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Reminder of not-so-trivial tax-free benefits
Posted on 9th Nov 2023There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a bouquet of flowers given occasionally to employees or any other BiK classed as 'trivial' that falls within the exemption. By taking advantage of the exemption...[more]
Company tax return obligations
Posted on 9th Nov 2023After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. In most cases a company’s tax return must be submitted within 12 months from the end of the accounting period it covers. Online Corporation Tax...[more]
Due a student loan refund?
Posted on 9th Nov 2023Student Loans are part of the government's financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect repayments where the borrower is working in...[more]
Childcare support from HMRC
Posted on 9th Nov 2023Parents may be eligible to receive childcare support from HMRC using the Tax-Free Childcare (TFC) scheme. The TFC scheme can help parents of children aged up to 11 years old (17 for those with certain disabilities) to pay for approved childcare. The TFC scheme assists working families...[more]
Help to Save bonus payments
Posted on 9th Nov 2023The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save between £1 and £50 every calendar month and receive a 50% government bonus. The 50% bonus is payable at the end...[more]
Cost of living payments
Posted on 6th Nov 2023You may have been entitled to a Cost of Living Payments of £301 (paid April/May 2023) and should be about to receive £300 (payable early November 2023) and a further £299 due spring 2024. Payments are limited to persons claiming the following benefits. income-based Jobseeker’s...[more]
Taxable gains on gifts
Posted on 2nd Nov 2023Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. The relief means that any gain on...[more]
Trusts and Income Tax
Posted on 2nd Nov 2023A trust is an obligation that binds a trustee, an individual or a company to deal with the trust assets, such as land, money and shares, and which form part of the trust. The person who places assets into a trust is known as a settlor and...[more]
Do you need to pay tax when you sell your home?
Posted on 2nd Nov 2023In general, there is no Capital Gains Tax (CGT) when you sell your home. This applies to a property which has been used as the main family residence. An investment property which has never been used as your own home does not qualify for relief....[more]
Current State Pension age
Posted on 2nd Nov 2023The second review of the State Pension age has been published by the Department for Work and Pensions. The State Pension age is currently 66. The review has stated that a further increase in the State Pension age to 67 for those born on or...[more]