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...
by Paul Whyatt | Mar 30, 2023 | Business Tax, Personal Tax, Taxation
Marketing companies know that personal letters sent directly to customers are more powerful than broadcast or printed adverts. HMRC is now using this technique to recover unpaid tax. HMRC matches data from a wide range of sources to tax returns and will write to...
by Paul Whyatt | Mar 24, 2023 | Business Tax, Personal Tax, Taxation
Making tax digital for income tax self-assessment (MTD ITSA) was set to take effect from 6 April 2024. This has been postponed until 6 April 2026. From this new date, the new regime will require sole traders and individual landlords to keep their business records...
