Filling gaps in your NIC record

Posted on 6th Jul 2023

National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers in building up the number of qualifying years of National Insurance contributions and which can also increase the amount of benefits a person is entitled to, such as...[more]

Advising HMRC about changes in your income

Posted on 6th Jul 2023

There are a number of reasons why you might need to contact HMRC about changes in your income.  HMRC’s guidance states that this could happen because you: did not realise you needed to tell HMRC about it; were not sure how to declare it; or did...[more]

Tax credits renewal deadline reminder

Posted on 6th Jul 2023

The 31 July 2023 is the final day for families and individuals that receive tax credits to tell HMRC about any changes in their circumstances or income and to renew their tax credit application. As in previous years, there is likely to be a last-minute rush and...[more]

Adjudicator's report cites HMRC's service shortcomings

Posted on 5th Jul 2023

An annual report that looks at complaints made against HMRC has been published by the Adjudicator's Office (“AO”). Helen Magarry, who left the role just a few months ago, prepared her seventh and last annual report for Adjudicator's Office for the year 2023. What is...[more]

Duty free limits if you are travelling abroad

Posted on 29th Jun 2023

If you are travelling from outside the UK and arriving home in Great Britain (England, Wales and Scotland), you are allowed to bring back the following goods for your own use without any UK tax or duty liabilities. 200 cigarettes or 100 cigarillos or 50 cigars...[more]

Marriage Allowance how it works

Posted on 29th Jun 2023

The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less...[more]

Selling overseas property

Posted on 29th Jun 2023

As a general rule, if you are resident in the UK, you are liable to pay Capital Gains Tax (CGT) when you sell (or dispose of) an overseas property at a gain. The annual exempt amount applicable to CGT was reduced to £6,000 (from £12,300)...[more]

Transfer of unused IHT nil rate band

Posted on 29th Jun 2023

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.  The allowance increased to the present...[more]

National Insurance credits

Posted on 29th Jun 2023

National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of National Insurance contributions which can increase the amount of benefits a person is entitled to, such as the State...[more]

HMRC increases interest rates

Posted on 29th Jun 2023

The Bank of England’s Monetary Policy Committee (MPC) met on 21 June 2023 and voted 7-2 in favour of raising interest rates by 50 basis points to 5% to continue to tackle inflation. The 2 remaining members voted to keep the rate at 4.5%. This is...[more]

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