National Insurance and Dividends Tax Rates to Rise 1.25% in 2022/23

National Insurance contributions (NICs) and the three dividend tax rates will all increase 1.25% from April 2022 to pay for the social care system in England. This social care package will be funded through a new UK-wide health and social care levy, which is expected to raise around £12 billion a year.The levy will apply […]

Curtain Comes Down on Stamp Duty Land Tax Holiday

The stamp duty land tax holiday in England and Northern Ireland has come to an end, more than 14 months after it first came into effect. The tax break saw most buyers who purchased residential homes for £500,000 or less pay no stamp duty land tax until 30 June 2021, although landlords still had to […]

The Rise of Electric Vehicles Could Create £30bn Tax Hole

The Government is being urged to introduce a new road-pricing system, because the increasing popularity of electric vehicles risks leaving a £30 billion hole in public finances each year. Research submitted by the Tony Blair Institute for Global Change called for a new system, with options including charges based on emissions, vehicle weight and traffic […]

Residence & Domicile after Brexit

How your status affects the amount of tax you pay. For most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident. Anyone domiciled and resident in the UK will need to report their worldwide income […]

2020/21 Income Tax Returns & the SEISS

Three grants worth up to £21,570 are taxable.  A chunk of time has passed since the self-employed income support scheme (SEISS) was launched in May 2020, following the onset of the COVID-19 pandemic. The first taxable grant, worth up to £7,500 in total, was paid out in August 2020. That was followed by a second grant […]

Accounting for Charities & Non-Profits

How the third sector is assessed for tax. Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives and objectives. HMRC treats non-profit organisations and charities very differently to businesses, offering some unique tax breaks in the process.  If a charity is recognised by the […]

Capital Gains Tax Receipts Climb 3% to Record-High

HMRC collected a record of £9.9 billion from capital gains tax receipts in 2019/20, according to official statistics published last month.  The tax authority said this was 3% up on the previous tax year’s receipts, but the number of taxpayers paying tax on their gains fell 6% to around 265,000. Most of the liabilities collected […]

1 in 5 UK Employers Consider Making Redundancies

A minority of UK employers could be about to cut jobs, due to the withdrawal of the furlough scheme and rising costs. The scheme, which has protected around 11.6 million jobs since the start of the pandemic, will close on 30 September 2021. The Government currently pays 60% of a furloughed worker’s wages and employers […]

National Insurance Contributions Rates ‘Poised to Increase’

The Government could be set to raise National Insurance contributions (NICs) by 1% for both employers and employees, a report has claimed.  The Times claimed senior ministers have agreed to increase rates to raise an extra £10 billion a year for the National Insurance Fund. This would initially be used to reduce NHS waiting lists, before […]

Deadline Approaches for Fifth and Final Self-Employed Grant

The self-employed have until the end of the month to apply for the final grant available via the self-employed income support scheme (SEISS).  Everyone who is eligible for the last SEISS grant should have received a personal start date from HMRC in recent months. These gave self-employed taxpayers a date from which they can apply for […]