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As a general rule, the fall-back position for couples who live together with their spouse or civil partners is that property income - where the property is owned in joint names - is divided 50:50. However, where there is unequal ownership and th... Read More

The settlement rules are intended to prevent an individual from gaining a tax advantage by entering into arrangements which divert his or her income to another person who is liable at a lower rate of tax or is not liable to Income Tax. Where a... Read More

Calculating the adjusted net income amount is necessary if any of the following apply: A taxpayer is liable to an income-related reduction to the personal allowance when their adjusted net income is over £100,000 (regardless of their date of... Read More

If your income is expected to exceed £100,000 for the first time, we would like to remind you of the effect this can have on your personal allowance and marginal tax rate. If you earn over £100,000 in any tax year your personal allowance... Read More

HMRC’s annual reconciliation of PAYE for the tax year 2019-20 is well under way. HMRC uses salary and pension information to calculate if you have paid the correct amount of tax. The calculation is usually generated automatically by HMRC’... Read More

We would like to remind students that work part time, for example in a summer job, that they are entitled to claim back any tax overpaid. Students (and other temporary workers) are not required to pay any Income Tax if their earnings are below the ta... Read More

HMRC has issued a press release to remind Self-Assessment taxpayers of the opportunity to defer Income Tax payments due on 31 July 2020. This opportunity is available to taxpayers due to make their second payment on account for the 2019-20 tax year t... Read More

Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The regime will require businesses and individuals to register, file, pay and update their information using an online tax acco... Read More

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which annual accounts are prepared, falls between 31 March and 5 April. However, overlap profits can arise where a business year... Read More

The cash basis scheme helps many sole traders and other unincorporated businesses who benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The scheme allows qu... Read More

There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of trading losses in any partnerships. For the 2... Read More

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 ta... Read More