Apr 9, 2024 | Personal Tax
Due to the new basis period reform rules, HMRC has introduced a calculator for sole traders and self-employed individuals to compute transition profit for the 2023/24 tax year. This calculator excludes partnerships. These rules affect around 530,000 people, requiring...
Apr 8, 2024 | Personal Tax
Several tax changes are now in effect for taxpayers and businesses from 6 April. The changes are expected to raise an additional £455 million in tax for 2024/25. The dividend allowance has been reduced to £500 from £1,000, impacting owner-managed businesses. The...
Apr 3, 2024 | Personal Tax
New research for the House of Commons has shown that due to the income tax threshold freeze of £12,570 until 2028, an additional 1.6 million pensioners will have to pay income tax in the next four years. This is a significant increase from the 8.5m pensioners...
Mar 28, 2024 | Personal Tax
The National Residential Landlords Association (NRLA) has issued a caution to landlords who have established limited companies for their property ventures, highlighting the necessity to demonstrate a minimum of 20 hours of weekly management to qualify for anticipated...
Mar 26, 2024 | Personal Tax
In an update for users of HMRC online services, the department has announced a transition towards a new digital authentication system. From May 2024, new taxpayers without a Government Gateway account will be required to sign up for a GOV.UK One Login account to...
