There is a tax-free limit of £30,000 for redundancy pay regardless of whether it is your statutory redundancy payment or a higher payment from your employer. If you have been employed for two years or more and are made redundant, you are usually
CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are within the basic rate tax bracket and make a small capital gain, they may be eligible for a reduced CGT rate of 10%. Once their total
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning: Basic rate taxpayers receive 20% pension tax
Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as "potentially exempt transfers" (PETs), can become fully exempt if the donor survives for more than seven years after making the
The freezing of tax thresholds often leads to a phenomenon known as fiscal drag. When tax thresholds remain unchanged, taxpayers will likely pay more tax as their earnings rise without a corresponding increase in allowances. As a result, more people
There are special VAT rules that allow two or more companies or limited liability partnerships, commonly referred to as ‘bodies corporate’, to be treated as a single taxable person for VAT purposes known as a VAT group. These bodies corporate can
The Office for Budget Responsibility (OBR) has offered the following explanation: “Fuel duties are levied on purchases of petrol, diesel and a variety of other fuels. They represent a significant source of revenue for government. In 2023-24,
The government offers the following information regarding business cashflow. If you do not have enough money coming in to pay for goods, services and taxes your company has, you are at risk of insolvency. Why is cashflow important? ‘Cashflow’ is
Pension Credits can provide extra income to those over State Pension age and on a low income. The Department for Work and Pensions (DWP) recently launched a Pension Credit action week to boost take-up of this vital benefit. It is thought that up to
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. Late submission of a self-assessment return will generate a £100 late filing penalty. The penalty usually applies even if there is no liability
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