by Paul Whyatt | Nov 5, 2021 | Business Advice, News, Personal Tax
Many employed and self- employed people claim Universal Credit as they have low or unpredictable levels of income. It provides a much-needed top-up to their earnings but the benefit is reduced as the worker earns more due to the Universal Credit taper rate. Currently...
by Paul Whyatt | Nov 5, 2021 | Personal Tax, Taxation
Making tax digital for income tax self-assessment (MTD ITSA) will replace the self-assessment tax return for unincorporated businesses from April 2024 for sole traders and from April 2025 for most partnerships. The MTD ITSA regulations will require you to keep records...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Business Start-up, Personal Tax
The tax payable on dividends is set to rise from 7.5% to 8.75% for basic rate taxpayers from 6 April 2022. Higher rate taxpayers will pay 33.75% (currently 32.5%) on dividends and additional rate taxpayers must budget for dividend tax of 39.35% (currently 38.1%)....
by Paul Whyatt | Nov 5, 2021 | Personal Tax, Taxation
Child benefit is not taxable but sometimes needs to be declared on tax returns. Since 2013, the high income child benefit charge (HICBC) claws back some or all of the child benefit paid to families where the highest earner in the family has total income of £50,000 or...
by Paul Whyatt | Nov 5, 2021 | Personal Tax, Taxation
If you sell a UK residential property subject to capital gains tax (CGT), you must report the gain and pay the tax within 30 days of the completion date of the deal. The report generally has to be done online through a UK property account which needs to be activated...
by Paul Whyatt | Apr 13, 2021 | Other Insights, Personal Tax, Taxation
You should be aware that some fraudsters have obtained SEISS grants by using innocent taxpayers’ Government Gateway IDs and passwords. Once the ID has been proven to work, the fraudsters attempt to double their money by submitting false tax returns to claim tax...
