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18 Jan 24

Reminder to claim the Marriage Allowance

The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate

18 Jan 24

IHT gifts – 7 year limit

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts

18 Jan 24

Using the VAT Flat Rate Scheme

The VAT Flat Rate scheme allows businesses to pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme

16 Jan 24

A reminder to protect your business capital

The beginning of a new year is an opportune time to undertake basic business planning. One aspect that needs continuous management is to protect your business capital. The

11 Jan 24

Less than one month to tax return filing deadline

A new press release from HMRC has highlighted that 49,317 taxpayers took the time to file their tax returns online over the New Year holiday. It is estimated that over 6.5 million

11 Jan 24

VAT on period products scrapped

Before Brexit, the UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the transition period the

11 Jan 24

National Insurance and tax after State Pension Age

If you have reached the State Pension age and continue to work, in most cases, you no longer need to pay National Insurance Contributions (NICs). At State Pension age, the

11 Jan 24

Business Asset Disposal Relief

Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a trading company or an individual’s interest in a trading partnership. Where

11 Jan 24

Beware higher rate tax on dividends

Readers are reminded that if the dividends they draw from their company, when added to their other income, exceeds the basic rate Income Tax Band, then much higher rates of

11 Jan 24

New tax credits for film, TV and game makers

A number of reforms to tax reliefs for the creative sectors came into effect from 1 January 2024. Under the reformed system, a children’s TV production, animated TV production or

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