Private residence relief prevents a tax charge from arising if there is a capital gain when a person sells a property that has been their only or main home throughout the period that they have owned it. Where the property has been the only or main home for some but not all of the period
What Counts as A Garden for Private Residence Relief? Read More »
When it comes to tax relief for expenditure, not all expenditure is equal. The relief, if any, that is available, depends on whether the expenditure is capital or revenue, and for capital expenditure on whether the accounts are prepared on the cash basis or the accruals basis. When doing up a property, it is important
Splitting Capital and Revenue Expenditure Read More »
Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work out the tax that each joint owner is liable to pay. The ways in which income from jointly-owned property is taxed depends on the relationship between the owners. Joint Owners Are Not
Allocating Income for Tax When Property is Jointly Owned Read More »
Plastic packaging tax is a new tax that comes into effect from 1 April 2021. The tax has a green agenda – its aim is to reduce the amount of plastic packaging that does not contain at least 30% recycled plastic. Liability The tax applies to packaging that it predominantly plastic by weight and
Plastic Packaging Tax – Who Is Liable? Read More »
Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now. While the changes do not come into effect for a year, applying from the financial year 2023 which starts on 1 April 2023, their impact will be felt sooner where
Corporation Tax Increases Soon to Take Effect Read More »
To encourage employers to employ armed forces veterans, a new relief was introduced with effect from 6 April 2021 where an employer took on an armed forces veteran in the first year of their first civilian employment since leaving the armed forces. Nature Of the Relief Under the relief, an employer only pays secondary
Claiming NIC Veterans’ Relief from April 2022 Read More »
For 2022/23 only, the rates of Class 1 (employer and employee) National Insurance contributions are increased by 1.25 percentage points, along with the rates of Class 1A, Class 1B, and Class 4 contributions. The NIC increases are a temporary increase pending the introduction of the Health and Social Care Levy from 6 April 2023. The
Identifying NIC Increases on The Payslip Read More »
Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for VAT-registered traders whose turnover for VAT purposes was above the VAT registration threshold of £85,000.
MTD for VAT for All Read More »
Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022, unless they have been payrolled or included within a PAYE Settlement Agreement. Taxable expenses and benefits should be reported to HMRC on form P11D. A P11D is needed for each employee for whom
Filing 2021/22 Expenses and Benefits Returns Read More »
To help meet the costs of health and adult social care, a new levy, the Health and Social Care Levy, is introduced from 6 April 2023. Payment of the levy, which is set at the rate of 1.25% of qualifying earnings, is linked to the payment of National Insurance contributions. Prior to the introduction of
Employed? What The Forthcoming National Insurance Increases Will Mean for You Read More »
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