This is where we keep you up to date with announcements by HMRC, share tips to help you save money and run your business.
Q: I earn £62,000 and have been offered a bonus that would increase my total income to £95,000. How will this affect my tax, and are there any higher tax bands I should be aware of? Am I right that bonuses are taxed more than normal income? A: No, ...
Read moreMany businesses across the UK have peaks and troughs in their trade, depending on the season. And some, as a result, have to take on more helping hands to cover the workload just during that particular spell. Businesses in this position have been reminded by HM Revenue and ...
Read moreOne area of potential tax reform that we know we should expect to hear more about on Budget day surrounds the tax treatment of 'carried interest'. This tax break enables private equity fund managers to pay a reduced rate of tax on their earnings. It is, as the ...
Read moreAmid the frequently repeated references to the £22bn 'blackhole' in the public finances and warnings from the Prime Minister of a 'painful' Autumn Budget, it would appear that tax relief on pensions may be another area the Government seeks out to raise money. We know Labour have had ...
Read moreAs speculation mounts that the new Government will soon make changes to raise more money for the Treasury via Inheritance Tax (IHT), it seems we're already set for the highest receipts on record this year. The latest HMRC stats show IHT receipts for April 2024 to August 2024 are £3.5 billion. ...
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