Chancellor Jeremy Hunt used his Autumn Statement to deliver a fiscal pick-me-up for the Conservative backbenchers at the start of an election year with a 2% cut to national insurance, and making the full expensing capital allowance scheme permanent. Here are the relevant points that impact small businesses: For the self employed, Hunt abolished class…
Read MoreCategory: Tax
Good news for UK employees! no more tax returns if you earn less than £150,000
If you are an employee in the UK who earns more than £100,000, you may be familiar with the hassle of filing a self-assessment tax return every year. However, this is about to change from the 2023-2024 tax year, as the government has announced that the income threshold for needing to submit a self-assessment form…
Read MoreHow to reduce your capital gains tax when selling your second home
If you own a second home, such as a holiday cottage, a buy-to-let property, or an inherited house, you may have to pay capital gains tax (CGT) when you sell it. CGT is a tax on the profit you make when you sell an asset that has increased in value. The current CGT rates for…
Read MoreSave £252 a year with Marriage allowance
Marriage allowance is a tax benefit that allows you to transfer some of your personal allowance to your spouse or civil partner if they earn more than you. Your personal allowance is the amount of income you can earn tax-free each tax year. By transferring some of your personal allowance, you can reduce your partner’s…
Read MoreDo I need to repay any of the SEISS Grants I got?
HMRC are now writing to more and more sole-traders who have incorrectly claimed any one of the FIVE SEISS (self employment income support scheme) grants during 2020 and 2021 demanding repayment. You should be aware of the conditions for repayment and make the necessary arrangements to repay sooner rather than wait for HMRC to add…
Read MoreOctober 2021 Autumn Budget headlines
NI & Dividend tax increase 1.25% National Insurance will increase from 6th April 2022 by 1.25%. This means that if you are an employee or a sole trader earning £30,000 a year, you will have to pay an extra £255 in tax. If you are the employer, then you’d have to pay an extra £255…
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