Earnings from employment that you earn in a year for which you are resident in the UK are taxable in the UK when you receive those earnings. During the tax year, the earnings which relate to duties you perform overseas in that year are foreign earnings if: 1. you’re...

Taxpayers may need to complete a tax return if they: Are newly self-employed and have earned more than £1,000. Have multiple sources of income. Have received any untaxed income, for example earning money for creating online content. Earn more than £100,000 a year....

HM Revenue & Customs (HMRC) has modernized Child Benefit claims by introducing a fully digital process, as detailed in their official announcement dated January 3, 2024:

Being a separate legal entity, the money within a company’s bank account belongs to that company, not the owners or directors. Tempting though it is for a business owner to help themselves to the company’s profits, they cannot do so unless it is declared as a dividend or paid as a salary or pension.

In the dynamic realm of cryptocurrency, staying informed about evolving tax regulations is paramount. Here’s a concise breakdown of key considerations and recent developments provided by HMRC:

The tax legislation states that a deduction from rental profits is allowable for expenses incurred ‘wholly and exclusively’ for the purposes of the business. This short and general provision has resulted in uncertainty and case law disputes between taxpayers and HMRC over the years.

As the festive season approaches, it’s crucial to ensure that the joy of your staff Christmas party doesn’t lead to unexpected tax liabilities. Here’s a quick guide to potential tax pitfalls and how to navigate them:

Growth: No recession, 110 measures to be put in place. The Office of Budget Responsibilities (OBR) says this will raise business investment, reduce inflation, and get more people back into work.

It is a valuable inheritance tax (IHT) relief, allowing certain types of business assets to be passed on 100% IHT-free. There is also a 50% rate of relief for other eligible business assets that do not qualify for the 100% rate.

The process of restoring a dissolved company in the UK can vary depending on the specific circumstances and the duration since the company’s dissolution. Below are the general steps for restoring a dissolved company: