Archive:November 2024

As Budget day inches ever closer, one of the leading topics at the heart of speculation continues
to dominate the headlines. Namely, Capital Gains Tax (CGT).

With many tax rises ruled out by Labour (Income Tax, NI, VAT) since the General Election campaign began, and since confirmed by the new Chancellor, there
have been few areas left that could be tinkered with whilst raising the kind of cash that the Treasury purportedly needs to raise.

We’ve heard the £22bn so-called blackhole in the public finances referenced by Ministers many times…

Anyone who earned between £100,000 and £150,000 in the 2022-23 tax year should have received a letter from HMRC
regarding changes to the requirements to fill out a Self-Assessment Tax Return for 2023-24.

Those with income within this range and who are purely paid through PAYE have been required to submit a tax return up until now. But the threshold is rising to £150,000
for 2023-24, as HMRC officials are highlighting to taxpayers in recent weeks.

So, now those with income between £100,000 and £150,000 will not have to complete…