The government has rejected proposals to modernise cohabitation laws in England and Wales, leaving it up to individuals to arrange their financial affairs for partners and dependents. In August, the House of Commons Women and…
Tackling rising employment costs
The 9.7% uplift to the National Living Wage from April 2023 should be welcome news for lower-paid workers, but could present problems if their employer simply cannot afford the increased cost of employing them. The…
Business rates revaluation in 2023
From 1 April 2023, business rates in England and Wales will be updated to reflect changes in property values since the last revaluation in 2017. Although many businesses will see increased bills, others will see…
The effects of fiscal drag on your tax position
Fiscal drag is the stealthy way in which governments pull more and more taxpayers into higher tax brackets without the backlash that comes with increased tax rates. This is something taxpayers can probably live with…
Meandering thoughts on Capital gains chop in Autumn Statement
It should have come as no real surprise that the Chancellor took the axe to relief on capital gains tax (CGT) in the government’s Autumn Statement. The changes are expected to raise some £1.6 billion…
Dissecting inflation: what a difference a year makes
Annual CPI inflation hit 10.1% in September, but that does not mean every price is showing a double-digit increase. The September Consumer Prices Index (CPI) inflation reading is probably the most important inflation metric in…
The marshmallow paradox – VAT or no VAT?
The biggest marshmallows are in fact VAT free. The intricacies of VAT continue to delight or inflame, with marshmallows the latest food product to come under the spotlight. The outcome of a recent First-Tier Tribunal…
Finding the right mix in mixed use properties
A recent tribunal found in HMRC’s favour when a residential property was questionably deemed mixed use. On the purchase of a mixed use property, stamp duty land tax (SDLT) is paid at non-residential rates rather…
First time buyers: time to act?
The increased stamp duty relief for first time buyers has not been reversed by the new Chancellor, but it may not survive beyond the tax year. One of the few tax cuts to survive from…
Dividends vs remuneration: the corporation tax quandary
For owner-managed companies, bonuses, dividends and remuneration will become yet more complex in the new tax year. With the corporation tax increase and dividend rates now confirmed by the Government, the dividend vs remuneration decision…