As the October 2024 Budget approaches, several key tax measures are anticipated based on Labour’s manifesto and previous policy announcements. Here’s what we might expect: Capital Gains Tax (CGT): It is likely that the CGT rates may be increased, potentially aligning with income tax rates, which could push them up to 45% for property […]
To comply with the new digital platform regulations effective from 1 January 2024, platform operators must register with HMRC. Here are the key details regarding registration and reporting: Who Needs to Register: Any platform operator facilitating the sale of goods, services, accommodation, or transportation within the scope of the new regulations must register with HMRC […]
1 September 2024 – Due date for corporation tax due for the year ended 30 November 2022. 19 September 2024 – PAYE and NIC deductions due for month ended 5 September 2024. (If you pay your tax electronically the due date is 22 September 2024) 19 September 2024 – Filing deadline for the CIS300 monthly […]
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced back in 2003 to help keep retired people out of poverty. The Department for Work and Pensions has launched a Pension Credit awareness drive, urging pensioners to check their eligibility for Pension Credit […]
Employees who are working from home may be eligible to claim a tax deduction on certain work-related bills. If their employer does not cover these expenses or allowances, they can claim tax relief directly from HMRC. You can claim tax relief if you are required to work from home, such as if your job requires […]
Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged increased to £60,000 (from £50,000). The charge is calculated at 1% of the full Child Benefit award for every £200 (2023-24: £100) of income between £60,000 and £80,000. (2023-24: […]
HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in real time. The PTA can be used for many routine requests and services and help you bypass the need to call or write to HMRC. Every individual in the UK that pays tax has a […]
The American presidential election may have significant effects on the United Kingdom, impacting various aspects of the relationship between the two countries. Here are some key areas where the UK might feel the influence: 1. Trade Relations Post-Brexit Trade Deals: The UK's ability to negotiate a favourable trade deal with the US is closely […]
Interest rates are a powerful lever in our economy. Increase rates and economic activity tends to slow down, and vice versa if interest rates fall. The recent hikes in rates, to control inflation, were reversed recently when the Bank of England (BoE) reduced rates to 5% (from 5.25%). The following notes are a summary of […]
Since Rachel Reeves was appointed Chancellor of the Exchequer in May 2024, she has made several significant announcements aimed at addressing the UK's economic challenges as well as the much publicised tax changes already described in previous posts on our blog. Her primary focus has been on fiscal responsibility, economic stability, and reforming key […]