 (see table). This means that most employees will have more NIC deducted from their pay in April to June

Read More