Limited companies CANNOT claim Employment Allowance if they have just one director and that director is the only employee liable for secondary Class 1 National Insurance. This means that companies with several employees, where the director is the only employee paid above the Secondary Threshold, are not eligible for the Employment Allowance. If a company […]

HMRC has reported that its security systems detected unauthorised access to some taxpayers’ online accounts. Criminals attempted to claim repayments from HMRC using these accounts. Around 100,000 people have been affected, and HMRC has lost £47 million. Guidance is available for those impacted. Background This incident, described as an organised crime operation, began in 2024. […]

It is important for tax purposes to establish whether a gift was a “Lifetime Gift” and will be excluded from inheritance tax or gift after person passed away and liable to inheritance tax. Definition Lifetime Gift is where the donor INTENDS to make a gift of their property in their lifetime and TRANSFERS the ownership […]

Many taxes provide exemptions or special rules based on an individuals’ marital status. For capital gains tax purposes, transfers of assets between spouses/civil partners who are living together in a tax year are exempt from taxes, it is tax neutral. For inheritance tax purposes transfers of assets between UK spouses/civil partners are exempt. However, there […]

There are 2 main type of contract workers – An independent contractor, controls their work schedule, utilizes their own tools and equipment, and bears the financial risk for their work. Dependent contractors retain a level of economic dependence on a single “principal” (the company that hires them). Independent contractors do not have any employment rights. […]

If you have recently moved to the UK on a temporary basis, you need to check if you are considered a UK tax resident. All UK tax residents are required to declare their foreign income and you will need to process a UK tax return. Also, if you have left the UK mid-tax year, you […]

To receive the highest possible state pension in the UK an individual must have accumulated a minimum of 35 years of qualifying NI contributions. If you have fewer than 35 years but more than 10 (which is the minimum requirement), your pension will be adjusted proportionally based on the number of years you have contributed. […]

Changes in the Capital Gain rates were announced at the 2024 Autumn Budget; these changes will be relevant for any gains after October 30th, 2024. Capital Gain Rates from April 6th, 2024 – October 30th, 2024 General Capital Gains Two higher rates apply to residential property disposals. These are: Two higher rates apply to carried […]

When a taxpayer disputes a decision made by HM Revenue & Customs (HMRC) and takes the case to a tax tribunal, the process involves several stages. Here’s a breakdown of the process: Step 1 – Internal Review with HMRC (Optional but Recommended) – Before going to a tribunal, the taxpayer can ask HMRC to conduct […]

Introduction to CSOP CSOP options are the most similar UK structure to EMI options. They are another form of share option that, like EMI options, benefit from particular tax advantages set down in legislation. A CSOP option potentially offers an exemption from all income tax and National Insurance Contributions liabilities that would otherwise arise on […]