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Maximising future entitlement to State Pension may not be at the forefront of people’s minds, but following the introduction of the new State Pension in 2016, the ability to pay voluntary National Insurance contributions to ‘fill’ gaps will become far more limited from July. Initially this deadline was set at 5 April (2023), but it…

From 1 April 2023 there are a few changes to the ‘super-generous’ R&D tax relief rules: The Research and Development Expenditure Credit (RDEC) rate will increase from 13% to 20%, The SME additional deduction will decrease from 130% to 86% and the SME tax credit (surrender) rate will decrease from 14.5% to 10%. Additional costs…

In order to qualify for a full State Pension at retirement age you need to have paid 35 years’ worth of National Insurance Contributions.   If you are Self Employed you usually achieve this by paying Class 2 and Class 4 National Insurance when your profits are more than £11,908 a year. If your profits,…

As we approach another tax year end our thoughts turn to any tax planning that can be undertaken. You can find a link to our tax planning guide as a reminder of the basic planning opportunities to be considered each year. But with a Budget looming on 15 March 2023, it would be prudent to…

Do you jointly own a property? Is this actually funded/owned other than 50:50? Are you a high earner and your spouse a basic earner?   If you have answered yes to these, then tax election notification Form 17 is an easy way to help save tax as a couple! Without this, HMRC will default to…

Many workers who partly or wholly work from home (WFH) can, either, be reimbursed for this tax free (if their employer permits) or claim a valid tax deduction for this expense. HMRC have now amended the special rules that they introduced during Covid for the maximum WFH deduction that can be claimed. For employees (including…

Divorce and CGT Under current legislation, married couples and civil partners can transfer chargeable assets between them without incurring CGT under the ‘no gain, no loss’ principle. However, for separating couples, this only applies until the end of the tax year of separation.   A couple who separated in February 2022 could therefore only transfer…

I might be biased, but what a group of Christmas jumper models 🤩 #christmasjumperday2022 #savethechildrenuk Whitings LLP, Chartered Accountants

Landlords currently using self-assessment will be required to switch to using Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA for short) and applies to all landlords whose total property income is in excess of £10,000 per year, including: • Rental income from UK rental properties   • Other UK property income such as…

Incorporated businesses have until 31 March 2023 to claim 130% capital allowances on expenditure on certain fixed assets. This ‘super deduction’ was introduced in April 2021 to help companies continue to invest in plant and machinery after the pandemic.   Assets must be purchased new to benefit from the relief and it does not apply…