It has recently been reported over half a million taxpayers paid a marginal income tax rate of 60% in 2022/23, up by 23% from the number in 2021/22. This marginal rate applies where an individual’s adjusted net income falls between £100,000 and £125,140, where every £2 income over £100,000 reduces the £12,570 personal allowance by […]
Tax-Free Childcare accounts can be used to pay for approved childcare for children aged 11 or under, or 16 if the child has a disability. This can include paying for a summer holiday club or childminder. The account can also be used to pay nursery fees, to pay for breakfast or after school clubs in […]
Employers may meet the cost of certain social events for staff without creating a tax liability. This used to be a concession but is now a statutory exemption provided certain conditions apply. The exemption applies to an “annual party or similar function” provided it is available to all employees or available generally to those at […]
The State Opening of Parliament took place on 17 July and the King’s Speech set out the measures that the government intends to introduce during the next session of parliament. Other than a mention of the proposal to remove the VAT exemption for private school fees (which we covered in a previous edition of this […]
The government has now issued the draft legislation to abolish the special tax treatment of furnished holiday lettings (FHL) with effect from 6 April 2025 for individuals (1 April 2025 for corporation tax). This change will remove the tax advantages that current FHL landlords have received over other property businesses in 4 key areas by: […]
On 29 July 2024, the Chancellor announced that as of 1 January 2025, all education services and vocational training supplied by a private school, or a connected person, for a charge will be subject to VAT at the standard rate of 20%. Boarding services provided by a private school, or a connected person, will also […]
Date What’s Due 01/08 Corporation tax payment for year to 31/10/23 (unless quarterly instalments apply) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/08/24 (due 22/08/24 if you pay electronically) 01/09 Corporation tax for year to 30/11/23 (unless quarterly instalments apply) 19/09 PAYE & NIC deductions, and CIS return and […]
In the aftermath of the General Election, Chancellor Rachel Reeves has formalised the creation of the National Wealth Fund (NWF) – a crucial pledge in the Labour Party manifesto designed to boost the UK’s infrastructure. Through a combination of public and private funding, the Fund aims to incentivise and facilitate investment by the private sector […]
Surrey-based accountancy firm, TWP, has cautioned workers over the potential tax implications of the rise in flexible working – as almost two-thirds of people now occupy a flexible or partially flexible role. The challenge, said the firm, lies partially in the fact that ‘flexible’ encompasses a wide range of working arrangements which may have vastly […]
Over 200,000 pensioners – mostly women – are expected to receive letters from HM Revenue & Customs (HMRC) informing them that they are entitled to a payment of £5,000. The payments are due following errors made by the Department for Work and Pensions (DWP) resulting in underpayments to state pensions. Those mainly impacted by the […]
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