Latest Business News
Fiscal drag bites on earners
Changes to personal tax allowances and higher interest rates have seen a growing number of people being affected by fiscal drag. Fiscal drag is the phenomenon where taxpayers are pushed into higher tax brackets due to wage increases as they
What is the Residence Nil-Band Rate? And why does it matter to you?
The Residence Nil Band Rate (RNRB) was introduced by the Government in 2017 and benefits families passing on their main property to a direct descendent. Since its introduction, millions of families around the UK have benefitted from its ability to
Landlords are latest group targeted by HMRC ‘nudge’ letters
Residential landlords are the latest group to have been targeted in receiving ‘nudge’ letters from HM Revenue & Customs (HMRC). The letters are part of a targeted ‘nudge’ campaign from HMRC to remind landlords of their obligation to declare their
683,000 higher rate taxpayers opt out of child benefit as thresholds remain frozen
The High Income Child Benefit Charge (HICBC) was introduced in 2013 and was set up to charge tax on individuals claiming child benefits who were earning a yearly income in excess of £50,000. The tax charges equate to the following:
Striking the perfect balance: Director’s salary and dividends for 2023/24
As a business owner, determining the ideal salary for company directors can be tricky. Often, most directors will want to balance their salary and dividend payments to be as tax efficient as possible. The 2023/24 tax year presents an array
Businesses must get to grips with a Government crackdown on fraud committed by employees
A new ‘failure to prevent fraud’ offence is being introduced by the Government to encourage businesses to do more to deter offending, which will ultimately protect themselves, consumers, and other businesses. The new legislation, which is likely to come into
SMEs to benefit from Chancellor’s change to the Research & Development tax credits schemes
Chancellor Jeremy Hunt announced a partial reversal to the SME Research & Development (R&D) tax credit cuts in the recent Spring Budget after facing months of pressure. Startups had warned that the cuts, first announced last November in the Autumn Statement, would
Chancellor abolishes Lifetime Allowance pensions shake-up
The abolition of the pensions Lifetime Allowance, (LTA) which was announced in the Spring Budget, releases people to save as much as they like into their schemes. Chancellor Jeremy Hunt abolished the allowance, which is the limit on how much people
How does Full Expensing work?
Chancellor Jeremy Hunt has announced a partial replacement for the Super Deduction that allows companies to write off 100 per cent of the cost of investment in one go. The Full Expensing scheme was announced in the March Budget. Businesses
Crypto transactions to become part of Self-Assessment under new regulations
The Government has announced there will be greater scrutiny on the reporting of all crypto transactions, including for cryptocurrencies and non-fungible tokens (NFTs). HM Revenue & Customs (HMRC) will now require cryptoasset reporting in Self-Assessment tax returns by requiring separate