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Reporting profit for 2023 to 2024
November 30, 2023The fiscal period spanning from 2023 to 2024 is referred to as the ‘transition year.’ When filing your Self Assessment tax return, it is necessary to declare profits earned from the day following your accounting year end in 2022 to 2023, up until April 5, 2024. Key points to consider: You will be reporting profits
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The Economic Crime and Corporate Transparency Bill has become law
November 1, 2023The act introduces measures to enhance our data quality and reliability. It enables faster action against unauthorized use of personal information in the register, benefiting individuals. The key measures include: Implementing identity verification for all company directors, individuals with significant control, and those filing for companies. Expanding my authority to oversee company registration and maintain
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Sharing Best Practice
October 25, 2023Introducing ‘Sharing Best Practice’ Breakfast Events! At these events you will have the opportunity to learn and gain knowledge from our expert speakers who will each share and impart their knowledge and skillset around a particular topic. We are delighted to invite you to attend the first of these events at Chequer Mead on 22nd November
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Extension of NICs top-up period
September 21, 2023NICs top-up period You need at least • 35 complete NICs years to receive the maximum state retirement pension, and • 10 complete NICs years to receive any of the state retirement pension. Where there is a gap in your NICs record, you can normally pay voluntary Class 3 contributions for periods in the last
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When is a dwelling not a dwelling?
September 21, 2023Stamp duty Stamp taxes, whether Stamp Duty Land Tax (SDLT) or its devolved equivalents, are usually higher for residential property than non-residential or mixed-use property. (However, the current nil rate thresholds for SDLT, particularly for first-time buyers, mean that this is not always the case.) ‘Second home supplement’ may also apply to residential property. To
Read MoreHigh inflation expected this autumn
September 13, 2023Jeremy Hunt, the Chancellor of the Exchequer, has issued a cautionary statement, suggesting that the high inflation rate in Britain will impede the possibility of pre-election tax cuts this autumn. This announcement comes in the midst of indications from the Bank of England that another interest rate hike will be implemented next week, aimed at
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Separation to become less taxing
March 15, 2023The government is planning to change the CGT rules for separating spouses. Currently, transfers can be made between couples on a tax neutral basis only up until the end of the tax year of separation (not divorce). This is a tight deadline! Inter-spousal transfers after this deadline may trigger a CGT charge. Yet this would
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Paying up your NICs
March 15, 2023If you haven’t already retired, you need to rack up 35 full years of National Insurance Contributions (NICs) in order to receive the maximum state retirement pension. To receive any amount of state retirement pension, you need at least 10 full years of NICs contributions. Your online personal tax account (at: www.gov.uk/personal-tax-account) will show you
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MTD for income tax is delayed again
March 10, 2023Sole traders and individual landlords have an additional two years to prepare for the new reporting requirements under Making Tax Digital for Income Tax Self-Assessment (MTD ITSA), which is now due to come into effect from 6 April 2026. Those with small levels of sales have even longer to prepare, as the turnover threshold for
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Tight CGT reporting deadline for residences
February 5, 2023Contrary to popular belief, the profit you make when you sell your home, or a former home, is not automatically exempt from CGT. This tax exemption applies to gains that relate to periods in which you lived in the property as your main home. However, it can be extended to certain periods when you were
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