by admin | Jul 18, 2024 | Uncategorized
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free. HMRC’s guidance provides the following list of the most common state benefits that are taxable, i.e., Income Tax is payable,...
by admin | Jul 18, 2024 | Uncategorized
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you sell shares unless they are in a CGT free investment such as an ISA or qualifying pension. Your gain is usually the difference between what you paid for...
by admin | Jul 18, 2024 | Uncategorized
The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate for all other children is £16.95. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August...
by admin | Jul 18, 2024 | Uncategorized
The Employment Allowance benefits eligible employers by reducing their National Insurance liability. The current allowance is £5,000. An employer can claim less than the maximum if this covers their total Class 1 NIC bill. The allowance is only...
by admin | Jul 18, 2024 | Uncategorized
Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each. The £1,000 exemptions from tax apply to: If you make...
