Now is a good time to consider your personal tax planning opportunities if you haven’t already done so.
Posts by Rachel Roberts
Spring Budget 2024: Property Taxes
Rachel outlines the changes announced in the Spring Budget which relate to properties.
Basis Period Reform – Changes to the way profits from a sole trade or partnership are taxed
Rachel explains the changes to the way sole trade profits or partnership profit shares are allocated to tax years effective from the current 2023/24 tax year.
Autumn Statement round-up: Changes to the cash basis
Rachel explains the changes made to the cash basis which have been outlined by the Chancellor.
Autumn Statement round-up: MTD for ITSA
Rachel explains the changes to Making Tax Digital for Income Tax Self Assessment which have been announced today.
What are the tax implications for child benefit if you earn over £50,000?
If you are claiming child benefit, it is important to be aware of this threshold which hasn’t changed with inflation as more parents are likely to get caught out by it.
Can a staff summer party be tax-free?
Rachel explains the exemptions around having an annual event for staff whether it’s a summer barbeque or the Christmas party.
What can I use my Tax-Free Childcare account for?
Rachel reminds working parents that the Tax-Free Childcare account can include paying for a summer holiday club.
HMRC targets Airbnb hosts as part of its Let Property Campaign
Rachel explains HMRC is targeting those in the short-term rental market so if you think you may have underdeclared your property income, now is the time to act.
Spring Budget 2023 Summary: Labour Market Reforms
Rachel Roberts provides a summary of the Budget announcements concerning the labour market including childcare reforms and pension reforms.
CGT problems on disposals of residential property
CGT in respect of gains on residential property must be reported and paid to HMRC within 60 days from completion – Rachel highlights a couple of issues to be aware of.
Self-employed individuals and landlords given more time to prepare for MTD for ITSA
MTD was due to be phased in from April 2024, however, HMRC have announced some changes which are explained by Rachel.
Autumn Statement: Changes to Tax on Electric Cars
Rachel provides detail about the changes to tax on electric vehicles concerning two main areas; road tax and benefit in kind.
Sharp increase in HMRC fines issued to landlords and freelancers
According to The Telegraph, HMRC civil servants were put under pressure to bring in as much money as possible, resulting in 90,000 penalties being issued in the 2021/22 tax year.
More details of MTD for Income Tax reporting
The accounting software will need to record and report income and expenditure in the same categories currently used for self-assessment as outlined by Rachel.
Increased interest in green buy-to-let mortgages
Rachel explains how mortgage lenders are now offering green buy-to-let deals to encourage landlords to invest in energy-efficient properties.
Will taxing landlords at the source become the norm?
Rachel details a proposed new scheme aimed at reducing rental fraud, in which letting agents and property websites would collect and report tax on behalf of landlords.
Buying an electric car? Does it need to be new?
Rachel explains the tax consequences of choosing a second hand electric car for your business.
Tax Efficient Employee Benefits
Providing benefits can often come with unexpected or unwelcome tax charges, so Rachel explains different options and their impact.
New Rules for Non-UK Resident Landlords – What do you need to know?
Rachel explains what you need to know about the new rules if you are a Non-UK Resident Landlord