Selling your home – taxes to pay

Posted on 1st Jun 2023

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence relief. Taxpayers are...[more]

New employment rights for parents and carers

Posted on 1st Jun 2023

Three new pieces of legislation that received cross party support were granted Royal Assent on 24 May 2023.  The Neonatal Care (Leave and Pay) Act 2023: This new Act will allow for up to 12 weeks of paid neonatal care leave. This will be made...[more]

Help to Save extended to April 2025

Posted on 1st Jun 2023

HMRC has confirmed that plans to extend the Help to Save scheme by 18 months, until April 2025 have been confirmed. The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save...[more]

HMRC strike causes CIS delays

Posted on 1st Jun 2023

Some 400 HMRC helpline service advisers who are members of the Public and Commercial Services (PCS) Union have been on strike intermittingly since 10 May 2023. These strikes are by staff working in HMRC’s East Kilbride and Newcastle offices. The striking workers are with the...[more]

Involuntary “give-aways”

Posted on 30th May 2023

If you sell services, rather than supply goods, this usually involves you providing advice for a fee. If your advice is sought after, the amount you can charge for your service(s) may be considerable. Which is why you should be wary of giving away your...[more]

Mind your National Insurance gaps

Posted on 25th May 2023

Among the milestones that define your later years, reaching pensionable age is one of the most significant. For those who have not already left the world of work behind, it can officially mark the transition into retirement and the chance to begin a new phase...[more]

Transfer of Business as a Going Concern

Posted on 25th May 2023

The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where the...[more]

Clearance to secure exempt distribution status

Posted on 25th May 2023

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be subject to Income Tax. If certain conditions are met, the payment can be treated as an exempt distribution. An exempt distribution is a payment that...[more]

Residence affects Income Tax in UK

Posted on 25th May 2023

There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the UK. Where this is the case, the question arises as to whether or not the taxpayer is liable to pay Income Tax in Scotland or elsewhere. As...[more]

Gift aid tax benefits

Posted on 25th May 2023

The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This means that when a basic rate taxpayer claims gift aid on a £10 donation, the charity can...[more]

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