National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers in building up the number of qualifying years of National Insurance contributions and which can also increase the amount
The 31 July 2023 is the final day for families and individuals that receive tax credits to tell HMRC about any changes in their circumstances or income and to renew their tax credit application. As in previous years, there is likely to be a
The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and, provided all the qualifying conditions are met, can reclaim the basic rate tax which provides an
There are a number of reasons why you might need to contact HMRC about changes in your income.
HMRC’s guidance states that this could happen because you:
did not realise you needed to tell HMRC about it;
were not sure how to declare it; or
did
Copyright protects your work and stops others from using it without your permission.
You get copyright protection automatically – you don’t have to apply or pay a fee. There isn’t a register of copyright works in the UK.
You automatically get
The bankruptcy process applies to individuals living in England, Wales or Northern Ireland. There is a separate bankruptcy process sometimes known as sequestration in Scotland. Bankruptcy is a form of insolvency and is normally suitable for those who
As with the Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2023-24 was reduced to £6,000 (from £12,300) and is set to be
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.
National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of National Insurance contributions which can increase the amount of benefits
As a general rule, if you are resident in the UK, you are liable to pay Capital Gains Tax (CGT) when you sell (or dispose of) an overseas property at a gain.
The annual exempt amount applicable to CGT was reduced to £6,000 (from £12,300) for the
The Bank of England’s Monetary Policy Committee (MPC) met on 21 June 2023 and voted 7-2 in favour of raising interest rates by 50 basis points to 5% to continue to tackle inflation. The 2 remaining members voted to keep the rate at 4.5%. This is the
If you are travelling from outside the UK and arriving home in Great Britain (England, Wales and Scotland), you are allowed to bring back the following goods for your own use without any UK tax or duty liabilities.
200 cigarettes or 100 cigarillos
The marriage allowance is available 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 threshold for Income Tax (i.e., one of the couples must currently earn
Having the right type of intellectual property protection helps you stop people stealing or copying:
the names of your products or brands;
your inventions;
the design or look of your products; and
things you write, make or produce.
Copyright,
In certain circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State Pension.
Usually, HMRC allow you to pay voluntary contributions for
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