by admin | Oct 1, 2020 | Income Tax |
Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The regime will require businesses and individuals to register, file, pay and update their information using an online tax account. The regime...
by admin | Sep 24, 2020 | Income Tax |
The cash basis scheme helps landlords, sole traders and other unincorporated businesses to benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The entry threshold for the cash...
by admin | Sep 2, 2020 | Income Tax |
As a general rule, the fall-back position for couples who live together with their spouse or civil partners is that property income – where the property is owned in joint names – is divided 50:50. This is regardless of the actual ownership structure....
by admin | Aug 26, 2020 | Income Tax |
The settlement rules are intended to prevent an individual from gaining a tax advantage by entering into arrangements which divert his or her income to another person who is liable at a lower rate of tax or is not liable to Income Tax. Where a settlor has...
by admin | Aug 11, 2020 | Income Tax |
If your income is expected to exceed £100,000 for the first time, we would like to remind you of the effect this can have on your personal allowance and marginal tax rate. If you earn over £100,000 in any tax year your personal allowance is gradually...
by admin | Aug 11, 2020 | Income Tax |
Calculating the adjusted net income amount is necessary if any of the following apply: A taxpayer is liable to an income-related reduction to the personal allowance when their adjusted net income is over £100,000 (regardless of their date of birth); A taxpayer...
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