The Bank of England’s Monetary Policy Committee (MPC) met on 1 August and in a very close 5-4 vote decided to reduce interest rates by 25 basis points to 5%. The 4 remaining members voted to keep the
The number of people classed as economically inactive has spiraled to 9.4 million.
Data published by the Office for National Statistics (ONS) shows the percentage of people employed has fallen to
New UK Science Secretary, Peter Kyle, has put Artificial Intelligence or AI at the heart of the government’s agenda to deliver change, sustained economic growth and improved public services.
The
1 September 2024 – Due date for corporation tax due for the year ended 30 November 2022.
19 September 2024 – PAYE and NIC deductions due for month ended 5 September 2024. (If you pay your tax
There are special rules concerning the liability to IHT of a transfer made during one’s lifetime. For example, most gifts made during a person’s life are not subject to tax at the time of the gift.
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small capital
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any
The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25%. A Small Profit Rate (SPR) of 19% applies to companies with profits of up to
The VAT Import One Stop Shop (IOSS) Scheme applies to goods imported in consignments with a value of £135 or less (known as low value goods) from countries outside the EU and Northern Ireland, to
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. When the relief if available, Capital Gains
In the coming months we will start to see how our new government intends to change the UK tax rules to further its economic growth agenda.
Whatever they decide to do, readers who presently benefit
Ever wondered how your stake in your business is represented in your accounts?
The answer can be found at the bottom of your balance sheet. Simply put it is the value of your physical business assets
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you sell shares unless they are in a CGT free investment such as an ISA or qualifying pension.
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free.
HMRC’s guidance provides the following list of the most common
The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate for all other children is £16.95.
Taxpayers entitled to the child benefit should be aware that
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