Working from home: claiming tax relief from April 2022 HMRC have released the following notes regarding the above. Government instructions to work from home where possible, including the legal requirement to self-isolate if you or a close contact tested positive for coronavirus, meant that in tax years 2020 to 2021 and 2021 to 2022 millions…
Increase in Tax on Dividends The Government has announced a 1.25% increase in dividend tax rates from 1st April 2022. The rates will increase to 8.75% for basic rate taxpayers, 33.75% for higher rate taxpayers and 39.35% for additional rate taxpayers. The £2,000 tax-free dividend allowance will remain. The increase in dividend tax rates will…
National insurance contributions and dividend tax rates will increase by 1.25 percentage points across the UK from April 2022 In a move that breaks the Conservative’s manifesto pledge on raising taxes, the Prime Minister has confirmed that rates of national insurance are to be increased to pay for the impact of the Coronavirus pandemic on…
SELF-EMPLOYED INCOME SUPPORT SCHEME The Chancellor has now announced the help that the Government will provide to the self-employed. The scheme will allow some self-employed clients to claim a taxable grant, initially for the next 3 months, but may be extended. You will qualify if you’re a self-employed individual, or a member of a partnership…
Income Tax The 2nd payment on account of tax that is due by 31 July 2020 will be deferred until 31 January 2021. Self-employed taxpayers are eligible for this deferment. There is no need to apply for this offer to apply. No penalties or interest for late payment will apply during this deferral period. Statutory…
CHANGES TO CAPITAL GAINS TAX ON SALE OF RESIDENTIAL PROPERTIES There are three major changes to the way that Individuals are taxed on capital gains arising on the disposal of ‘buy to let’ & ‘second home’ residential properties, coming into effect from the 6th April this year. DATE OF PAYMENT From the 6th April…