Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Finalising tax return figures and filing early

September 19, 2023Income Tax, self-assessment, TaxLeave a commentadmin

HMRC is chasing taxpayers who have submitted tax returns for 2021/22 containing unresolved provisional figures, while also extolling the benefits of filing early for 2022/23. What are provisional figures? A provisional figure is not the…

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Behind the numbers on income tax

September 6, 2023Income Tax, TaxLeave a commentadmin

New income tax statistics from HMRC appear to be good news, but the numbers are not what they seem. Taxpayer’s marginal rate Basic Rate Higher Rate Additional Rate 2020/21 Average tax rate 9.5% 21.8% 38.3%…

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Abolishing the pensions lifetime allowance

September 4, 2023Pensioners, PensionsLeave a commentadmin

Although the lifetime allowance was effectively abolished from April 2023 as the lifetime allowance charge was removed, it has been retained on statute for a year to allow time for the intricacies to be ironed…

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Inheritance Tax: Intestacy entitlement increased

August 30, 2023Inheritance Tax, Lasting Will & Testaments, Wealth, Wills & ProbateLeave a commentadmin

If an English or Welsh domiciled person dies without leaving a will, the amount that a surviving spouse or civil partner can inherit as a statutory legacy under the intestacy rules has – from 26…

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Agri-tax reliefs set for restrictions

August 17, 2023UncategorizedLeave a commentadmin

Draft legislation has been published that will, from 6 April 2024, restrict the geographical scope of agricultural relief and woodlands relief to property in the UK. Currently, property can qualify for either agricultural relief or…

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New PAYE process for High Income Child Benefit Charge

August 16, 2023High Income Child Benefit Charge, HMRC Investigations, Income Tax, PAYELeave a commentadmin

One of the many criticisms aimed at the High Income Child Benefit Charge (HICBC) is that anyone caught by the charge needs to submit a self-assessment tax return even if all of their tax is…

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Take Two on Wealth tax…………

August 15, 2023Inheritance Tax, Tax, WealthLeave a commentadmin

Hard on the heels of May's Sunday Times Rich List, will new proposals for a wealth tax gain any traction? In 2020, a group of economic research bodies set up the Wealth Tax Commission to…

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Tax gap at all-time low

July 27, 2023Making Tax Digital, MTD, TaxLeave a commentadmin

The tax gap is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. For 2021/22, the gap was at an all-time low of 4.8%…

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Businesses failing to pay minimum wage

July 24, 2023HMRC Investigations, National Living Wage, National Minimum WageLeave a commentadmin

Just over 200 businesses – including some of the country’s best-known retailers ­– have failed to pay the minimum wage and will have to repay workers and face penalties of up to £7 million. The…

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HMRC offers options on undeclared wealth

July 24, 2023Income Tax, Litigation & Dispute Resolution, WealthLeave a commentadmin

HMRC is offering taxpayers named in the leaked Pandora Papers a chance to correct their tax affairs. The October 2021 leak involved almost 12 million documents revealing hidden wealth and tax avoidance. The papers revealed…

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Recent Posts

  • Finalising tax return figures and filing early
  • Behind the numbers on income tax
  • Abolishing the pensions lifetime allowance
  • Inheritance Tax: Intestacy entitlement increased
  • Agri-tax reliefs set for restrictions

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    This website is designed as a marketing tool for the advertisement of the services of Femi O. Ogunshakin, a director of Loftus Stowe Ltd, a company registered in England, a company (no. 7552548). Registered office: Bold Business Centre, Bold Lane, St Helens, Merseyside, WA9 4TX. VAT no. 113 8203 52. Femi Ogunshakin is a solicitor and is regulated by the Solicitors Regulation Authority (SRA) who may consider Loftus Stowe Ltd to be a 'Separate Business' for the purposes of Chapters 11 and 12 of the Solicitors Code of Conduct 2011. Neither Fęmi Ogunshakin (SRA no. 197062) nor Loftus Stowe Ltd provide legal advice or make representations that its services are those provided by bodies recognised by the SRA to provide legal services under the provisions of the Solicitors Act 1974, the Legal Services Act 2007 and the Solicitors Code of Conduct 2011. Loftus Stowe Ltd is a consultant practice of Nexa Law Limited, a company authorised and regulated by the SRA under licence number 633024. Privacy Policy
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