Higher rate tax relief on gifts to charities
The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This means that
Pension tax relief at source
You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance for
Self-Assessment threshold change
The £100,000 threshold for Self-Assessment change for taxpayers taxed through PAYE only, increased from £100,000 to £150,000 with effect from 6 April 2023. However, the Self-Assessment for 2022-23 tax
Are you a company director?
There is more to being appointed a company director than accepting the title.
According to Companies House directors formal, statutory duties and responsibilities include:
filing an annual
Giving money to charity in your Will
A reduced rate of Inheritance Tax (IHT) of 36% (reduced from 40%) applies where 10% or more of a deceased’s net estate is left to charity. The lower rate applies where 10% or more of the ‘net value’
VAT supplies for no consideration
In most cases, a supply of goods or services for VAT purposes is deemed to have taken place in return for consideration. This is usually payment in money but can also be of a
Checking your Simple Assessment tax bill
Simple Assessment is a method by which HMRC can assess where additional Income Tax is due by a taxpayer. A Simple Assessment letter is usually issued to taxpayers with reasonable straight forward tax
On your bike tax-free
The Cycle to Work scheme was introduced over 20 years ago to help promote the use of environmentally friendly modes of transport.
The scheme allows employers to provide bicycles and cyclists’ safety
Class 2 and 4 NIC for the self-employed
There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs.
Class 2 NICs are paid by all self-employed
Do you need to submit a Self-Assessment tax return?
There are a number of reasons why you might need to complete a Self-Assessment return for the first time. This includes if you are self-employed, have an annual income over £100,000 and / or have
