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 | Apr 14, 2023 | Business Advice, Business Tax, Taxation
The Budget confirmed that the main rate of corporation tax will rise from 19% to 25% on 1 April 2023, but the small profits tax rate will stay at 19% where the company’s profits do not exceed £50,000. The Chancellor failed to highlight that the effective...
by Paul Whyatt | Apr 14, 2023 | News, Taxation, VAT
In addition to the new VAT late-filing penalties there is also a new system of penalties for late paid VAT. For VAT periods beginning on and after 1 January 2023, you will have up to 15 days to pay your VAT, or arrange a time to pay agreement, before HMRC charge a...
