From 6‌‌‌ April‌‌‌ 2025, the current rules for the taxation of non-UK domiciled individuals will end for all new foreign income and gains (FIG) that arise after 5‌‌‌ April‌‌‌ 2025. These will be replaced with:

• an internationally competitive, residence-ba…

The UK government has announced significant changes to the taxation of inheritances and donations, set to take effect from April 6, 2025. These reforms aim to broaden the scope of Inheritance Tax (IHT) and adjust reliefs associated with certain assets. K…

Business Property Relief (BPR) is a tax relief in the United Kingdom that allows for certain types of business assets to be passed on free of Inheritance Tax (IHT), provided specific conditions are met. 

Here are the key points about Business Property Re…

You have until 5 April 2025 to fill gaps in their National Insurance records dating back to 6 April 2006. After this deadline, they’ll only be able to make payments for the previous 6 tax years.

We recommend using the ‘pay by bank account’ option online.…

The first phase of MTD for Income Tax will be introduced in 2026. From 6 April 2026, sole traders and landlords with gross income (before expenses and tax are deducted) from self-employment and property over £50,000 will need to keep digital records and …

The Small Profits Rate of Corporation Tax and Marginal Relief were introduced with effect from 1 April 2023. At the same time, the related 51% group companies test (that applied to quarterly instalment payers, patent box and others) was replaced by the a…

Plan and loan types and thresholds:

With effect from April 2024, the thresholds for making student loan deductions are:

• Plan 1 — £24,990 annually (£2,082.50 a month or £480.57 a week)
• Plan 2 — £27,295 annually (£2,274.58 a month or £524.90 a week)
• Plan 4 —…

This video help viewers in understanding basic of UK capital tax. For more details, feel free to reach out to me. 

I am explaining basis period reforms with illustration, this will help sole traders to understand the changes that will impact them. 

I have created this video for beginners and for business owners to help them understand the elements of income statements. This will help them in reducing or avoiding tax risk. 

This video includes list of allowable expenses and expense adjustment for sole traders in the UK. 

I am explaining Rollover Relief with Illustration. Have you made any gain on disposal of business assets and wish to defer relief, feel free to reach out to me.  

I am explaining UK statutory residence test with illustration

Posted on May 2, 2022

Thinktank says workers would have £2,100 a year more on average if wages over past two decades matched shareholder payout rises.

Workers in Britain would be paid about £2,100 per year more on average if wages had matched a boom …

Posted on May 1, 2022

Working families on tax credits are being asked to check their details so they do not miss out on this vital government support.

About 2.1 million tax credits customers will begin to receive their annual renewal packs this week …