Financial years and corporation tax rates Corporation tax (CT) rates are set for “financial years”. A financial year (FY) runs from 1 April to 31 March and is identified by the calendar year in which it commences for example FY 2022 is the year from 1 April 2022 to 31…
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Introduction Let’s get straight down to business. There is reason you should put money into a pension and one of the main reasons to SAVE TAX. As a pension saver you enjoy two important tax reliefs: • Tax relief on your contributions – what I call buying investments at a…
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Spring Statement 2022 On March 23, the Chancellor, Rishi Sunak, made his Spring Statement. Faced with the difficult challenge of building a “strong economy” for the UK against the backdrop of high inflation, rising expenses, and the possibility of European conflict, he launched a slew of new policies. So, what…
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Furnished holiday lettings have a number of tax advantages compared to standard residential lets, and one of the key ones is the availability of business asset rollover relief. This enables a landlord of a furnished holiday let to sell one property and invest in another without immediately crystallizing any associated…
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Spouses and civil partners benefit from special rules for capital gains tax purposes which allow them to transfer assets between them at a value that gives rise to neither a gain nor a loss. The transferee spouse/civil partner effectively takes on the transferor’s base cost. This can be very useful…
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As we come to the end of 2021, its time to start thinking about the budget for next year. One thing is certain – uncertainty. Business planning and budgeting have become increasingly complex in today’s uncertain and volatile environment. Firms have had to adapt and become more agile in order…
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Dividends have their own tax rules and their own rates of tax. For business owners understanding how dividends are taxed is crucial. The rules and the rates applicable in the same way regardless of whether the dividends are paid from your personal or family company as part of a profit…
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The Chancellor Rishi Sunak delivered his Autumn Budget and Spending Review earlier this afternoon, setting out a new Charter for Budget Responsibility, alongside revised economic forecasts and spending plans. The key tax announcements include: 1) Creative tax reliefs for theatres, orchestras, museums and galleries doubled until April 2023, with rates…
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Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by which this is possible. Government tax-free top-up scheme Under the Government scheme, you can open an online account and deposit money which is used to…
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For tax purposes, furnished holiday lettings are something of a special case and benefit from a number of advantages not available to standard residential lets. One of these advantages is in relation to the treatment of interest and finance costs. Residential landlord – Restriction of relief Residential landlords can now…
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