Ukraine has been offered a helping hand by the UK Government to rebuild its economy in the wake of the Russian invasion. Talks between the two nations have led to plans to pursue a new digital trade agreement to help Ukrainian businesses trade more effectively with the UK. International Trade Secretary Anne-Marie Trevelyan met officials […]
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Under present legislation any transfer of assets between couples who are separating, or divorcing are free of any Capital Gains Tax (CGT) liability as long as the assets are transferred during the year of separation/divorce. This places undue pressure on couples to complete these transfers in time to qualify for the CGT exemption. Based on […]
To keep your earnings in sync with increases in prices is becoming progressively difficult. Most individuals – whether employed or self-employed – would find it unrealistic to secure pay rises (if employed) or price increases (if in business) unless the demand for their goods or services was high. If most taxpayers cannot match price increases […]
There is no tax to pay on trading income or earnings from land and property as long as the income from each source does not exceed £1,000. Trading allowance The trading allowance is a tax exemption of up to £1,000 a year for individuals with trading income from: self-employment. casual services, for example, babysitting or […]
The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else. You can let out as much of your home as you want. The tax exemption is […]
1 September 2022 – Due date for Corporation Tax due for the year ended 30 November 2021. 19 September 2022 – PAYE and NIC deductions due for month ended 5 September 2022. (If you pay your tax electronically the due date is 22 September 2022) 19 September 2022 – Filing deadline for the CIS300 monthly […]
Thousands of homeowners who have been paying doubled ground rent on their leasehold properties are to receive a refund. Many of the 5,000 households throughout the UK affected by ‘doubling clauses’ will receive a windfall and will see more money in their pockets each month as ground rents return to their original amount. The announcement […]
Starling Bank has proved unstoppable in the latest large scale banking surveys, coming top for business and personal accounts. Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The surveys also covered the quality of online and mobile provision, […]
Struggling families have been given the welcome news that their broadband bills could be cut as the cost-of-living crisis continues to bite. Millions of low-income households could be eligible for cheaper deals with internet service providers being encouraged by the Government to offer ‘social tariffs’. A new service, which goes live this week and is […]
Late taxpayers will be facing higher interest rates from this week following the rise in the Bank of England base rate. HMRC’s interest rates for late payment are linked to the base rate that was increased to 1.75% from 1.25% earlier this month. The changes will come into effect on: 15 August 2022 for quarterly […]