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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
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
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,
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
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
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
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
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
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
Spring Statement 2022
Spring Statement – Key points The Spring Statement was announced at the end of March. Below we have condensed Rishi Sunak’s announcement into key points that may affect you or your business. Cost of living The Spring Statement acknowledges the Consumer Prices Index inflation has risen to a 30-year high in recent months. This has primarily been driven
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