Low earners will benefit from plans introduced in a raft of tax changes to help them boost their savings. The Government has published 23 technical tax updates, many of which simplify and modernise the tax system. Among the changes is a reform to the Help to Save scheme, introduced for working people on low incomes who are claiming certain benefits. There will be...
Topic: Uncategorized
Restaurant and bar staff to benefit from new tipping law
Millions of hospitality workers can look forward to seeing extra pounds in their pockets with the passing of a new Tipping Bill. More than two million workers will have their tips protected and be able to view an employer’s tipping record. An estimated £200 million a year will go to staff as they retain the tips that would have otherwise been deducted. Business...
Fresh financial support for energy intensive businesses
Energy intensive businesses can benefit from new support under the Government’s latest move to support industry. Some companies using high amounts of energy could see their bills slashed by as much as 20 per cent off predicted wholesale prices. Minister for Energy Consumers and Affordability Amanda Solloway said: “We are beginning to see light at the end of the tunnel for global...
Fake reviews given thumbs down in new clampdown
New legislation has been introduced to put an end to online fake reviews and subscription traps that costs more than £1bn a year. The measures will help ensure businesses and consumers are protected from rip-offs and can reap the full benefits of the digital economy with confidence. Businesses that breach consumer rights will come under the spotlight with the far-reaching new rules...
Tax when you sell property
The annual exempt amount applicable to Capital Gains Tax (CGT) has been reduced to £6,000 (from £12,300) for the new 2023-24 tax year. CGT is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small capital gain, they may only be...
Losing your personal income tax allowance
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that boosts your income over £100,000 will result in a reduction in personal tax allowances. Accordingly, your personal Income Tax allowance would be reduced to...
Scottish government announces new childcare initiatives
Scotland’s new First Minister Humza Yousaf has announced a new £15 million investment to help tackle child poverty. This investment will see thousands more low-income families benefit from free school age childcare. Existing services for eligible families in areas of Dundee, Clackmannanshire, Glasgow and Inverclyde will be expanded, with new services set up in other communities across Scotland. The money will also...
Take advantage of new pension tax reforms
The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. The old £40,000 cap on annual pension contributions has been increased by 50% to £60,000, with effect from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of Income Tax and is subject...
Tax Diary May/June 2023
1 May 2023 - Due date for corporation tax due for the year ended 30 July 2022. 19 May 2023 - PAYE and NIC deductions due for month ended 5 May 2023. (If you pay your tax electronically the due date is 22 May 2023). 19 May 2023 - Filing deadline for the CIS300 monthly return for the month ended 5 May...
Check the rules before sharing your generosity
From time to time, it feels good as a boss to be able to treat your team, whether it’s someone’s birthday or as a get-well gift. But there are rules to be followed to prevent you getting in trouble with the taxman. Trivial benefits are small gifts or perks given to employees that are exempt from tax and reporting obligations. But bosses...