Thousands of couples could be missing the opportunity to reduce their tax by £250 a year. Married couples and people in civil partnerships can sign up for Marriage Allowance, which allows them to share their personal tax allowances if one partner earns below the Personal Allowance threshold of £12,570, and the other is a basic rate taxpayer. Eligible couples, including those who...
Thousands of businesses at risk of import delays
Businesses are being warned they could risk significant delays to importing goods if they don’t move to the UK’s new streamlined customs system. Organisations submitting import declarations must use the Customs Declaration Service from 1 October 2022, when the Customs Handling Import and Export Freight (CHIEF) system will close for import declarations. Businesses should check that their customs agents are ready to...
Businesses unite to create summer offers for struggling families
Families struggling to make ends meet in the cost-of-living crisis will be able to take advantage of special deals over the summer holidays. Some of the UK’s biggest businesses have signed up to offer discounts and deals through the Government’s Help for Households Campaign. Asda, Morrisons, Amazon and Vodafone are among those supporting the initiative with deals designed to reduce costs at...
Up to two thousand tax free
Since 2017, there is no tax to pay on trading income or earnings from land and property as long as the income from each source does not exceed £1,000. Trading allowance The trading allowance is a tax exemption of up to £1,000 a year for individuals with trading income from: self-employment. casual services, for example, babysitting or gardening. hiring personal equipment, for example, power tools. This...
Political hiatus
Now our present Prime Minister has indicated his intention to resign it seems unlikely that a successor will be appointed before September. Which means Boris Johnson’s cabinet are caretakers for the interim period and it is doubtful that there will be any far-reaching changes to UK taxes. The new Prime Minister and his or her Chancellor will want to stamp their authority...
Tax Diary August/September 2022
1 August 2022 - Due date for corporation tax due for the year ended 31 October 2021. 19 August 2022 - PAYE and NIC deductions due for month ended 5 August 2022. (If you pay your tax electronically the due date is 22 August 2022) 19 August 2022 - Filing deadline for the CIS300 monthly return for the month ended 5 August...
Software savings boost for small businesses
More than a million small businesses are now eligible for discounted software through a flagship government scheme after a change to the rules. The Help to Grow: Digital Scheme, which cuts the price of leading software to boost productivity and growth in the UK’s smaller firms, is now available to businesses with just one employee. With Customer Relationship Management software proven to...
Individual Voluntary Arrangements
If you are locked into an IVA and are concerned that recent increases in the cost of living are creating severe financial pressures, you can ask your IVA supervisor to review your income and expenses to see if you are eligible for a reduction in payments or a payment break. You will be required to provide evidence of your income and...
Tax when selling personal possessions
There are certain circumstances when you will pay Capital Gains Tax when selling personal possessions. You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) a personal possession for £6,000 or more. For example, you may need to pay tax on sale of personally owned jewellery, paintings, antiques, coins and stamps, or...
Muras Matters: Furnished Holiday Lets and Increased Council Tax
Background Under current legislation qualifying furnished holiday lets have been eligible for business rates, rather than subject to council tax, and often are then able to claim small business rates relief. Following the tightening of the eligibility rules for business rates on second homes announced by the government at the start of the year further changes were announced in the Queen’s...