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Reporting self-employed profits 2023-24

Reporting self-employed profits 2023-24

The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30

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Transferring IHT unused nil rate band

Transferring IHT unused nil rate band

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent, such

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CIS contractors monthly tax chores

CIS contractors monthly tax chores

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as

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Paying tax by Certificate of Tax Deposit

Paying tax by Certificate of Tax Deposit

The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay tax liabilities. The date that the certificate was purchased was known as the effective date of

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National Living Wage potential boost

National Living Wage potential boost

The government looks likely to accept the recommendations of the Low Pay Commission with a boost to the National Living Wage rate.

In summary:

National Living Wage will rise to two-thirds of

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Community Investment Tax Relief scheme

Community Investment Tax Relief scheme

The Community Investment Tax Relief (CITR) scheme is designed to encourage investment in accredited Community Development Finance Institutions (CDFIs). The tax relief under the scheme is available to

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Unclaimed Child Trust Fund Accounts

Unclaimed Child Trust Fund Accounts

HMRC has published their latest statistics on Child Trust Funds (CTFs) that reveal that whilst around 500,000 accounts have now matured, there remains some 430,000 funds that have matured but remain

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Replacement of domestic items relief

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

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VAT Capital Goods Scheme

VAT Capital Goods Scheme

The VAT Capital Goods Scheme (CGS) is a means of spreading the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution

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Charity Trustees Quiz

Charity Trustees Quiz

The Charity Commission has launched the next phase of its trustee campaign which aims to increase charity trustees’ knowledge and drive a positive change in charities’ governance.

The campaign

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