Please find the link to our summary of the Spring Budget delivered by the Chancellor Jeremy Hunt on Wednesday 15 March. After presenting a Budget-in-all-but name with the Autumn Statement, the Spring Budget was delivered against the backdrop of a day of widespread industrial action. The run-up to the event appeared deliberately downplayed, save for … More Spring Budget 2023
Most directors and employees will already have been issued a tax code for the 2023/24 tax year, and it is important to check the figures as a very large proportion of codes will be incorrect. If you’ve been subject to an error, this could mean a future corrective tax bill.
… More Pay attention to tax codes
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
For owner-managed companies, bonuses, dividends and remuneration will become yet more complex in the new tax year. With the corporation tax increase and dividend rates now confirmed by the Government, the dividend vs remuneration decision for owner-managed companies is likely to become more complicated in 2023/24, particularly when it comes to bonuses. Historically, it was … More Dividends vs remuneration: the corporation tax quandary
There is no certainty of all the measures surviving, but September’s Growth Plan was good news as far as tax is concerned for owner-managers, with the rates of corporation tax, national insurance contributions (NICs) and dividend tax all cut. The cuts Directors will also benefit from the proposed 1% cut to the basic rate of … More Tax relief for owner-managers
New data from HMRC show the Treasury’s inheritance tax (IHT) receipts have doubled since 2012/13. Source: HMRC. Of all the various taxes levied in the UK, IHT is one of the most peculiar: New figures from HMRC show that in 2021/22 the IHT receipts rose by nearly 14%, with the average IHT bill faced by … More Inheritance tax receipts double in a decade
The rise of mini umbrella company fraud continues to concern HRMC which has recently updated its guidance for businesses that either place or use temporary labour. Mini umbrella companies can be used to abuse the VAT flat rate scheme and the national insurance contribution (NIC) employment allowance. The VAT flat rate scheme can only be … More The rise of mini umbrella company fraud
The high marginal tax rates created by phasing out the personal allowance are back in the news. … More 60% income tax reappears
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
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