Autumn Budget reforms have created a surprising clash of benefits and income tax. The Covid-19 pandemic was the first time many people utilised Universal Credit (UC) for the first time – between February and May…
CGT reporting and payment deadline extended
I've taken a few calls recently, from a number of clients, on CGT on disposal of UK residential property, and although information on this is already in the public domain, here's a brief summary in…
HMRC: Upper Tribunal deems child benefit discovery assessments invalid
A discovery assessment can be made by HMRC where income, which should have been assessed, has not been assessed for tax purposes. A recent decision in an Upper Tribunal case, however, found that neither child…
Changes afoot for Basis period tax rules
Although it looks like the next Budget will be pushed back to spring 2022, several tax changes are already on the cards, some more certain than others. The government’s fast progress with reform of the…
Some ‘new’ tax year opportunities
"A bit late in the day, Femi" I hear you thinking. But is it? Some tax planning should happen before the end of the tax year; but the start of a new tax year also…
Missing out on tax-free childcare?
By setting up an online childcare account, you can get a government top-up to help with the costs of childcare. However, thousands are missing out on this payment. Tax-free childcare is worth up to £500…
Brain teaser: should you incorporate?
The planned increase in corporation tax has changed some of the mathematics on incorporation. The Budget announced a significant change to corporation tax from 2023: Small companies, with profits of up to £50,000, would continue…
Get Ready for 2021-2022
Taking some time to start planning for the 2021/22 tax year might be worth the effort. While there is often a focus on planning for the end of the tax year, much less attention is…
Self-assessment: last minute filing
I'm sitting here musing about the number of calls I'm still taking from (potential) clients regarding taking them on for this year's self-assessment submissions. It's got me thinking. Why do some people leave this to…