UHY Ross Brooke Chartered Accountants
NB This is now out of date after the Autumn budget 2024.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
Although the headline highest rate of income tax is 45%, many people will be paying a marginal rate of 60% and not even be aware of it. That is because, as your income exceeds £100,000 you start to lose £1 of personal allowance for every £2 of income above that
Less than one month before the self-assessment submission deadline, 5.7m people still had not filed their tax return. Over 12 million people are required to submit tax returns for 2022/23, many as a result of overlooked income such as renting out property through Airbnb, cryptoassets, having savings, investments or even
For as long as I can remember forms P11D (Returns of Benefit in Kind) have been a mainstay of our tax system. I recently googled when they first came into existence and surprisingly it was as far back as the 1960s. By Chris Davies The original purpose was to tax