Tax

Time for a tax health check? With the current tax year having begun on 6 April 2022, the clock is ticking and it is important to utilise all the tax reliefs and allowances available to you before 5 April 2023 in order to minimise any potential liabilities. Personal tax planning should be at the top

KEY FINANCIAL CHANGES THAT HAVE AFFECTED MILLIONS OF PEOPLE FROM APRIL Most taxpayers started to see their tax bills increase from April 2022. As we move into the new 2022/23 tax year, now is the time to review your tax affairs to ensure that you have taken advantage of all reliefs available and have considered

Brace yourself for this tax rise. In a much-touted tax rise to fund additional NHS, health and social care spending, this April sees 1.25% added to National Insurance. At face value, that seems pretty simple (if unwelcome, given all the other inflationary pressures) for those who pay National Insurance. But scratch a little below the

INCOME TAX ALLOWANCES 2022/23 2021/22 Personal allowance* £12,570 £12,570 Personal savings allowance Basic-rate taxpayer Higher-rate taxpayer Additional-rate taxpayer £1,000 £500 £0 £1,000 £500 £0 Dividend allowance at 0% £2,000 £2,000 Marriage/civil partner transferable allowance** £1,260 £1,260 Trading and property allowance*** £1,000 £1,000 Rent-a-room allowance £7,500 £7,500 Blind person’s allowance £2,600 £2,520 * The personal allowance

Tax planning tips to keep more of your income. “How can I legitimately reduce my tax bill” or “how can I keep more of my income” are two similar questions we get asked fairly regularly, often by clients who seek to validate how they are managing their finances.  With recent governments cracking down on tax

What to consider if you come into big money. Anyone who watched ITV’s recent drama Quiz, depicting Charles Ingram cheating his way to £1m on Who Wants to Be a Millionaire? back in 2001, can be forgiven for dreaming of scooping a windfall.  Those dreams are likely to become more vivid this year, with the

Tax card 2020/21 Income tax allowances   2020/21 2019/20 Personal allowance* £12,500 £12,500 Personal savings allowance ·       Basic-rate taxpayer ·       Higher-rate taxpayer ·       Additional-rate taxpayer   £1,000 £500 £0   £1,000 £500 £0 Dividend allowance at 0% £2,000 £2,000 Marriage/civil partner transferable allowance** £1,250 £1,250 Trading/property allowance*** £1,000 £1,000 Rent-a-room allowance £7,500 £7,500 Blind person’s

High earners and the tapered allowance Controversial taper rules explained. High earners will be familiar with the tapered annual allowance. After all, it spent most of 2019 mired in controversy after medical professionals in England snubbed overtime shifts amid fears of being clobbered with unexpectedly high tax bills. In December 2018, the number of senior

Reclaiming overpaid tax How to claim tax back through PAYE or self-assessment. Nobody likes paying tax, but most people would like to receive a brown envelope through the post from HMRC containing a tax rebate. Over the next couple of months, the Revenue will start issuing notifications to people who have paid too much tax