A Different Method of Paying Tax
Tax payments for the self-employed or those who declare their income under self-assessment are payable by 31 January and 31 July every year. Taxpayers who
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Class 2 National Insurance Voluntary Contributions Are No More
Class 2 NICs are flat-rate contributions payable by the self-employed, currently charged at a rate of £3.45 a week. Non-payment (or credit) could mean entitlement
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Deferring Capital Gains Tax on A Business Asset
The potential to be charged capital gains tax (CGT) arises with the sale or gift of an asset. Deferral of the charge is possible with
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Enjoy £7,500 of Tax-Free Income Under the Rent-A-Room Scheme
If you have a spare room in your home, you may consider letting it out to raise some much-needed cash to help meet rising living
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Business Use of Home – Beware the Lower CGT Annual Exempt Amount
The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence.
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Tax Relief for Unpaid Rent
As the cost-of-living crisis bites, landlords may find that tenants struggle to pay their rent. Where this is the case, the relief that is available
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Preserving the Personal Allowance
The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from the personal allowance. A taper applies which gradually
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Giving Away Money Free of IHT
Most people do not want to give money to the taxman when they die. However, while it is said that inheritance tax (IHT) is a
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Beware the New VAT Late Submission Penalties
A new penalty regime was introduced for VAT from 1 January 2023. The new regime comprises late submission penalties and late payment penalties. Here we
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Have You Declared Your Dividends Correctly?
Dividends are a popular and tax-efficient way to extract profits from a personal or family company once a small salary has been paid. However, the
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