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Spreading Household Income

Spreading Household Income   This is a good time to look forward to 2012/13 and assess who will be earning what in your family. The level of personal allowances (tax free income) have ...
/news/spreading-household-income.htm

Property income

Property income  Currently, individual landlords can deduct their costs - including mortgage interest - from their profits before they pay tax, giving them an advantage over other home buy...
/news/property-income.htm

Spring Budget 2017 - New tax allowance for property and trading income

New tax allowance for property and trading income Two new income tax allowances of £1,000 each, are to be introduced for trading and property income. These new allowances will take effect...
/news/spring-budget-2017---new-tax-allowance-for-property-and-trading-income.htm

Taxable income - Switching to the cash basis

Taxable income - Switching to the cash basis  Many small, unincorporated businesses choose to use the 'cash basis' for working out taxable income. Under this method, participants w...
/news/taxable-income---switching-to-the-cash-basis-.htm

Transferring your share of property income to your spouse or civil partner

Transferring your share of property income to your spouse or civil partner There is an unfounded belief that couples are taxed on rental income received based on their percentage holding of the...
/news/transferring-your-share-of-property-income-to-your-spouse-or-civil-partner.htm

Autumn Budget 2017 - Individuals Personal allowance and income tax threshold

Autumn Budget 2017 - Individuals Personal allowance and income tax threshold The personal allowance for 2018/19 is set at £11,850 (£11,500 in 2017/18), and the basic rate limit will...
/news/autumn-budget-2017---individuals-personal-allowance-and-income-tax-threshold.htm

Penalties on Offshore income and the ‘Requirement to Correct’ (RTC) rule

Penalties on Offshore income and the ‘Requirement to Correct’ (RTC) rule Broadly, a UK-resident taxpayer has a responsibility to notify HMRC of any taxable offshore income they...
/news/penalties-on-offshore-income-and-the-requirement-to-correct-rtc-rule.htm

Property rental income split between spouses...

Q. I am an employee and am liable to income tax at the higher rate. I also receive income from a rental property that I own. My wife does not work. If I instruct the tenants to pay the rent directl...
/news/i-am-an-employee-and-am-liable-to-income-tax-at-the-higher-rate.htm

Autumn Budget 2018 - Personal allowance and income tax threshold

The personal allowance for 2019/20 is set at £12,500 (£11,850 in 2018/19) The basic rate limit will be increased to £37,500 (£34,500 in 2018-19). As a result, the hi...
/news/autumn-budget-2018---personal-allowance-and-income-tax-threshold.htm

HMRC reaffirm income tax charge on winding up

HMRC reaffirm income tax charge on winding up HMRC have published Spotlight 47, which provides guidance on tax avoidance schemes that try to avoid the income tax charge on distributions when a ...
/news/hmrc-reaffirm-income-tax-charge-on-winding-up.htm

New NIC treatment of termination payments to align with Income Tax

New NIC treatment of termination payments to align with Income Tax The National Insurance Contributions Bill was introduced into Parliament on 25 April 2019. The Bill contains provisions design...
/news/new-nic-treatment-of-termination-payments-to-align-with-income-tax.htm

State Pension: Is the state pension lump sum taxable?

State Pension: Is the state pension lump sum taxable? The lump sum is taxed as income. In simple terms, the rate of tax that applies to the lump sum will be the highest rate that applies to you...
/news/state-pension-is-the-state-pension-lump-sum-taxable.htm

Dividend Allowance

Dividend Allowance – The Government’s attempt to match an incorporated business’s tax to that of a sole trader – See below for the facts and my view Legislation included...
/news/dividend-allowance-.htm

Use gift Aid to save tax

HMRC have recently highlighted that charities are collectively missing out on some £600m extra funding because a third of donations made do not add Gift Aid when they could have don...
/news/use-gift-aid-to-save-tax.htm

Budget Update - Individuals

Budget Update - Individuals   Personal Allowances These allowances represent the amount of an individual's income in the tax year that is not subject to income tax. Some people...
/news/budget-update-individuals.htm
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