Articles in "Tax"

Capital gains tax seems certain to be more onerous after the forthcoming Budget, says Mary Schofield.

HMRC will send Simple Assessment tax statements to pensioners in the next few weeks.

With the new Labour government promise to hit the ground running in the first 100 days of power, no time was wasted announcing their first tax changes.

Divorce can be one of the most difficult life events that an individual can face. With an estimated UK divorce rate of 42%, it is an area that we see increasingly often. The tax rules in connection with dividing up chargeable assets can be complex and must be considered prior to any financial order being agreed to protect against an unexpected tax burden.

From April 2023, there have been year on year reductions to the annual exemption for Capital Gains Tax (CGT), increasing the exposure of individuals to CGT and consequently those required to report the disposal of UK residential property to HMRC within 60-days of completion. The Chancellor did provide a silver lining in the 2024 Spring Budget, announcing the reduction in the higher rate of CGT payable on disposals of residential properties, which applies from April 2024.

One in ten highly skilled freelancers are currently out of work due to the impact of reforms to IR35 tax legislation, according to research published by the Association of Independent Professionals and the Self-Employed (IPSE).

As the number of companies benefiting from the Research and Development (R&D) Tax Credit system has grown, so have HMRC's efforts to prevent erroneous claims.

For many companies the idea of paying tax is unpleasant let alone paying tax before it is due, however doing so could mean that you actually receive a payment from the Government by way of interest.