by Paul Whyatt | Jun 11, 2024 | Business Tax, Personal Tax
The higher rate of capital gains tax (CGT) for residential property disposals was reduced from 28% to 24% from 6 April 2024. The lower rate remains at 18% for any gains that fall within an individual’s unused basic rate band. The annual exempt amount was lowered as...
by Paul Whyatt | May 31, 2024 | Business Tax, Personal Tax, Taxation
The reporting requirements for employers providing salary/wage advances to employees changed from 6 April 2024. HMRC concluded that regulations requiring multiple RTI returns from employers are burdensome and can result in PAYE coding or Universal Credit errors. From...
by Paul Whyatt | May 24, 2024 | Personal Tax, Taxation
The threshold for earnings above which you have to pay back some or all of your child benefit increased from 6 April 2024 with a full overhaul of the regime promised in April 2026. Until 6 April 2024, if you or your partner received child benefit and your adjusted net...
by Paul Whyatt | Mar 14, 2024 | News, Personal Tax
Two new savings products have been announced, aimed at supporting growth of UK companies and encouraging a culture of saving. Individuals can currently deposit up to £20,000 each year into an individual savings account (ISA). This is a sensible move as any interest...
by Paul Whyatt | Mar 14, 2024 | Business Advice, Business Tax, Personal Tax, Taxation
The national living wage (NLW) will increase by 9.8% to £11.44 per hour from April 2024. The higher rate will also apply to 21 and 22-year-olds for the first time. The NLW currently applies to workers aged 23 and above and stands at £10.42 per hour. Workers under the...
by Paul Whyatt | Feb 22, 2024 | Business Advice, Business Tax, Personal Tax, Taxation
A simplification of the MTD ITSA processes is to be introduced in 2026 including no EOPS, cumulative submissions each quarter and restrictions for complex situations. Taxpayers with turnover over £50,000 will be brought into MTD ITSA from April 2026. The £50,000...
