Personal Tax

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Image for londoners pay 27 total uk income tax

Tax | Londoners pay 27% of total UK income tax

London and the southeast of England pay more than a third of annual income tax, with Kensington & Chelsea, Elmbridge in Surrey and northeast Cheshire topping the list

23 Oct 2024

Tax

Personal Tax

HMRC

Image for qa claiming gift aid relief your tax return

Tax | Q&A: claiming Gift Aid relief on your tax return

In this week’s Q&A, Julian Payne ATT, tax advisor at Croner-i, explains how to claim Gift Aid tax relief to reduce your tax bill when completing self assessment

22 Oct 2024

Tax | Tax and NICs receipts up over £11bn

As the ‘painful’ Budget draws closer tax take climbs despite the 4% reduction National Insurance contributions (NICs) introduced by the previous government

22 Oct 2024

Tax | One fifth of tax take paid by 100,000 people

Total receipts for capital gains tax (CGT) and income tax rose to £262.6bn in 2022/23, the top 100,000 taxpayers paid one fifth of this with almost £4bn being covered by just 100 people

21 Oct 2024

Tax

Personal Tax

HMRC

Tax | HMRC launches multiple agent support for MTD

In a major update to the Making Tax Digital for Income Tax system, HMRC has confirmed it can now handle more than one agent acting for a single client

17 Oct 2024

Tax | Divorce, tax and HNWs: what are the risks?

Joanna Newton, partner at Stowe Family Law, examines the financial and tax reality for high net worth divorcing couples considering a foreign escape before Labour’s rumoured tax hikes on the wealthy

15 Oct 2024

Business | 39% capital gains tax ‘wide of the mark’, says PM

Fears about a sharp rise in capital gains tax (CGT) continue despite the prime minister rejecting claims of a 11% hike in the top rate

15 Oct 2024

Tax | Q&A: tax and transfer of interest in partnership

In this week’s Q&A, Alexander McCarthy, tax adviser at Croner-i, explains the tax implications of joining an existing partnership as an equity partner

15 Oct 2024

Tax | France hits £200k plus earners with tax hike

High earners and the largest businesses in France are facing a string of tax increases following the latest French budget as deficit soars

14 Oct 2024

Tax | HMRC reverts to paper submissions for P87 expenses claims

HMRC is changing the way employees can claim PAYE employment expenses by going back to paper submissions through the post to reduce fraud

9 Oct 2024

Tax | Q&A: tax and stockpiled gains in family trust

In this week’s Q&A, Stephen Fletcher, tax adviser at Croner-i, explains the tax treatment when trust distributes gains from historic residential property sale

8 Oct 2024

Tax

Personal Tax

Tax Compliance

Image for warning confirm provisional figures tax returns

Tax | Warning to confirm provisional figures on tax returns

HMRC is writing to accountants giving them a three-week deadline to finalise any provisional client figures included in self assessment returns for 2022-23

8 Oct 2024

Tax | Stranded cruise ship could trigger tax rethink

The Villa Vie Odyssey cruise ship, stuck in Belfast for five months, could result in a review of tax rules for long-term and permanent cruise passengers

7 Oct 2024

Tax | Final call to register for self assessment by 5 October deadline

The deadline for registering for self assessment tax returns for 2023-24 is 5 October and taxpayers must take action as HMRC does not get in touch

4 Oct 2024

Tax

Personal Tax

Tax Compliance

Image for ps627k tax assessments deemed invalid tribunal

Tax | £627k tax assessments deemed ‘invalid’ at tribunal

Original HMRC assessments against a taxpayer’s rental income and property development income were considered ‘invalid’ as HMRC created new assessments nine days before the hearing

1 Oct 2024

Tax | Fishery not eligible for £800k business relief

The executors of the business attempted to claim business relief for inheritance tax reasons but were denied as it was considered ‘a business of holding investments’

25 Sep 2024