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 […]

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 […]

Accounting Made Ezy: Do I Need A Self-Assessment?

Accounting Made Ezy: Accounting, even at basic levels can be confusing. It’s relatively easy to generate your own income, there are multiple ways of doing so. When you get started, one aspect that is often overlooked is how do I report my earnings, and who to? Over the years we’ve come to appreciate the special […]

What Does Your PAYE Tax Code Mean?

We all have one, it is the corner stone of your pay slip, and it dictates what deductions are taken from your hard earned salary – we refer, of course, to your tax code. But do you know exactly what your tax code means, or do you simply take it for granted that it’ll do […]