What to do if you receive one of HMRC’s nudge letters
HMRC believes that not everyone is paying the correct amount of tax, estimating what it terms as ‘the tax gap’ as being ‘4.8% of total …
Tax implications of buying a customer list
Many businesses begin by buying a customer list from another similar business, sending out marketing adverts rather than waiting to build their own client base …
Marriage allowance – A possible tax break for married couples or civil partnerships
Despite 4.2 million couples being eligible for the tax break, only 1.8 million are claiming the marriage allowance (MA) – a benefit worth £252 a …
Capital gains tax year-end planning
No one wants to pay more tax than they need to and, where possible, disposals should be timed to ensure that the best result is …
Have you used your 2023/24 dividend allowance?
As we move into the final months of the 2023/24 tax year, it is time to give some thought to whether you have used your …
Cash basis extended
If you are running an unincorporated business, either as a sole trader or as a partnership comprising only partners who are individuals, you can use …
National Insurance cut for employees and directors
In his November 2023 Autumn Statement, the Chancellor announced a reduction in the main primary rate of Class 1 National Insurance from 12% to 10%. …
NIC payable by the self-employed from April 2024
The self-employed have historically paid two classes of National Insurance – Class 2 and Class 4. However, this is set to change from April 2024 …
Beware property PM partnerships involving hybrid arrangements
HMRC have recently published a spotlight warning landlords to avoid schemes offering hybrid property arrangements that purport to save tax. HMRC’s view is that the …
Divorce and the former marital home
On separation or divorce, it is common for one spouse to move out of the family home and for the other spouse to continue to …
When does the period of ownership for PRR start?
Private residence relief (PRR) removes the capital gains tax charge that would otherwise arise on a gain on the disposal of an only or main …
PAYE settlement agreements – What are they and how do you set one up?
The usual method of declaring employees’ benefits in kind and taxable expenses is via the annual P11D form submission. Employers can also ‘payroll’ these benefits …
