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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

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

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

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

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

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

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

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

Tax-free Personal Allowance

Q. I have a part time job and I earn about £9,000 a year. As my earnings are less than the tax-free personal allowance, can I transfer the unused amount to my husband? A. A spouse o...
/news/tax-free-personal-allowance.htm

Autumn Budget 2018 - tax treatment of expenses for unpaid officeholders

The government will legislate in Finance Bill 2019/20, so that expenses paid or reimbursed to unpaid office-holders are exempt from income tax when incurred because of their voluntary duties. This ...
/news/autumn-budget-2018---tax-treatment-of-expenses-for-unpaid-officeholders.htm

Personal Allowance Transfer

I have a part time job and I earn about £8,000 a year. As my earnings are less than the tax-free personal allowance, can I transfer the unused amount to my husband? Since April 2015, a sp...
/news/personal-allowance-transfer.htm

Termination payments consultation – eg. redundancy payment

Termination payments consultation – eg. redundancy payment Following a recent consultation, the Office for Tax Simplification (OTS) is currently consulting on proposed changes to the tax ...
/news/termination-payments-consultation--eg-redundancy-payment.htm

Can my partner transfer their personal allowance to me?

Q. I am employed and pay tax on my salary at the basic rate through PAYE. I have no other income and do not complete an annual self-assessment return. My wife works part-time and earns £10,00...
/news/can-my-partner-transfer-their-personal-allowance-to-me.htm

Gift Aid tax relief

Gift Aid tax relief   This year, many charities have been heavily impacted by the coronavirus pandemic and have struggled to raise funds. Highlighting the prospects of tax reliefs on d...
/news/gift-aid-tax-relief.htm
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