Landlords are latest group targeted by HMRC ‘nudge’ letters
Residential landlords are the latest group to have been targeted in receiving ‘nudge’ letters from HM Revenue & Customs (HMRC). The letters are part of a targeted ‘nudge’ campaign from HMRC to remind landlords of their obligation to declare their
What is the Residence Nil-Band Rate? And why does it matter to you?
The Residence Nil Band Rate (RNRB) was introduced by the Government in 2017 and benefits families passing on their main property to a direct descendent. Since its introduction, millions of families around the UK have benefitted from its ability to
Fiscal drag bites on earners
Changes to personal tax allowances and higher interest rates have seen a growing number of people being affected by fiscal drag. Fiscal drag is the phenomenon where taxpayers are pushed into higher tax brackets due to wage increases as they
Changes to the repayment of Student Loans begin in August
The way in which Student Loans are repaid is changing and employers need to be prepared. Currently, graduates and students who have taken out student loans are required to repay their loan when they earn an annual salary of £27,295
P11D – Are you ready to report and pay tax on Benefits in Kind?
Benefits in Kind (BIK) cover a number of different perks or additional payments made by employers to their employees. They can include any of the following: Private Healthcare Loans Company cars Loans Gym memberships And much more. The above are
SMEs to benefit from Chancellor’s change to the Research & Development tax credits schemes
Chancellor Jeremy Hunt announced a partial reversal to the SME Research & Development (R&D) tax credit cuts in the recent Spring Budget after facing months of pressure. Startups had warned that the cuts, first announced last November in the Autumn Statement, would
Chancellor abolishes Lifetime Allowance pensions shake-up
The abolition of the pensions Lifetime Allowance, (LTA) which was announced in the Spring Budget, releases people to save as much as they like into their schemes. Chancellor Jeremy Hunt abolished the allowance, which is the limit on how much people
How does Full Expensing work?
Chancellor Jeremy Hunt has announced a partial replacement for the Super Deduction that allows companies to write off 100 per cent of the cost of investment in one go. The Full Expensing scheme was announced in the March Budget. Businesses
Crypto transactions to become part of Self-Assessment under new regulations
The Government has announced there will be greater scrutiny on the reporting of all crypto transactions, including for cryptocurrencies and non-fungible tokens (NFTs). HM Revenue & Customs (HMRC) will now require cryptoasset reporting in Self-Assessment tax returns by requiring separate
How do changes in Corporation Tax affect my business?
Changes to the amount of Corporation Tax (CT) businesses pay came into effect on 1 April. From that date, the main rate of CT rose from 19 per cent to 25 per cent for the most profitable companies. Companies whose
