by Ruth Clark | Dec 12, 2022 | Uncategorised
The residence nil rate band (RNRB), which is currently £175,000, increases the inheritance tax (IHT) nil-rate band of £325,000 when, in very general terms, the family home is inherited by children, grandchildren or other lineal descendants. Who, what and when? The... 
by Ruth Clark | Sep 23, 2022 | Uncategorised
Taxpayers – Tax Cuts effective from 6th April 23 Income tax Cut the basic rate of income tax to 19% Currently, people in England, Wales, and Northern Ireland pay 20% on any annual earning between £12,571 to £50,270 45% higher rate of income tax abolished One single... 
by Ruth Clark | Sep 22, 2022 | Uncategorised
Trading Allowance: The trading allowance is a tax exemption of up to £1,000 a year for individuals with trading income from: Self-Employment Casual services, for example, babysitting or gardening. Hiring personal equipment, for example, power tools If the annual gross... 
by Ruth Clark | Aug 19, 2022 | Uncategorised
We have previously discussed issues around changing the accounting date in 2023/24: the transition year to the ‘tax year’ basis of assessment for unincorporated businesses. The additional profits arising in the year (after set-off of any overlap profits brought... 
by Ruth Clark | Jun 29, 2022 | Uncategorised
If you are unlucky enough to be fined for a late filing, then the way in which any appeal can be made changed as of May 7. Prior to this, HMRC had temporarily reintroduced the ability to bulk appeal late filing penalties for income tax in 2020 and 2021. But from now... 
by Ruth Clark | May 16, 2022 | Business, HMRC, Uncategorised
The government is increasing dividend tax by 1.25%, and this will have an impact on shareholders, not least those of family and owner-managed companies. The reaction to this announcement might be to withdraw as much as possible before 6 April 2022 to reduce their...