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Miscellaneous income

There are special rules known as the miscellaneous income sweep-up provisions that seek to charge tax on certain income. This ...
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Using the Annual Investment Allowance

The Annual Investment Allowance (AIA) is a generous tax relief that was first introduced in 2008. The AIA allows for ...
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Scope of Trade

There is no statutory definition of ‘trade’. The only statutory reference to the term is that ‘trade’ includes a ‘venture ...
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Using Advisory Fuel rates

The easiest way to ensure that no car-fuel benefit charge (for private journeys in a company car) is payable, is ...
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Tax-free trivial benefits

There is a benefit in kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, ...
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Duty free limits if you are travelling abroad

Here is a reminder of any duty payable and tax-free allowances if travelling abroad this summer. If you are travelling ...
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Emergency tax codes

The letters in an employee’s tax code signify their entitlement (or not) to the annual tax-free personal allowance. The tax ...
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Settlement legislation – non-trust settlements

The settlement legislation seeks to ensure that where a settlor has retained an interest in property that the income arising ...
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Construction services taxed at VAT zero or 5% rate

Whilst most businesses in the UK charge VAT at the standard rate of 20%, there are a number of different ...
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Business records if self-employed

If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep ...
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Tax relief on replacement of domestic items

The replacement of domestic items relief has been in place since April 2016. The relief allows landlords the ability to ...
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Gifts with reservation

The majority of gifts made during a person's life are not subject to tax at the time of the gift ...
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Qualifying for residence nil rate band

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) ...
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Tax when you get your pension

There are special rules which allow individuals who have set up private pension scheme(s) to benefit from significant tax reliefs ...
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Applying for Marriage Allowance

The marriage allowance can be claimed by married couples and those in a civil partnership where a spouse or civil ...
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NIC threshold increased

In the Spring Statement earlier this year, the then Chancellor, Rishi Sunak, announced an NIC tax-cut to take effect from ...
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Entitlement to National Minimum Wage

Employers must ensure they are paying staff the new National Minimum Wage (NMW) and National Living Wage (NLW) rates for ...
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Non-resident company taxation

Non-resident companies with a trading business in the UK are liable to pay UK Corporation Tax on their profits made ...
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Joining the MTD ITSA pilot

Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot ...
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Furnished Holiday Lets and VAT

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a ...
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Filing and paying company tax returns

If you have recently setup a new limited company or are thinking of doing so then one of the areas ...
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Old style £20 and £50 notes

The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022 ...
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Tax gap remains at 5.1%

The tax gap for the 2020-21 tax year has been published and remains at 5.1%. This is the second lowest ...
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Changes at HM Treasury

Last week saw the resignation of the previous Chancellor Rishi Sunak from the Government. The previous Chancellor said he could ...
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