HM Revenue & Customs (HMRC) has increased the interest rate applied to late tax payments following the latest hike in the Bank of England base rate. The late payment interest rate increased to 4.25 per cent from 23 August – the highest rate since the height of the financial crisis in January 2009. It will […]
While many business owners may see financial reporting as a formality, the reality is that it often offers business owners valuable insights into their business. Not only does it allow you to build your annual accounts for Companies House, but the three key documents that are used for financial reporting show you how money is […]
Every year thousands of people sell second homes and investment properties without realising that they could owe a considerable amount of tax on their sale. That is why TWP Accounting, based in Weybridge and Cranleigh, is calling on landlords and second homeowners to consider and better understand the implications of disposing of property. While most […]
The current state of the global economy and rapidly rising inflation in the UK means that many savers are experiencing a period of financial hardship. While some of us may be able to rely on savings or investments, there have been growing calls to change the rules around the taxation of pensions to allow individuals […]
According to the latest product sales data provided by the Financial Conduct Authority (FCA), there is a growing number of retirees who are not taking advice when purchasing income drawdown and guaranteed income for life products. The analysis, provided by retirement product specialists Just Group, has revealed that 40 per cent of decumulation products, which […]
The current high levels of inflation are having a wide range of effects on our financial lives, not least on our savings. While many savings accounts are increasing their interest rates as a response to the Bank of England raising the base rate, new research suggests that many financial products aren’t keeping pace with price […]
In response to a recommendation by the Office of Tax Simplification the Government have introduced draft legislation for inclusion in Finance Bill 2023 that extends the no gain/no loss rule when a couple separate. Under the current rules the no gain/no loss rule that means that there is no CGT on transfers of assets between […]
The figures in the table below are the HMRC suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2022. Remember that provided all private fuel is fully reimbursed the fuel benefit does not apply. Engine Size Petrol Diesel LPG 1400cc or less 15p (14p) 9p 1600cc or less […]
The changes to the basis of assessment of self-employed profits are scheduled to change from 6 April 2024. The new rules mean that profits (and losses) will be assessed based on the amounts arising between 6 April and 5 April instead of the profit/loss of an accounting period ending in the tax year. This means […]
Tax-free childcare accounts will gradually replace childcare voucher schemes as no new schemes could be set up after 4 October 2018. Those within voucher schemes continue to be eligible until their child is aged 16, provided the employer is willing to continue operating the scheme. Many organisations provided the vouchers by way of salary sacrifice […]
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