Big news on the wage front. As of April 1, 2025, the UK has rolled out new National Minimum Wage (NMW) and National Living Wage (NLW) rates, giving millions of workers a well-deserved pay bump. Let’s break down the numbers and chat about what this means for employers navigating these changes. New Wage Rates: National […]
Author Archives: Mike Couzens
Big news on the wage front. As of April 1, 2025, the UK has rolled out new National Minimum Wage (NMW) and National Living Wage (NLW) rates, giving millions of workers a well-deserved pay bump. Let’s break down the numbers and chat about what this means for employers navigating these changes. New Wage Rates: National […]
Renting out part of your home may affect Capital Gains Tax when you sell. While Private Residence Relief applies, Letting Relief can reduce taxable gains. Learn how PRR, Letting Relief, and exemptions impact your tax liability. If you have tenants in your home, it is essential to understand the Capital Gains Tax (CGT) implications. Typically, […]
From April 2025, Child Benefit increases to £26.05 for the eldest child and £17.25 for others. Payments stop after a child turns 16 unless they continue in approved education or training. Parents must update HMRC by 31 August to avoid disruptions. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying […]
When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing charge or allowance. Understanding these rules ensures you don’t face unexpected tax liabilities. Learn how to handle asset disposals correctly. Typically, the value of the asset sold is considered to be the amount for which […]
Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you’re married or in a civil partnership, Form 17 lets you split income based on actual ownership-provided you meet HMRC’s rules. The standard tax treatment for couples living together, whether married or in a civil partnership, is […]
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you’re self-employed or a landlord earning over £50,000, get ready for quarterly updates, digital record keeping, and a new penalty system. Initially, MTD for IT will apply to businesses, self-employed individuals, and landlords with an annual income […]
The UK government has recently unveiled a revamped Board of Trade aimed at bolstering the export capabilities and growth of small and medium-sized enterprises (SMEs). This initiative is part of the broader ‘Plan for Change’ strategy, which seeks to empower the nation’s 5.5 million SMEs to expand their reach in global markets. Composition and Objectives […]
Making Tax Digital: A cautious but firm step forward The most significant administrative update was the proposed, phased extension of Making Tax Digital for Income Tax (MTD for IT). The new timeline will see sole-traders and landlords with income over £20,000 required to join from April 2028. Those earning less than £20,000 remain outside of […]
The Charity Commission has recently issued a warning about fraudulent letters being sent to charities and their trustees, impersonating the Commission to deceive recipients. These deceptive communications often request actions such as: Removing a trustee or chief executive from their position. Releasing funds as part of a supposed grant. Supplying sensitive documents like passports or […]