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You and each member of your family is entitled to make tax-free capital gains of up to £12,300 in the 2021-22 tax year. If you have made no disposals that would trigger a capital gain in 2021-22, consider the following: If you have assets, shares for example, that you are thinking of selling, you may…

Now that the majority of COVID-19 restrictions are being eased, or removed completely, can we assume that normality can return in place of the unremitting uncertainty of the past two years? Whilst this may seem to be a welcome prospect, business owners badly affected by this disruption will have two issues holding them back: A…

HMRC recently published a reminder targeted at married couples with an unused personal tax allowance. They said: Marriage Allowance allows married couples or those in civil partnerships to share their personal tax allowances if one partner earns an income under their Personal Allowance threshold of £12,570, and the other is a basic rate taxpayer. Eligible…

More challenges to our financial plans last week as the Russian incursion into Ukraine has boosted the price of oil and gas and adds a new layer of uncertainty to global economic activity in the coming year. How will this affect our current business plans? There is a tendency to see a business plan as…

EMI Scheme Most share option schemes, with an eye to tax benefits, use the Enterprise Management Incentive (EMI) scheme. For qualifying arrangements, there are tax incentives for the employer and employee. The point to emphasise with EMI arrangements is that they can only be made by employers with their employees. Unapproved option scheme Unapproved share…

The UK tax system does not allow families to spread the impact of taxation where there is one significant income earner providing for other family members. For example, if one parent was earning £100,000, they will be paying income tax at 40% rates on almost £50,000 of their income when their partner and teenage children…

In a recent press release the Competition and Marketing Authority issued details of a poll of over 2,000 UK adults. According to the results of the poll: 7 out of 10 had experienced misleading online practices 85% believed businesses using them were being dishonest with their customers And 83% were less likely to buy from…

Apparently, February is the month that many homeowners take issue with their council tax banding in the hope and expectation that it will result in lower – not higher – council tax bills 2022-23. Anticipating this, the Valuation Office, who oversee these reviews, have issued guidance. In their opening to a news story published 4…

During the pandemic, businesses affected by COVID-19 disruption will have had their attention firmly focussed on survival. Certain sectors have suffered more than others with the hospitality, entertainment and leisure industries bearing the brunt of lockdown measures. But what impact has this unprecedented period had on the value of your personal assets? One thing we…

We are fast approaching the end of another tax year, 5 April 2022. To benefit from tax relief for 2021-22 you will need to make any top-up payment on or before this date. To help you reach a decision, we have summarised the present tax rules that set out how much you can pay into…