You may have been entitled to a Cost of Living Payments of £301 (paid April/May 2023) and should be about to receive £300 (payable early November 2023) and a further £299 due spring 2024. Payments are
Cost of living payments
read more
blog
Trusts and Income Tax
A trust is an obligation that binds a trustee, an individual or a company to deal with the trust assets, such as land, money and shares, and which form part of the trust. The person who places assets
Do you need to pay tax when you sell your home?
In general, there is no Capital Gains Tax (CGT) when you sell your home. This applies to a property which has been used as the main family residence. An investment property which has never been used
Current State Pension age
The second review of the State Pension age has been published by the Department for Work and Pensions. The State Pension age is currently 66. The review has stated that a further increase in the State
Filling gaps in National Insurance record
National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of National Insurance
Paying tax by direct debit
One of the many ways that payments can be made to HMRC is by using a direct debit. The direct debit can be set up online.
You can pay your tax bill using direct debit if you have an online account
Taxable gains on gifts
Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are
Cash flow v supplier credit limits
In a recent article we explained how granting lengthy credit limits to customers was as good as letting them keep your money in their bank account.
In this post we describe the opposite situation,
Back of an envelope
If you run a business and manage your planning by scribbling notes on the back of an envelope, you might be advised to read the contents of this article.
When the economy is vibrant, effectively when
Replacement of domestic items relief
The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The
Tax free annual party
The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below, then there is no requirement to report
Self-Assessment scam warning
Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for the submission of Self-Assessment returns for the 2022-23 tax year. In the 12 months to September 2023,
Scottish council tax frozen
Humza Yousaf, Scotland’s First Minister, has announced that council tax rates will be frozen in the next financial year to support people struggling with the effects of high inflation.
First
Countdown to Self-Assessment filing deadline
There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The deadline is 31 January 2024. The deadline for paper returns ended on 31 October 2023.
You should also be
Loss of personal tax allowance
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt
Small Business - Smart Thinking - because YOUR ACCOUNTS MATTER
