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 …
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 …
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 …
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 …
