Back to school – help with childcare costs
As children have returned to school, HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for breakfast and after school clubs. The TFC scheme can help parents of children aged up to 11 years old (17 for those with certain disabilities). The TFC scheme helps support working families […]
National Insurance increase to fund NHS and social care
The Prime Minister announced increases in National Insurance Contributions (NIC) of 1.25% from April 2022, to contribute to increases in the NHS and social care budgets. The increases will apply to: Class 1 contributions (paid by employees). This is the NIC that is deducted from your earnings by your employer. Class 4 (paid by self-employed). […]
Dividend tax increase announced
The 1,25% increase in NIC contributions from April 2022 will be mirrored by a similar increase in the tax charge on dividends. From April 2022, the dividend tax increases will apply as follows: Basic rate taxpayers will see an increase from the present 7.5% to 8.75%. Higher rate taxpayers will see an increase from 32.5% to […]
The Seven Questions First-Time Buyers Should Ask
Everybody remembers the time when they bought their first home… it’s not the easiest of things to tackle. And with the average house price in the UK reaching a record high of £266,0001, purchasing a property today is incredibly expensive and stressful, raising a ton of questions for first-time buyers. Can I afford the property? Getting onto the property ladder in today’s economy is a massive commitment, so it’s important to assess whether you have the finances to […]
How to Add £40k to Your Home’s Value
Selling the old to move onto the new can feel like a painfully long task, but what if there was a way to speed this up? Research suggests the average UK home selling times take 4.2 months on average from first day of marketing to legal completion. When you’re looking to start a new chapter of your life, you can make the process quicker and earn some more […]
Plumber banned for abusing hire purchase
A Herefordshire plumber has had his bankruptcy extended for six years after he sold a van without the permission of the hire purchase finance company Lee Palmer, 41, a plumber from Knapton, is limited to what credit he can access and cannot act as a company director without the permission of the court. Palmer’s bankruptcy […]
Q&A: tax liability on loan to shareholder
In our regular Q&A series, Croner Taxwise tax consultant Vivienne Cheung considers whether a loan to a non-employee shareholder should be treated as a benefit in kind I have a client who owns 25% of the ordinary voting shares of a close company, but she is not a director or employee nor is she connected […]
Claiming CGT Gift Hold-Over relief
Gift Hold-Over Relief is effectively a deferral of Capital Gains Tax (CGT) when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. The relief means that any gain on the asset is 'Held-Over' until the recipient of the gift sells or disposes of them. […]
Tax relief on charitable donations
If you are a higher rate or additional rate taxpayer, you are eligible to claim relief on the difference between the basic rate and your highest rate of tax. The charity you donate to can reclaim the basic rate of tax from donations made by taxpayers. For example: If you donated £5,000 to charity, the […]
How to deal with tax appeals
There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. It is important to note that not all decisions by HMRC can be appealed against. There is normally a 30-day deadline for making a claim, so time is of the essence. If you or your business have […]
