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Budget update 2020-Corporation tax changes for non-UK resident companies with UK property income

Corporation tax changes for non-UK resident companies with UK property income Changes are being made to ensure that Finance Act 2019 rules enacted to bring non-UK resident companies that carry ...
/news/corporation-tax-changes-for-non-uk-resident-companies-with-uk-property-income.htm

Budget update 2020-Income tax automation challenges

Income tax automation challenges A technical change is being made to confirm that processes used by HMRC to carry out certain functions, including the issue of notices to file self-assessment t...
/news/income-tax-automation-challenges.htm

Budget update 2020-Income tax and NI exemptions for bursary payments to care leavers

Income tax and NI exemptions for bursary payments to care leavers The government has confirmed that it will implement all but one of the recommendations made by Sir Amyas Morse in his review of...
/news/income-tax-and-ni-exemptions-for-bursary-payments-to-care-leavers.htm

Can I offset a shortfall against my income?

Q. Two years ago, I sold my business to a company for £200,000 cash up front. There was also an earn-out deal that would see me receive a percentage of sales above a certain hurdle. This was ...
/news/can-i-offset-a-shortfall-against-my-income.htm

Spring Budget 2021 - Income Tax & Dividend Rate Bands

Income Tax Rate Bands Once the individual’s Personal Tax Allowance has been exceeded the balance is then taxed as follows:  Rest of UK Income Tax Rates 2021-22 ...
/news/spring-budget-2021---income-tax--dividend-rate-bands.htm

Self Employed Income Support Scheme (SEISS) Extension

Self Employed Income Support Scheme (SEISS) Extension General Notes The individual can make the second claim even if they did not make the first one. This may have been due to missing t...
/news/self-employed-income-support-scheme-seiss-extension.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

Child Benefit Clawback

Child Benefit Clawback If your net taxable income last year was £50,000 or more you will shortly receive a letter from the Tax Office about child benefit. You can safely bin this message ...
/news/child-benefit-clawback.htm

Renting your driveway - tax free!

Renting your driveway - tax free! Finding a parking space in a town centre or near to the station is often frustratingly limited. So, if you have a driveway, field or land that can be utili...
/news/renting-your-driveway---tax-free.htm

What are the tax implications of renting out a room?

Q. I have recently become unemployed due to the coronavirus pandemic, so I am going to rent a room out in my home to get some extra income. What are the tax implications if this is my only source o...
/news/what-are-the-tax-implications-of-renting-out-a-room.htm

Rent a room scheme

Rent a room scheme   Although Budget 2017 announced that the Government intends to review the rent-a-room scheme, it currently remains a tax-efficient way of letting out a spare r...
/news/rent-a-room-scheme.htm

Reducing the Child Benefit Tax Charge

Reducing the Child Benefit Tax Charge You may have received a letter from HMRC about the high income child benefit charge (HICBC), which is designed to claw-back child benefit from high earners...
/news/reducing-the-child-benefit-tax-charge.htm

MTD (Making Tax Digital) update – When will this be mandatory?

HMRC's pilot of Making Tax Digital (MTD) for income tax has been extended and is now able to accept quarterly updates from individual landlords with simple tax affairs. We as agents can also si...
/news/mtd-making-tax-digital-update--when-will-this-be-mandatory.htm

Spring Budget 2017 - Businesses

Businesses Making Tax Digital for Business The provisions for the government's Making Tax Digital project will be legislated for in Finance Bill 2017. However, the mandatory start date ...
/news/spring-budget-2017---businesses.htm
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