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
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Tax Diary May/June 2023
1 May 2023 – Due date for corporation tax due for the year ended 30 July 2022.
19 May 2023 – PAYE and NIC deductions due for month ended 5 May 2023. (If you pay your tax electronically the due date
What is profit?
When accountants or other interested parties refer to business profits, they are likely to mean the difference between sales and costs, and more concisely, that sales exceed costs.
However, the word
Letting relief
In general, there is no Capital Gains Tax (CGT) due on the disposal of a property which has been used as the main family residence. This relief from CGT is commonly known as ‘private residence
Tax-free allowance on trading and property income
A reminder that there are two separate annual £1,000 tax allowances for property and trading income. If you have both types of income highlighted below, then you can claim a £1,000 allowance for
Exempt gifts paid out of income
There is a flexible exemption from IHT for taxpayers who make tax exempt gifts and payments that are paid as normal expenditure out of income. With proper planning this can be a useful tool to enable
Losing your personal income 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
NMW non-compliance penalties
Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers must pay their
Students and tax
Students that work may need to pay Income Tax and National Insurance. Employers are required to calculate the amount of tax they need to pay on the basis that the students would be working for the
Cause for optimism?
As we have moved into the new tax year, since 6 April 2023, the March hares have had their opportunity for madness and there is just a glimmer of warmer weather ahead. And perhaps, we may even witness
Claim tax relief for charitable donations
The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and, provided all the qualifying conditions are met,
Scotland’s increased social security benefits
There has been a 10.1% increase in twelve Scottish government grants that are delivered through Social Security Scotland. Seven of these benefits are only available North of the border.
The Scottish
VAT guidance for overseas sellers
New simplified VAT guidance for overseas sellers has been published by HMRC. The guidance also includes a new translation into simplified Mandarin to help support Chinese retailers that sell goods
Full expensing started 1 April 2023
The new 100% first-year capital allowance for qualifying plant and machinery assets known as full expensing came into effect on 1 April 2023. This measure expected to help boost business investment
Tax when you sell property
The annual exempt amount applicable to Capital Gains Tax (CGT) has been reduced to £6,000 (from £12,300) for the new 2023-24 tax year.
CGT is normally charged at a simple flat rate of 20% and this
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