If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570
It was announced as part of the Spring Budget 2023 measures that the government would establish twelve Investment Zones across the UK, subject to successful proposals. South Yorkshire has now been named as the first of the UK Investment Zones.
These
The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number.
This service allows users to check:
if a UK VAT registration number is valid; and
the name and address of the business the number is registered to.
The service
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions (usually described as dividends) and may be subject to Income Tax.
If certain conditions are met, the payment can be treated as an exempt
The definition of a connected person for tax purposes can be complex.
A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the Taxation of Chargeable Gains Act (TCGA) 1992.
The
If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income.
For tax purposes, the business records must be held for at least
A simple dictionary definition of cost of living would probably say something like:
The level of prices relating to a range of everyday items…
The problem is, the price inflation for food, or fuel for your car, or heating costs will vary. Although
1 August 2023 – Due date for corporation tax due for the year ended 31 October 2022.
19 August 2023 – PAYE and NIC deductions due for month ended 5 August 2023. (If you pay your tax electronically the due date is 22 August 2023)
19 August 2023 –
The SA302 tax calculation and tax year overview documents are commonly used as evidence of income for loan or mortgage purposes for the self-employed. The forms have become more widely used since the mortgage rules have required evidence of income
The second payment on account for Self-Assessment taxpayers for the 2022-23 tax year is due on 31 July 2023. Taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first payment was due on 31 January
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced in 2003 to help keep retired people out of poverty. There are two main parts to Pension Credit.
The first part is
Changes in the way alcohol is taxed will come into effect from 1 August 2023. The new system of calculating alcohol duty for all alcoholic drinks will be made using standardised tax bands based on alcohol by volume (ABV). This will replace the
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, tthis can happen if you made a mistake like entering a number incorrectly or missed information from the
If you inherit property, you are usually not liable to pay tax on the inheritance you receive. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the estate
Business owners are not exempt from the effects of inflation, but unlike waged individuals, they may have more options to increase cash flow. Here’s a few ideas you may like to consider:
If you have slow-moving or dormant stock sitting on your
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