Did UK house prices keep pace with inflation over the past decade? The answer might surprise you — and the picture for buy-to-let investors looks tougher still.
From this summer, employed taxpayers who have to pay the high income child benefit charge (HICBC) will no longer need to complete a self assessment tax return. Instead, they can report the charge using HMRC’s new online service. When the HICBC is payable The HICBC only comes into play when an individual – or their […]
With basic rate taxpayers now facing doubling capital gains tax (CGT) rates, and with the exempt amount a quarter of its previous level, it is no surprise that considerably more CGT is being paid to HMRC. Given the changes taking place, it is important to understand the rules. Rates of CGT Basic rate taxpayers now […]
Employees coming to work in the UK should see an improvement in the new version of overseas workday relief set to be introduced from 6 April 2025. Current system Under the current system of overseas workday relief, earnings for employment duties performed overseas are exempt from UK tax if: The employee is not domiciled in […]
The government wants businesses to make more use of electronic invoicing to combat VAT fraud and enhance tax collection. E-invoicing is where invoices are created, sent, received and processed in a digital format, with the e-invoice containing exactly the same information as a traditional invoice. With more than half of the Organisation for Economic Co-operation […]
Raising tax rates is a traditional government strategy to increase tax receipts for HMRC, but this may not be the case for capital gains tax (CGT). This is because taxpayers generally have more control over when gains are realised. The upcoming Budget at the end of October is widely expected to see a hike in […]
With a ‘black hole’ of £22 billion to fill, there are plenty of groups giving Rachel Reeves advice. The Fabian Society published a report on taxation on August Bank Holiday Monday. While their main audience is in Scotland, which has its summer bank holiday at the start of August rather than at the end, the […]
With around 670,000 child trust fund (CTF) accounts sitting unclaimed by Generation Z adults aged between 18 and 22, HMRC is concerned. CTFs were opened for every child born between 1 September 2002 and 2 January 2011, with each account started off with a £250 voucher (£500 for low-income families). A similar amount was added […]
The missing element in pensions change Promised adjustments to pension law are missing a key element: increasing minimum contribution levels. The first King’s Speech of the new parliament in July contained proposals for 40 new bills, covering everything from football governance to cyber security. One familiar item on the list was a Pension Schemes Bill. […]
The number of taxpayers caught in the 60% tax trap has increased by nearly 25% over the past year. More than 500,000 people are now affected by higher tax rates due to their income exceeding £100,000. The 60% rate applies to income between £100,000 and £125,140. This is the tranche of income which sees the […]
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