by admin | Dec 21, 2022 | Income Tax |
There are now less than 50 days to file your 2021-22 Self-Assessment tax return. Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return but over 2.3 million taxpayers missed the 31 January deadline. The deadline for submitting...
by admin | Dec 20, 2022 | Income Tax |
A statement was made by the Financial Secretary to the Treasury on 19 December 2022. It confirmed that the roll-out of Making Tax Digital for Income Tax, due to commence April 2024, is being delayed. The statement says: Across the globe, digitalisation of tax is...
by admin | Dec 15, 2022 | Inheritance Tax |
If you inherit property, you are usually not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed. The rate of IHT currently payable is 40%...
by admin | Dec 15, 2022 | Income Tax |
The rent-a-room scheme is designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do not exceed £7,500. The tax exemption is automatic and...
by admin | Dec 15, 2022 | Business |
Tax relief may be available for post-cessation expenses of a trade. In order to be an allowable post-cessation expense, the trade must have ceased, and the expense must have been deductible in calculating the trading profits. This means that the expense still has to...
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