Changes to the tax basis period coming in the tax year 2023/24 will alter the way tax liability is calculated for unincorporated businesses (sole traders and partnerships). Here we answer your questions about basis period reform.
Proposed shake up of income tax administration
Recent proposals to overhaul income tax administration could have a major impact on unincorporated businesses.
Personal tax: should you declare the income from your side hustle?
Homemade cakes, up-cycled furniture, jewellery and pet portraits… over the last year, furlough and flexible working has afforded people more time to turn their hobby into a nice source of extra income. But what’s the position on side hustles and tax?
The impact of the big Budget tax freeze
There were no dramatic announcements in the Budget on personal tax, capital taxes or pensions. But Chancellors can create considerable change with low-key tactics, and the Budget tax freeze on various rates and allowances until 2026 will still affect many people.
Tax deadlines and cashflow – help for individuals and businesses
The government has made some changes to help individuals and business who are struggling to meet the usual tax deadlines.
The option to defer your Self Assessment payment on account
If you are struggling to pay your second Self Assessment payment on account this month because of the coronavirus, you have the option to defer paying until January 2021.
Changes to tax rates, wages and statutory payments from April 2020
6 April is the start of the new tax year and the date when changes to tax rates and allowances usually come into effect. The start of the 2020-21 tax year brings changes to the Employment Allowance, the National Minimum Wage and statutory payments.
Payroll Services – Changes to pensions, wages and tax rates from April 2019
The start of the new 2019/20 tax year brings changes to pension contributions, the National Minimum Wage, statutory payments and the Personal Allowance. Here we detail the changes and the actions we may need to take as your Payroll Services provider.
Paying tax on income from abroad
Honesty is, of course, always the best policy, especially when declaring your income and gains for tax purposes. HMRC are bringing in tough new penalties for UK taxpayers who fail to tell them about income from abroad on which UK tax may be due.
New tax rates and bands
An increase in the personal allowance, set out in the UK Budget, came into effect on 6 April 2018. Changes to the basic rate threshold mean taxpayers in England can also earn more before the higher rate of tax kicks in. The story is slightly different for Scotland and Wales. Here we give you the headline figures.
Making Tax Digital brings changes to PAYE
We will soon start to see the effects of HMRC’s Making Tax Digital project on the PAYE system. Over the coming tax year, there will be an increase in the number of tax codes being issued. Hopefully, the changes will be good for employees… but only time will tell.
Dividend Allowance reduction – time to make a plan
We expect to see changes to tax reliefs when a new government comes into power. We don’t expect to see a government severely cut a single tax relief just two years after introducing it. Yet that is just what we have seen happen to the Dividend Allowance.
HMRC focus on Entrepreneurs’ Relief claims
Entrepreneurs’ Relief (ER) can provide a valuable relief from tax on capital gains. But, as with everything in the world of tax, there are rules that must be followed to make sure you really do qualify for the lower rate of tax.
Anti-avoidance rules target business wind-ups
Anti-avoidance rules have been in place for many years to try to prevent the serial winding up of companies and abuse of the capital gains rules. To strengthen these rules the government has introduced a new Targeted Anti-Avoidance Rule or TAAR.
