Tax when you sell property
The annual exempt amount applicable to Capital Gains Tax (CGT) has been reduced to £6,000 (from £12,300) for the new 2023-24 tax year. CGT is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small […]
Losing your personal income tax allowance
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that boosts your income over £100,000 will result in a reduction in personal tax allowances. Accordingly, your personal Income Tax […]
Scottish government announces new childcare initiatives
Scotland’s new First Minister Humza Yousaf has announced a new £15 million investment to help tackle child poverty. This investment will see thousands more low-income families benefit from free school age childcare. Existing services for eligible families in areas of Dundee, Clackmannanshire, Glasgow and Inverclyde will be expanded, with new services set up in other […]
Take advantage of new pension tax reforms
The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. The old £40,000 cap on annual pension contributions has been increased by 50% to £60,000, with effect from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of […]
Tax Diary May/June 2023
1 May 2023 – Due date for corporation tax due for the year ended 30 July 2022. 19 May 2023 – PAYE and NIC deductions due for month ended 5 May 2023. (If you pay your tax electronically the due date is 22 May 2023). 19 May 2023 – Filing deadline for the CIS300 monthly […]
Check the rules before sharing your generosity
From time to time, it feels good as a boss to be able to treat your team, whether it’s someone’s birthday or as a get-well gift. But there are rules to be followed to prevent you getting in trouble with the taxman. Trivial benefits are small gifts or perks given to employees that are exempt […]
How to stay on the right side of the tax man
Taxes are one of the certainties of life, according to Benjamin Franklin, and if you are in business it pays to know for which taxes you are liable. Understanding the taxes that your business is required to pay can help you plan and budget accordingly. There are several types of taxes that businesses may be […]
