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12/01/2024

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is introduced from 6 April 2026 From the outset, it will apply to unincorporated traders and landlords with annual business and/or property income of £50,000 or more. It will be extended to unincorporated traders and landlords with business and/or property income of £30,000 or more from April 2027. The Government have yet to make a decision as to when or if it will be extended to those whose annual business and/or property income is less than £30,000, but is keeping the position under review.

12/01/2024

National Insurance cut for employees and directors

In his November 2023 Autumn Statement, the Chancellor announced a reduction in the main primary rate of Class 1 National Insurance from 12% to 10%. Rather than waiting until the start of the 2024/25 tax year to bring in the change, it applies from 6 January 2024.

12/01/2024

Have you used your 2023/24 dividend allowance?

As we move into the final months of the 2023/24 tax year, it is time to give some thought to whether you have used your 2023/24 dividend allowance yet, and whether it is worth extracting further profits as dividends before the end of the tax year. Once a salary has been taken equal to the personal allowance of £12,570, it is tax efficient to extract further profits as dividends.

12/01/2024

Capital gains tax year-end planning

No one wants to pay more tax than they need to and, where possible, disposals should be timed to ensure that the best result is achieved from a tax perspective. Where a disposal is made around the end of the tax year, accelerating or delaying the disposal date can impact on the tax that is paid. This is particularly true this year, as the capital gains tax annual exempt amount falls from £6,000 for 2023/24 to £3,000 for 2024/25.

06/12/2023

Divorce and the former marital home

On separation or divorce, it is common for one spouse to move out of the family home and for the other spouse to continue to live there. Where the couple have children, the spouse remaining in the family home may do so until the youngest child reaches the age of 18, at which point the family home is sold and the proceeds shared. Alternatively, the departing spouse may transfer their interest in the family house to the remaining spouse as part of a divorce settlement, or the marital home may be sold to a third party.

06/12/2023

Avoid hybrid property arrangement schemes

HMRC have recently published a spotlight warning landlords to avoid schemes offering hybrid property arrangements that purport to save tax. HMRC’s view is that the scheme does not work and landlords who are tempted by the advertised advantages might find themselves out of pocket.

06/12/2023

Submit your tax return through PAYE

Although the deadline for submitting your 2022/23 tax return online is midnight on 31 January 2024, if you owe tax and you want to have it collected through PAYE via an adjustment to your tax code, you will need to file your tax return by the earlier date of 30 December 2023.

06/12/2023

Reclaiming section 455 tax paid

In personal and family companies, directors often borrow money from the company as this is a cheaper and easier option than taking out a commercial loan. However, there can be tax consequences for both the director and the company.

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