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Declare COVID support payments received

Declare COVID support payments received

HMRC is reminding Self-Assessment taxpayers that they must declare COVID-19 grant and support payments in their tax return for the 2021-22 tax year.

Most COVID support scheme grants are treated as

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VAT – partly exempt businesses

VAT – partly exempt businesses

A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes.

This means that the business is required to make an apportionment between the

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More on HMRC payment plans

More on HMRC payment plans

Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.

An

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Basis of assessment changing

Basis of assessment changing

Forthcoming ‘basis of assessment’ reforms will change the way trading income is allocated to tax years for the self-employed. The changes will affect sole traders and partnerships that use an

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Autumn Statement Summary

Autumn Statement Summary

The new Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons against a backdrop of a worsening cost of living crisis and with confirmation from the

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Private pension contributions tax relief

Private pension contributions tax relief

Under current rules, you can claim tax relief for your private pension contributions within certain limitations.

The current annual allowance for tax relief on pension contributions is £40,000. You

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HMRC interest rate changes

HMRC interest rate changes

Following the recent increase in the Bank of England base rate from 2.25% to 3% HMRC has confirmed there will be changes to the rates of interest they charge.

The BoE’s Monetary Policy Committee

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Tax on dividends

Tax on dividends

The dividend tax allowance was first introduced in 2016 and replaced the old dividend tax credit with an annual £5,000 dividend allowance. Tax was payable on dividends received over this amount. The

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Claiming Corporation Tax losses

Claiming Corporation Tax losses

Corporation Tax relief may be available where a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or

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What your tax code means

What your tax code means

The letters in your tax code signify your entitlement (or not) to the annual tax-free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to deduct from an

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Check a UK VAT number

Check a UK VAT number

The ability to check a UK VAT number is available at: www.gov.uk/check-uk-vat-number.

This service allows users to check:

if a UK VAT registration number is valid; and
the name and address of the

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HMRC launch offshore property owners campaign

HMRC launch offshore property owners campaign

It has been reported by the Chartered Institute of Taxation (CIOT) that HMRC is to launch a new campaign to tackle non-compliance linked to offshore corporates owning UK property. HMRC has conducted a

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Gifts to spouse or charity

Gifts to spouse or charity

In most cases, there is no capital gains tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes

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Paying stamp duty on share transfers

Paying stamp duty on share transfers

Stamp Duty is paid on shares bought on a stock transfer form. A stock transfer form is the standard form used for transfers of shares from one person to another. If you use a stock transfer to buy

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