There are some helpful tax breaks for spouses and couples – both those who are married and those in a civil partnership. An important one can be the ability to transfer assets between them without any impact to capital gains tax. Sometimes this can be useful for tax planning. Capital gains – no gain, no […]
When you sell an asset, such as property, stocks or valuable possessions and you make a profit, Capital Gains Tax (CGT) may apply. In this blog, we look at what Capital Gains Tax is, who needs to pay it and how you can navigate your tax obligations. What is Capital Gains Tax? Capital Gains […]
Inheritance Tax is increasingly important to our clients, led by the rapid rise in property prices over recent decades and the fact that the inheritance tax threshold has remained static since 2009. How much is inheritance tax and will it apply to my estate? Each individual in the UK qualifies for a Nil […]
Have you ever had a suspicious phone call or email claiming to be from HMRC? Unfortunately, the number of fraudsters targeting small business owners, the self-employed and other individuals is rising all the time. According to the National Cyber Security Centre, HMRC was the third most spoofed government body in 2022, behind the NHS and […]
To help address the rising cost of living, many people are finding ways to increase their income with what’s known as a ‘side hustle.’ Perhaps you’re taking in ironing for your neighbours, or delivering food for a local takeaway. You might be employed by a business already and are doing this additional work on the […]
As you may know, everyone must make approximately 35 years of National Insurance contributions to get a full state pension. If your NI record commenced before 6 April 2016, you might need to top up your record. Address National Insurance gaps from the last 17 years Normally you can only top up your NI contributions […]
New HMRC rules mean that you’ll get penalty points if you submit a VAT Return late. We explain how the new system works and how you can avoid a £200 penalty. HMRC has introduced a new penalty system for VAT return periods. The new approach started on 1 January 2023 and applies to payments due […]
On Wednesday March 15 Jeremy Hunt presented the Spring budget 2023. He took a positive tone, leading with the news that the UK will not enter recession this year. Mr Hunt said: “Today the Office for Budget Responsibility forecast that because of changing international factors and the measures I am taking, the UK will not […]
Government U-turns and delays have made it harder than ever to keep up with the changes in tax due this year. Here’s a quick round up of the tax changes in 2023 to help you make sure there are no unwelcome surprises. Extended freeze on income tax thresholds The freeze on income tax thresholds […]
From April 2026, sole traders earning over £50,000 will say goodbye to the traditional self-assessment. People in this bracket will have to then use Making Tax Digital (MTD) for their income tax. The following year, in April 2027, this will apply to any sole trader earning over £30,000. This timetable has changed – the initial […]