We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.Read More
Please find below all the articles from March 2023.
Many people don‘t realise that they have significant gaps in their National Insurance Contribution (NIC) record, and as a result they won‘t be entitled to the full state retirement pension. This can come as a shock when you start to receive your state pension, but by that time it may be too late to fill the gaps in your NIC record.
A taxpayer needs 35 complete NIC years (as payments or national insurance credits) in order to receive the maximum state retirement pension,…Read More
In his Autumn statement in November 2022 Chancellor Hunt announced cuts to the dividend allowance and the additional tax rate threshold, where individuals start to pay tax at 45%. You need to take these changes into account when planning how and when to extract profits from your company.
Many family companies spread the shareholding over various family members to take advantage of the dividend allowance which allows an individual to receive up to £2,000 of dividends tax free in a tax year.
Online platforms such as Airbnb are now obliged to provide HMRC with data about the payments it makes to individuals who let rooms on a short-term basis. HMRC is matching that data to tax returns and writing to taxpayers who have apparently not declared their rental income correctly.
If you receive such a letter don’t be alarmed by the aggressive tone, as HMRC is asserting that you owe tax, but that may not be the case.
If you…Read More
As an individual landlord you can’t deduct finance costs, including interest, from your residential property rents for tax purposes. Instead, you get tax relief for those costs as a basic rate tax credit calculated as 20% of the lower of:
– finance costs for the year plus any unused finance charges brought forward;
– your property income profits with no deduction for finance costs,
– or your adjusted total income for the year that exceeds your Personal Allowance.