Personal Tax
All Quiet on the Tax Front
September 21, 2023Taxation 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
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The state pension is expected to rise
September 18, 2023The 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.
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Squeeze value out of your losses
February 5, 2023If 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 Filling self assessment
February 5, 2023If 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
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Child benefit
February 5, 2023In 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 Crossing the threshold
February 5, 2023When 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.
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Rent-a-room relief
February 5, 2023When 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
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NIC thresholds change in July
June 26, 2022National 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 and more low
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Back To The Future?
June 26, 2022Back To The Future? It is a tough time for both families and businesses, with higher prices and staff shortages causing difficulties that are witnessed every day, from supermarkets to airports. Those under fifty will struggle to remember such difficult economic times, with inflation at a 40-year high. On 26th May, the Chancellor announced the
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A family view
December 7, 2021A family view 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
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