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
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
Losing your personal income tax allowance Read More »
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
Exempt gifts paid out of income Read More »
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
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
NMW non-compliance penalties Read More »
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
Cause for optimism? Read More »
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
Tax when you sell property Read More »
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
Full expensing started 1 April 2023 Read More »
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
VAT guidance for overseas sellers Read More »
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
Scotland’s increased social security benefits Read More »