by admin | May 6, 2020 | HMRC notices |
The Lifetime ISA allows those aged between 18 and 40 to save for a new home or for their retirement. Under the scheme, the government provides a 25% bonus on yearly savings of up to £4,000 and once you start saving before you are 40, you can continue using the...
by admin | May 6, 2020 | HMRC notices |
HMRC has published new guidance on the scheme for charities that have had events cancelled due to coronavirus. The Gift Aid scheme allows charities or Community Amateur Sports Clubs (CASC) to take a taxpayer’s donation and, provided all the qualifying conditions...
by admin | Mar 25, 2020 | HMRC notices |
The Tax-Free Childcare Scheme (TFCS) is open to all eligible families with children under 12. It was announced as part of the Budget measures that a service improvement will be made to ensure the TFCS is compatible with school payment agents. This will allow...
by admin | Mar 18, 2020 | HMRC notices |
Junior ISAs were introduced to encourage parents to save money for their children and to provide an alternative to the Child Trust Funds (CTF) that were only available to children born after 31 August 2002 and before 3 January 2011. It is possible to transfer CTF...
by admin | Mar 4, 2020 | HMRC notices |
Special rules apply to transfers of income streams. The rules make it clear that the sale of an income stream – designed to turn economic income into a return that is treated by tax law as capital – is unlikely to work. For example, shareholders could...
by admin | Feb 26, 2020 | HMRC notices |
In most cases, property rental income must be brought into account in the year in which the income was earned, even if the invoice has not yet been paid. However, a deduction is allowed in respect of bad & doubtful debts. These are debts which are either...
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