Gary Lineker wins £4.9m IR35 case
Gary Lineker has won a First Tier Tribunal (FTT) appeal against HMRC after being accused of underpaying £4.9m in tax between 2013 and 2018 The sports presenter and former footballer, who worked for the BBC and BT Sport, was informed by HMRC that he should have been classed as an employee for his presenting work, […]
Gains and losses from cryptoassets
Did you invest in Bitcoin or other similar “cryptocurrency”? Disposals or exchanges of cryptoassets may give rise to gains that are taxable for capital gains tax (CGT)purposes, or allowable losses. Taxable gains arising between 6 April 2021 and 5 April 2022 should havebeen reported on a taxpayer’s self-assessment tax return due by 31 January 2023, […]
Be aware – there are some tax changes from 6 April 2023
Capital Gains Tax If you are sitting on capital profits – in share portfolios for example -you may wish to consider realising some of those gains before 5 April 2023. The annual exempt gain amount reduces from £12,300 per person to just £6,000 for gains made in2023/24. The 2022/23 allowance is lost if not used […]
CBI calls for tax breaks to support business
Business confidence fell across the service sector for the three months to February, as cost pressures hit consumer spending, according to the CBI The fall was at a slower pace than in the previous quarter as profitability continued to drop and cost pressures remained elevated in both business and professional services – which include accountancy, […]
Company pension contributions – make sure these are paid in time
A company can make pension contributions for a director. However, timing is key, as it is not possible to accrue for these at a year end.Tax deduction is only given when payment is actually made. Therefore, for a 31 March year end payment needs to be made before that date! If it is a one-off […]
Pay your Self assessment Tax!
Tax payable under self-assessment should have been paid by 31 January.This might be a balance of tax due for the 2021/22 tax year, a payment on account for the 2022/23 tax year, or more than likely, a combination of the two. Interest runs on late payment and this interest is not tax deductible. The rate […]
Beware the High-Income Child Benefit Charge
You may have to pay the High-Income Child Benefit Charge!if you or your partner have an individual income that’s over £50,000 and either:⦁ you or your partner get Child Benefit⦁ someone else gets Child Benefit for a child living with you and they contribute at least an equal amount towards the child’s upkeepIt does not […]
The Autumn Statement 2022
Now the dust is settling after the recent announcements, Government U-turns and further announcements, it is time to draw breath and focus on the changes (although we may see more in the March 2023 budget)! An attention-grabbing headline appearing around the place is that everyone will be paying more tax over the next few years. […]
Bookkeeping – keep your business and private spending separate!
Business expenses can be claimed against tax, but personal expenditure cannot. It is therefore necessary to distinguish between the two. Many businesses on starting up will continue to use a “personal” bank account for their business transactions. However, it will be far easier to administer if a business account is opened up at the outset. […]
Claiming child benefit – be aware of the clawback
The High Income Child Benefit Charge can catch out the unwary. If you, or a partner, are claiming child benefit and one partner’s “Adjusted Income” breaches the £50,000 level, the child benefit starts to be clawed back through the tax system. When income exceeds £60,000 the clawback is 100% of the child benefit received. Between […]
