The trading allowance enables an individual to earn up to £1,000 from self-employment, the provision of casual services (such as gardening or babysitting) or from hiring out personal equipment without having to pay tax on that income or tell HMRC…
Changes to the dividend allowance were announced in the Chancellor’s autumn statement and will come into effect from April 2023. The Dividend Allowance The dividend allowance is available in addition to the personal allowance. It allows all taxpayers regardless of…
We’ve pulled together some useful dates and deadlines for business owners as they navigate 2023. Whilst most dates remain unchanged from one year to the next, a handy reminder is always welcome. Personal Tax Dates and Deadlines With Blue Monday…
The VAT default surcharge has been replaced with new VAT penalty and interest rules. The new regime applies to VAT accounting periods beginning on or after 1 January 2023. The changes aim to simplify and separate penalties and interest What…
This article was initially published in January 2022 back when now Prime Minister Rishi Sunak was Chancellor. In the 2021 Autumn Statement Rishi Sunak announced a 6.6% increase to the national living wage. Fast forward 12 months and in this…
Chancellor, Jeremy Hunt, has delivered the Autumn Statement detailing his plan to tackle the cost of living crisis and rebuild our economy with a focus on stability, growth and public services. Here are the main highlights from the Autumn Statement: The additional…
Five ways to save IHT. Inheritance tax is often described as a voluntary tax. While most of us do not know in advance when we are going to die, there are steps that you can take to reduce the amount…
As the cost-of-living crisis deepens, many employees are looking to save money. One option is to cut the cost of the commute by cycling to work. There can be tax benefits for this too. Exemption for employer-provided cycles Employees can…
If you operate your business as a personal or family company, you will need to extract some or all of the profits if you wish to use them personally. When it comes to tax, not all profit extraction methods are…
Although spouses and civil partners are taxed independently, there are some tax breaks available. One of these is the ability for spouses and civil partners to transfer assets between them at a value that for capital gains tax gives rise…
