Private pension contributions tax relief
Under current rules, you can claim tax relief for your private pension contributions within certain limitations.
The current annual allowance for tax relief on pension contributions is £40,000. You can also carry forward any unused amount of your annual allowance from the last three tax years if
Gifts paid out of disposable income
It is possible for wealthier taxpayers to make tax exempt gifts and payments that are funded as normal expenditure out of income. This is a very flexible exemption from IHT as there are no specific requirements, for example by making fixed regular gifts to the same person. With proper planning this
Autumn Statement Summary
The new Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons against a backdrop of a worsening cost of living crisis and with confirmation from the Office for Budget Responsibility OBR that the UK has now entered into a recession.
The OBR has stated
Tax on dividends
The dividend tax allowance was first introduced in 2016 and replaced the old dividend tax credit with an annual £5,000 dividend allowance. Tax was payable on dividends received over this amount. The tax-free dividend allowance was reduced to £2,000 with effect from 6 April 2018 and has remain fixed
What your tax code means
The letters in your tax code signify your entitlement (or not) to the annual tax-free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to deduct from an employee’s pay packet.
The basic personal allowance for the current tax year, which started on 6
Check a UK VAT number
The ability to check a UK VAT number is available at: www.gov.uk/check-uk-vat-number.
This service allows users to check:
if a UK VAT registration number is valid; and
the name and address of the business the number is registered to.
The service also allows UK taxpayers to obtain a
HMRC launch offshore property owners campaign
It has been reported by the Chartered Institute of Taxation (CIOT) that HMRC is to launch a new campaign to tackle non-compliance linked to offshore corporates owning UK property. HMRC has conducted a review of non-resident corporate owners of UK property using data from the Land Registry and other
Claiming Corporation Tax losses
Corporation Tax relief may be available where a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same accounting period.
It is also possible to carry a trading loss
HMRC interest rate changes
Following the recent increase in the Bank of England base rate from 2.25% to 3% HMRC has confirmed there will be changes to the rates of interest they charge.
The BoE’s Monetary Policy Committee (MPC) voted 7-2 in favour of raising interest rates by 75 basis points to 3% in a move to try and
2-months to Self-Assessment filing deadline 2021-22
There are now less than 2-months to file your 2021-22 Self-Assessment tax return electronically. Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return but over 2.3 million taxpayers missed the 31 January filing deadline.
The deadline for submitting your