Two New Products For Uk Savers
Two new savings products have been announced, aimed at supporting growth of UK companies and encouraging a culture of saving. Individuals can currently deposit up to £20,000 each year into an individual savings account (ISA). This is a sensible move as any interest earned is…
Non-dom Reforms
The remittance basis tax relief offered to non-UK domiciled individuals (non-doms) will be removed and replaced with a simpler residence-based regime from 6 April 2025. The new system will ensure that all UK residents who stay in the UK for over four years will pay…
Furnished Holiday Lets Relief To Be Scrapped
Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished. If you own a property that you rent out on a short-term basis for holiday rentals, subject to certain qualifying…
CGT Higher Rate On Dwellings Reduced
The higher rate of capital gains tax (CGT) for residential property disposals will be cut from 28% to 24% from 6 April 2024. The lower rate will remain at 18% for any gains that fall within an individual’s unused basic rate band. The 24% rate…
Multiple Dwellings Relief Scrapped
Multiple dwellings relief (MDR) can significantly reduce the stamp duty land tax (SDLT) payable on the purchase of two or more properties in one transaction. When a taxpayer purchases a property that consists of more than one dwelling they may claim MDR to reduce the…
VAT Registration Threshold Raised
The earnings threshold above which businesses must register for and start charging VAT has been increased. Effective from 1 April 2024, the taxable turnover above which a business is required to register and account for VAT will be increased from £85,000 to £90,000. This is…
National Insurance Rates Cut Again
The headline news from the Spring Budget was further cuts to national insurance contributions (NIC) of 2% each for self-employed taxpayers and employees. The main rate of primary Class 1 NIC paid by employees on earnings between £12,570 and £50,270 per year will be cut…
High Income Child Benefit Charge Threshold Increased
The threshold for earnings above which you have to pay back some or all of your child benefit will be increased from 6 April 2024 with a full overhaul of the regime promised in April 2026. If you or your partner receive child benefit and…
Two New R&D Forms
HMRC has introduced two new measures to tackle the rise in fraudulent research and development (R&D) claims. Claim notification form. For accounting periods beginning on or after 1 April 2023, a digital pre-notification form is required to inform HMRC in advance of R&D claims. This…