Have you been approached by HM Revenue & Customs (HMRC) asking for the repayment of Child Benefit? You may have received a letter from HMRC (The Child Benefit Office) saying that you’ve been overpaid, and they would like the money back. There’s an appeal process in place if you feel that the facts in […]
Category Archives: Personal Tax
25
Jan
Jan
January is normally when so many of us start looking at our holiday plans for the year ahead. What better way to spend those cold dark evenings. A few of us even dream of having a holiday place that we can call our own. And why not? A place of our own in a familiar […]
Capital Allowances, Employee Benefits, P11d, Personal Tax, Tax Planning
The Tax Benefits of an Electric Car
18
Jan
Jan
The company car is becoming more popular again mainly because of electric cars. Once again it is potentially an exciting tax perk and an important part of any remuneration planning. In our updated blog we revisit the tax benefits of an electric car. Of course, nobody these days questions the environmental benefits of running an […]
23
Nov
Nov
Operating through a Limited Company is the most common way to work in the UK if you are working for yourself. This is because it is relatively cheap and easy to set up. It is also perceived to be the most tax advantageous way of operating. But the tax advantages are increasingly being reduced. So, […]
Business Tips, capital gains tax, Payroll, Personal Tax, Tax Advice, Tax Planning, Tax Tips
The Autumn Statement 2022
18
Nov
Nov
Yesterday we had the first Autumn statement from the newly appointed Chancellor. Jeremy Hunt was faced with a challenging economic backdrop to his first major set piece. He is grappling with a combination of over 11% inflation, a recession, and the need to re-establish the UK’s financial credibility following the turmoil of September’s mini budget […]
09
Nov
Nov
The area of tax is full of reliefs and allowances. Knowing what these are allows you to plan your tax affairs and reduce the tax you need to pay. One such allowance is what we refer to as the £1,000 allowance. Actually there are two areas where you are entitled to a £1,000 allowance so […]
HM Revenue & Customs, Personal Tax, Tax Tips
Benefits of submitting your Tax Return before the deadline
01
Nov
Nov
If you have been completing a Self-Assessment Tax Return for a while you know it is an annual ritual that has to be performed. It needs to be done without fail no matter what. There are some who prefer to submit the return early with plenty of time, whilst others leave it to the last […]
26
Oct
Oct
Rent a Room scheme was introduced twenty years ago and still remains a very useful relief when you share your home with tenants. The move was initially made to encourage you as taxpayers to share your spare space. Twenty years on we still have a housing crisis, so the relief remains relevant. So, what is […]
Capital Allowances, Corporation Tax, Exporting, Importing, National Insurance, Personal Tax
Deeper dive into the “mini budget”
28
Sep
Sep
In an unusual move, yesterday the International Monetary Fund (IMF) openly criticised the UK government’s mini budget . The IMF have concerns that the proposals delivered by Kwasi Kwarteng are likely to make the UK a more unfair society and add to the existing inflationary pressures. The markets have lost faith in the pound during […]
Business Tips, Capital Allowances, Corporation Tax, HM Revenue & Customs, National Insurance, Personal Tax, Tax Planning
Mini Budget 2022
26
Sep
Sep
The new Chancellor Kwasi Kwarteng revealed his first budget on Friday 23rd September. Whilst many of us were expecting some tax breaks nobody had predicted the biggest tax cutting budget since 1972. The tax cuts and other incentives in the budget are directed towards growing the UK economy. The government is targeting a 2.5% growth […]