Reduction in higher rate of 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 …
Employer-provided equipment – Tax implications for employees of working from home
Since the start of COVID-19 in March 2020, the number of people working from home in the UK has dramatically increased. As of January 2023, …
Advertising or promotion verses entertainment or hospitality – Which is allowable?
To be allowable as a tax deduction whether under the corporation tax or income tax rules, most expenses must be incurred ‘wholly and exclusively for …
The confusion surrounding the VAT reverse charge
VAT can be confusing at the best of times, with the reverse charge being arguably one of the more complex applications. It does not help …
Training costs and the self-employed
A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether the costs are …
Reform of the High-Income Child Benefit Charge
The High-Income Child Benefit Charge (HICBC) is a tax charge that operates to claw back child benefit where the claimant and/or their partner have adjusted …
Make the most of your ISA allowance
Rising interest rates mean that individuals may now be paying tax on their savings income which previously they received it tax free. Where this is …
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 …
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 National …
Changes in Taxes and Benefits from Spring Budget 2024
On 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, unveiled the Spring Budget, outlining key reforms aimed at simplifying …
Efficient Payroll Services for UK Construction Businesses
Payroll management in the construction industry can be challenging due to the complex nature of the work, varying rates of pay, and compliance with tax …
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 …
