A definition of trusts
HMRC’s internal manuals states that the word `trust’ describes a relationship between certain persons Effectively, a trust is an obligation that binds a trustee, an individual or a company, to deal with assets – such as land, money and shares – which form part of the trust. The person who places assets into a trust is […]
Which way to turn
Inflation and recession are cruel task-masters. If you provide goods or services that can be readily sourced from alternative suppliers, and at a lower cost, trying to beef-up your sales prices will likely result in lost income as your customers go elsewhere. If your costs are increasing this can only lead to lower profits. If […]
Mortgage Guarantee Scheme extended
The Mortgage Guarantee Scheme was set to end on 31 December 2022. In a last-minute announcement from HM Treasury, it was confirmed that the scheme will now be extended for a further 12 months until 31 December 2023. The scheme helps prospective home buyers (mainly first-time buyers) who only have a small deposit and may find […]
Did you file your tax return on Christmas Day?
A new press release by HMRC has highlighted the fact that 3,275 taxpayers took the time to file their tax return online on Christmas Day with a further 10,311 taxpayers completing their tax returns on Boxing Day. In total, 22,060 Self-Assessment returns were filed between 24 and 26 December. The total number of submissions for […]
Customs Declaration Service deadline extended
The Customs Declaration Service (CDS) is a customs IT platform designed to modernise the process for completing customs declarations for businesses that import or export goods from the UK. A phased launch of the service started in August 2018 and was due to be completed by 31 March 2023. The CDS covers export declarations of goods […]
Limits to tax relief for pension contributions
Under current rules, you can claim tax relief for your private pension contributions. The annual allowance for tax relief on pensions is £40,000 for the current tax year. There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you […]
Applying for National Insurance number
If you do not already have a National Insurance number you will normally need to apply for one if you are planning to work in the UK, claim benefits, apply for a student loan or pay Class 3 voluntary National Insurance contributions. It can take up to 4 weeks for a National Insurance number to […]
CGT tax-free allowance reducing
In the Autumn Statement, the Chancellor announced that the annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved next year. This rate had previously been fixed at £12,300 from April 2021 to April 2026 for individuals, personal representatives, and certain trusts for disabled people. The exempt amount will now be […]
Vehicle benefit charges from April 2023
The vehicle benefit charges for 2023-24 have been announced. Where employees are provided with fuel for their own private use by their employers, the car fuel benefit charge is also applicable. The fuel benefit charge is determined by reference to the CO2 rating of the car, applied to a fixed amount. The car fuel benefit […]
HMRC interest rate changes
The Bank of England’s Monetary Policy Committee (MPC) met on 15 December 2022 and voted 6-3 in favour of raising interest rates by 50 basis points to 3.5% in a move to try and continue to tackle upward pressures on inflation. This is the ninth time in a row that the MPC has increased interest rates […]