The high marginal tax rates created by phasing out the personal allowance are back in the news. … More 60% income tax reappears
With strikes and cancellations affecting trains, the underground and flights, employers need to decide how they are going to treat employees who cannot get into work or are stuck overseas. … More Planes, trains and automobiles – managing employees’ transport challenges
The widening scope of Making Tax Digital (MTD) is highlighting several issues, including the limited availability of the MTD for income tax pilot scheme, and low awareness of the recent expansion of MTD for VAT to all VAT registered businesses. … More Are you on top of Making Tax Digital’s latest developments?
No fault divorce became a reality in April. Although it brought no associated changes to the tax rules, divorcing couples should now be in a better position to focus on financial issues – particularly important if not using a lawyer or solicitor. … More Tax implications of no fault divorce
Many individuals donate to charity simply for altruistic reasons, but this doesn’t mean the tax benefit should be ignored. With Gift Aid donations saving tax at an individual’s marginal rate, donors need to watch out for any pitfalls that might preclude relief. … More Charitable giving pitfalls￼
In late May, the Chancellor announced new measures to counter the rising cost of living, in particular energy prices. … More The Chancellor’s May economy statement: all about energy￼
Although showing a slight improvement from March, the number of company insolvencies in April of this year was more than double the number from April 2021. This shows just how important it is to get advice sooner rather than later if your company is experiencing problems. … More Company insolvencies on an upward trend
HMRC has decommissioned its interactive PDF that businesses have been using to submit up to 150 P11Ds. For 2021/22, former users will instead have to turn to HMRC’s PAYE online service or use commercial payroll software. … More HMRC withdraws P11D PDF alternative￼
Making Tax Digital (MTD) will become mandatory for the self-employed and landlords in 2024. Although there is no major news, a recent webinar co-hosted by HMRC has shed more light on the sign-up process, the use of spreadsheets and joining the pilot scheme. … More Making Tax Digital update
Our April 2022 newsletter is out now, exploring changes to NICs, National Living Wage, directors’ loan tax, second home tax loophole closing and much more.