UHY Ross Brooke Chartered Accountants
Musicians and taxes often seem like an unlikely duo, with the intricate art of music on one side and the complex world of tax regulations on the other. This disparity in skills means many musicians find themselves overpaying taxes, unaware of the significant savings they could make by taking advantage
The reduction of the additional rate tax threshold in 22/23 from £150,000 to £125,140 would have resulted in many more taxpayers paying tax at 45%. This lower threshold will continue into the current tax year commencing 6th April 2024. The position is made worse by the fact that the personal
NB This is now out of date after the Autumn budget 2024. Please get in touch if you would like to discuss your tax planning options. The run up to the end of the tax year on 5 April 2024 is a good time to make sure that your family
NB This is now out of date after the Autumn budget 2024. Please get in touch if you would like to discuss your tax planning options. With the end of the tax year approaching on 5th April, now is a good time to review your tax position and take some
Updated Dec 2024 Inheritance tax (IHT) is the tax paid on lifetime chargeable transfers and the estate (property, money, and possessions) of someone who’s passed away. However, with careful planning and an understanding of the available reliefs and exemptions, it’s possible to minimise the amount of inheritance tax payable. Here
HMRC has recently been writing to company owners regarding dividend income. This is after reviewing the accounts companies who have depleted their reserves, on the basis that owners may have paid them out in dividends. If such dividend income has not been declared to HMRC, owners are advised that they
The average Inheritance Tax bill is estimated to rise to £239,000 this year. With rising house prices, and a freeze on thresholds until April 2028, around 30,000 families are predicted to be affected this year alone. Revenue from IHT to the Treasury for 2022/23 was over £7bn, and the total
The amount of National Insurance contributions that you make over your ‘working’ life dictate how much state pension you will be entitled to when you retire. There are times when contributions are missed, during periods of not working for instance, and these result in gaps in your NI record. It
In recent weeks there has been a flurry of online activity discussing the new law that will require online marketplaces to report information about income made by their users to HMRC. The discussion has led to many people asking questions such as “Will I have to pay tax on the
In a recent article published in the FT Advisor, our Crypto Tax Director Phil Kinzett-Evans describes the tax challenges facing crypto investors. These issues include: Cross border regulation and reporting UK tax classification – Capital Gains or Income Tax? When is a crypto currency conversion liable for tax? Tax implications