Knowledge Keep up to date with the latest in accounting amendments & requirements
Welcome to our Knowledge Base
Here you will find lots of useful information relating to HMRC guidelines and the latest in guidance.
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CGT tax-free allowance reducing
In the Autumn Statement, the Chancellor announced that the annual exempt amount applicable to Capital Gains Tax (CGT) is to be more than halved next year. This rate had previously been fixed at
Fiscal drag
You may have encountered this phrase, fiscal drag, in recent weeks, particularly if following the Autumn Statement announcements last week.
A large part of Chancellor Hunt’s announcements confirmed
Tax Diary December 2022/January 2023
1 December 2022 – Due date for Corporation Tax payable for the year ended 28 February 2022.
19 December 2022 – PAYE and NIC deductions due for month ended 5 December 2022. (If you pay your tax
Gifts paid out of disposable income
It is possible for wealthier taxpayers to make tax exempt gifts and payments that are funded as normal expenditure out of income. This is a very flexible exemption from IHT as there are no specific
Private pension contributions tax relief
Under current rules, you can claim tax relief for your private pension contributions within certain limitations.
The current annual allowance for tax relief on pension contributions is £40,000. You
VAT – partly exempt businesses
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes.
This means that the business is required to make an apportionment between the
Declare COVID support payments received
HMRC is reminding Self-Assessment taxpayers that they must declare COVID-19 grant and support payments in their tax return for the 2021-22 tax year.
Most COVID support scheme grants are treated as
More on HMRC payment plans
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
An
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