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: Tax Tips
HM Revenue & Customs, Tax Advice, Tax Planning, Tax Tips
Do you want to transfer the ownership of your investments to your spouse to save tax?
08
Feb
Feb
Have you been thinking that if you could just transfer some of your investment income to your spouse then you will have a lower tax liability? If so, you are not the only one. This is a common question when we prepare client’s tax returns. Having just completed the tax season and nearing the end […]
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 […]
Corporation Tax, HM Revenue & Customs, Tax Advice, Tax Tips
Changes to Research & Development tax credit schemes
11
Jan
Jan
Changes to R&D tax relief schemes In the Chancellor’s Spring 2023 Budget ,Jeremy Hunt confirmed changes to the two Research and Development (R&D) schemes currently in operation. The main changes relate to the changes to the rates of relief available. These changes came into effect from 1 April 2023 and are being brought in to […]
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 […]
Corporation Tax, HM Revenue & Customs, National Insurance, News, Payroll, Tax Planning, Tax Tips
The Mini Budget 2022 – Revisited
19
Oct
Oct
Have you kept up with all the changes in the mini budget? From the time of the initial announcements on 23rd September we were in fact expecting more announcements but not the type that came over the last two weeks. The mini budget 2022 has been revisited properly this week by the new Chancellor Jeremy […]
capital gains tax, HM Revenue & Customs, Tax Planning, Tax Tips
What is a post transaction valuation?
12
Oct
Oct
What is a post transaction valuation? When you sell an asset, you will need to report this to HM Revenue & Customs (HMRC) and pay any Capital Gains Tax (CGT). But you may not have sold the asset in question at market value so what do you do? In that case, you need to […]