News


When you cannot use the Property or Trading Allowances
18/07/2024
Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each. The £1,000 exemptions from tax apply to: If you make up to £1,000 from self-employment, casual services (such as babysitting or gardening) Read more...


The NIC Employment Allowance
18/07/2024
The Employment Allowance benefits eligible employers by reducing their National Insurance liability. The current allowance is £5,000. An employer can claim less than the maximum if this covers their total Class 1 NIC bill. The allowance is only available to employers that have employer NIC liabilities of under £100,000 in the previous Read more...


Child benefit for 16 to 19 year olds
18/07/2024
The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate for all other children is £16.95. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August following a child’s 16th Birthday. Under qualifying circumstances, the child Read more...


Gains on sale of shares
18/07/2024
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you sell shares unless they are in a CGT free investment such as an ISA or qualifying pension. Your gain is usually the difference between what you paid for your shares and the amount received when you sold them. There are special rules Read more...


Taxable and non-taxable State Benefits
18/07/2024
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free. HMRC’s guidance provides the following list of the most common state benefits that are taxable, i.e., Income Tax is payable, subject to the usual limits: Bereavement Allowance (previously Widow’s Read more...


Ordering documents from Companies House
18/07/2024
Companies House offers interested parties the ability to order certified copies of certificates and documents held on the Companies House register. You can order: a company certificate with certified facts; or a certified copy of a document held on the register. You can place an order by: using the Find and update company Read more...


The new Chancellor’s first speech
15/07/2024
The Chancellor has promised to take immediate action to fix the foundations of the economy, rebuild Britain and make every part of the country​ better off. In her first speech as Chancellor, Rachel Reeves pledged to leaders of some of the UK’s pioneering industries to build growth on strong and secure foundations built on stability, Read more...


Labour win landslide election result
11/07/2024
As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14 years in opposition. Labour have swept into power with their second-largest majority whilst the Conservative Party have had their worst ever result in terms of the number of seats won. We should expect Labour to fulfil their election Read more...


Inheritance and tax
11/07/2024
As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the heirs. However, the recipient is liable to income tax on any profit earned after the Read more...


Company filing obligations
11/07/2024
It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. The deadline for filing the first set of accounts with Companies House is 21 Read more...

Contact Us

Suite 1B
18 Crendon Street
High Wycombe
Bucks
HP13 6LS

Tel: 01494 524118

Membership

  

M J Kerridge is a member of ICAEW

Newsletter Signup

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login