by Paul Whyatt | Oct 19, 2023 | Other Insights, Personal Tax, Taxation
In families where child benefit is claimed, it is important that the individual or couple receiving the child benefit keeps a close eye on their income level. If the higher earner has income of more than £50,000, some or all of the child benefit received will need to...
by Paul Whyatt | Aug 29, 2023 | Personal Tax, Taxation
HMRC has given taxpayers an extra two years to plug any gaps in their NIC record from April 2006. The deadline for making voluntary contributions has been extended from 5 April 2023, as previously reported, until 5 April 2025. The deadline was first extended to 31...
by Paul Whyatt | Jul 28, 2023 | Personal Tax, Taxation
Student loan repayments (SLR) are normally deducted under PAYE from employment income so many people incorrectly assume that SLR are not due on other ‘unearned income’ such as rent or pensions. SLR will in fact be payable where the unearned income exceeds...
by Paul Whyatt | Jul 3, 2023 | Other Insights, Personal Tax, Taxation
The changes to the pension rules announced in the Spring Budget were designed to dissuade higher earners from retiring early to avoid pension charges on high contributions but the new rules could have the opposite effect. Individuals can now contribute up to £60,000...
by Paul Whyatt | Jun 28, 2023 | Business Tax, Personal Tax, Taxation
Petrol and diesel pump prices are high but the tax-free mileage rates payable to employees who use their own vehicles for business have not been adjusted for over a decade. The rates are: Cars and vans: 45p per mile for the first 10,000 miles per tax year, 25p above...
by Paul Whyatt | Apr 21, 2023 | Business Tax, Personal Tax, Taxation
It’s easy to forget the hidden tax rises which are created by frozen and cut allowances, so here is a quick reminder. The tax-free personal allowance will be frozen at £12,570 for six years from 2021/22 to 2027/28 and the related marriage allowance is fixed at £1,260...
