The Renters Reform Bill has finally completed its passage through the House of Commons with important concessions made in favour of landlords. Landlords with leasehold property may also benefit from an annual cap of £250…
Have you overlooked a changed tax status?
With allowances frozen or cut, you may have underpaid tax for 2023/24. Your tax position may have changed for the last year without you really noticing. Consider the following: Tax Year 2021/22 2023/24 2024/25 Personal…
Daily penalties come in for late self assessment returns
Around 1.1 million taxpayers who failed to submit the self assessment tax return for 2022/23 on 31 January 2024 now face a £10 daily penalty charge by HMRC. HMRC has imposed a daily penalty of…
Employment Tax: Deductibility of training costs
HMRC has recently published guidance to provide greater clarity about the tax deductibility of training costs for the self-employed. Apart from updating current skills, costs are also deductible if they provide new skills or knowledge…
Employment Law: Request flexible working rights from day one
From 6 April, employees now have the right to request flexible working from their first day at work. However, the right is still only to make a request and employers are under no obligation to…
The end of multiple dwellings relief
From 1 June 2024, the abolition of multiple dwellings relief under stamp duty land tax (SDLT) will stop disputes about what qualifies as a separate dwelling (e.g. a granny annex). However, the scrapped tax will…
Thoughts for buy-to-let owners selling up
While the higher rate of capital gains tax (CGT) on residential property disposals has dropped by 4%, from 28% to 24%, from 6 April 2024, the vast majority of landlords who sell up are facing…
The onward march of the higher rate taxpayer
New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common. The Office for Budget Responsibility (OBR) received plenty of attention leading up to the Budget. It…
Buy-to-let owners selling up
While the higher rate of capital gains tax (CGT) on residential property disposals has dropped by 4%, from 28% to 24%, from 6 April 2024, the vast majority of landlords who sell up are facing…
How much does retirement cost?
New research has put some surprising numbers on the income needed in retirement. Each year since 2019, the Pensions and Lifetime Savings Association (PLSA) has set about answering the question of how much retirement costs…