Finance & Accounting>Income Tax
Income tax rates and allowances for 2024/25
The 2024/25 tax year starts on 6 April 2024. Although many of the rates and thresholds are the same as for 2023/24, there are some
April 13, 2024
NIC
NIC cuts and what they mean for you
As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 NIC.
April 10, 2024
Business rates
Business rates for 2024/25 and changes to empty property relief
Business rates, rather than council tax, are payable on non-domestic properties. The rates are worked out by applying the relevant multiplier to the property’s rateable
April 6, 2024
SDLT Purposes
End of multiple dwellings relief for SDLT
As announced at the time of the Spring Budget, multiple dwellings relief for stamp duty land tax (SDLT) is to be abolished from 1 June
April 4, 2024
Residential Property Gains
Capital gains tax on residential property gains
For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only is taxed charged at a higher rate, but taxpayers also
April 3, 2024
CGT trap
Inflationary gains and the CGT trap
The current capital gains tax rules do not provide any relief for inflationary gains. This can mean that when an investment property or second home
March 21, 2024
Investment property
Calculating the capital gain on the sale of an investment property
Rising interest rates have forced many landlords to sell up. When selling an investment property, capital gains tax is payable at the residential rates to
March 19, 2024
Splitting a company
Splitting a company –Tax efficiently
Most private companies start as sole owner-managers; roll on a few years and some will have grown such that family members may also work for
March 18, 2024
Rental Income
Boost your income by letting out your spare room
As the cost-of-living crisis continues to bite, the idea of earning tax-free income is appealing. If you have a spare room, you can make this
March 16, 2024
Work Clothes
Work clothes – Can they be claimed against tax?
Whether a claim for the cost of work clothes is tax deductible is covered by the general rule for deduction of any expenses incurred by
March 15, 2024
Overnight Expenses
Incidental overnight expenses –A little known tax break
Expenses incurred by an employee on behalf of a company can only be reimbursed under the ‘wholly, exclusively and necessarily’ rules for work undertaken ‘in
March 13, 2024
Tax code
Understanding your tax code
Tax codes are fundamental to the operation of PAYE. If your tax code is correct, you should pay the right amount of tax on your
March 12, 2024
Tax Allowances
Making use of your inheritance tax allowances
It is often said that inheritance tax (IHT) is a voluntary tax, and one that can be avoided if you give away sufficient assets at
March 11, 2024
Annual exempt amount
Dispose of assets before 6 April 2024 to take advantage of the higher annual exempt amount
Individuals making capital disposals do not pay capital gains tax if their net gains for the tax year (chargeable gains less allowable losses for the
March 7, 2024
National Insurance
Check your National Insurance record
Paying National Insurance contributions allows individuals to earn qualifying years, which in turn provides them with entitlement to the state pension and certain contributory benefits.
March 6, 2024
Selling online
Selling online – When do you need to tell HMRC?
Earlier in the year, it was erroneously reported in the press that new tax rules were coming into force which would mean that anyone selling
March 3, 2024
artificial intelligence
HMRC’s use of artificial intelligence –How AI is assessing the risk of tax evasion by businesses
We are increasingly hearing more and more about artificial intelligence (AI) and how its use can change our way of working both now and in
February 18, 2024
Umbrella Company
Working for an umbrella company –Be aware of the risks
Recruitment agencies often use umbrella companies to pay temporary workers. HMRC confirms that there is no statutory definition of an umbrella company and currently describes
February 17, 2024
Pre trading expenses
Pre-trading expenses –Be aware of the rules
People set up in business for a variety of reasons. For some it is a dream that becomes a reality some years later. In working
February 16, 2024
Repairs and improvements
Repairs and improvements – What is the difference and why does it matter?
Work may be undertaken on a property to repair it or to improve it, and it will not always be clear where the dividing line
February 13, 2024