There is no tax to pay on trading income or earnings from land and property as long as the income from each source does not exceed £1,000. Trading allowance The trading allowance is a tax exemption of up to £1,000 a year for individuals with trading income from: self-employment. casual services, for example, babysitting or […]
The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else. You can let out as much of your home as you want. The tax exemption is […]
1 September 2022 – Due date for Corporation Tax due for the year ended 30 November 2021. 19 September 2022 – PAYE and NIC deductions due for month ended 5 September 2022. (If you pay your tax electronically the due date is 22 September 2022) 19 September 2022 – Filing deadline for the CIS300 monthly […]
Thousands of homeowners who have been paying doubled ground rent on their leasehold properties are to receive a refund. Many of the 5,000 households throughout the UK affected by ‘doubling clauses’ will receive a windfall and will see more money in their pockets each month as ground rents return to their original amount. The announcement […]
Starling Bank has proved unstoppable in the latest large scale banking surveys, coming top for business and personal accounts. Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The surveys also covered the quality of online and mobile provision, […]
Struggling families have been given the welcome news that their broadband bills could be cut as the cost-of-living crisis continues to bite. Millions of low-income households could be eligible for cheaper deals with internet service providers being encouraged by the Government to offer ‘social tariffs’. A new service, which goes live this week and is […]
Late taxpayers will be facing higher interest rates from this week following the rise in the Bank of England base rate. HMRC’s interest rates for late payment are linked to the base rate that was increased to 1.75% from 1.25% earlier this month. The changes will come into effect on: 15 August 2022 for quarterly […]
Abuse of the Bounce Back Loan scheme is continuing to land people in court as the Insolvency Service tightens its net around those who have misused the cash designed to help businesses during the pandemic lockdowns. Five individuals have separately been made subject to bankruptcy restrictions totalling 48 years for exploitation of the initiative, which […]
Abuse of the Bounce Back Loan scheme is continuing to land people in court as the Insolvency Service tightens its net around those who have misused the cash designed to help businesses during the pandemic lockdowns. Five individuals have separately been made subject to bankruptcy restrictions totalling 48 years for exploitation of the initiative, which […]