New data reveals that penalties issued by HMRC for not paying the High-Income Child Benefit Charge (HICBC), or paying the incorrect amount, have fallen significantly. However, the number of individuals still in default is estimated at more than 60,000. If the HICBC is payable, an individual is required to submit a self-assessment tax return each … More High-Income Child Benefit Charge: penalties and defaults
With property prices expected to fall during 2023, parents may be thinking about getting their children onto the property ladder. However, although help with a deposit does not raise that many tax issues, joint ownership can have expensive tax consequences. Nearly half of first-time property buyers aged under 35 have received help from the bank … More Tax implications for the bank of mum and dad
With the self-employed and landlords facing a challenging economic environment, the government has again delayed the introduction of the Making Tax Digital (MTD) scheme for income tax self-assessment (ITSA) – this time by two years until April 2026. Although the introduction of MTD ITSA prompted the basis period reform, no corresponding postponement for this has … More Making Tax Digital delayed once more
Small company owners should by now be aware of the corporation tax changes taking effect from 1 April 2023, but with the associated company rules being introduced at the same time, don’t be caught off guard … More Associated company rules changing 1 April
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