Latest news

12
Aug

Hosepipe Ban

  Hosepipe bans are in force in a number of areas across the country, and whilst we all know it could affect our homes, the question is, can it affect small businesses? Following the driest July in England since 1935, hosepipe bans have come in effect in Hampshire, the Isle of Wight Kent, Sussex, and Pembrokeshire as water companies try

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8
Aug

Cost of Living Changes August 2022

  Cost of Living Changes August 2022 Inflation has soared above 9% in the UK – the highest in more than 40 years. While the energy price cap increase is expected to send annual household energy bills up to £4,000 for the average household. On Thursday the Bank of England announced that it was raising interest rates to 1.75% from

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23
Jul

FINANCE BILL 2022-2023

  The Finance Bill 2022-2023 draft legislation and policy papers have been released by the UK government.  This draft legislation Finance Bill indicates what to expect with possible changes to renewing annual taxes, delivering new tax proposals and maintaining administration of the tax system. We take a look at just some of the key changes coming in*: (*It is worth

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23
Jul

HMRC Accounts 2021-2022

  HMRC have published their Report and Accounts and other documents for 2021-22. HMRC accounts report revenues of £731.1 billion, a 20.1% increase since 2020-21, although 23.8% of this (£173.8 billion) remained unpaid at the year-end. Its audit was qualified due to high levels of error and fraud. Highlights of the HMRC accounts are: Increases were reported in all revenue streams,

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28
Jun

Crypto Assets

  Another common question from our clients – are cryptocurrency or crypto asset gains or profits, taxable under Capital Gains Tax? Can you obtain tax relief if you make losses on Bitcoin? In simple terms, gains on transactions in crypto assets are potentially taxable in the same way as other investments. At a glance HMRC has confirmed in its Crypto

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27
Jun

Capital Gains Tax Explained

  Following several questions from our subscribers and clients regarding Capital Gains Tax, below is an ‘At a glance’ guide to Capital Gains Tax reliefs. What are the key Capital Gains Tax reliefs? Who do they apply to? When does Capital Gains Tax apply? What are the rates/bands? What are the exemptions? There are numerous Capital Gains Tax reliefs in

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6
Jun

Capital Gains Tax Vs Stamp Duty?

  A survey on Capital Gains Tax vs. Stamp Duty was recently completed where four in ten people say that stamp duty should be scrapped completely and replaced with a capital gains tax on homeowners’ profits. While it shifts the tax burden from buyers to sellers who have profited from home ownership – this would no doubt be met with

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29
May

Cost of Living Support Scheme

  The Cost of Living Support Scheme has been announced by Rishi Sunak.  The cost of living in the UK has risen dramatically recently with millions of households struggling to make their incomes stretch to cover basic bills.   The Chancellor made an announcement on 26th May detailing the Cost of Living Support Scheme – emergency measures the government are taking

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4
May

Capital Gains Tax Changes

  As discussed when we reported on the Autumn budget announcement, anyone selling a property is affected by changes to the Capital Gains Tax. Previously there was a window of 30 days for taxpayers to report gain and pay tax owed from selling a property.  If the property was sold between 6th April 2020 to 26th October 2021, you would

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4
May

Right To Buy

  It has been suggested the government is considering relaunching Thatcher’s infamous Right To Buy scheme. The Right To Buy scheme helped nearly 2 million people in England buy their housing association properties and become home owners.  In 1980, the flagship policy ‘Right To Buy’ Scheme was introduced and allowed tenants to buy their home at a discounted rate. More

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