by Michele Fensom | Sep 26, 2024 | Pension
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning: Basic rate taxpayers receive 20% pension tax relief Higher rate...
by Michele Fensom | Sep 26, 2024 | Capital Gains Tax
CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are within the basic rate tax bracket and make a small capital gain, they may be eligible for a reduced CGT rate of 10%. Once their total taxable income and...
by Michele Fensom | Sep 26, 2024 | Inheritance Tax
Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as "potentially exempt transfers" (PETs), can become fully exempt if the donor survives for more than seven years after making the gift. If...
by Michele Fensom | Sep 23, 2024 | Business Support
The government offers the following information regarding business cashflow. If you do not have enough money coming in to pay for goods, services and taxes your company has, you are at risk of insolvency. Why is cashflow important? ‘Cashflow’ is the term...
by Michele Fensom | Sep 23, 2024 | General
The Office for Budget Responsibility (OBR) has offered the following explanation: “Fuel duties are levied on purchases of petrol, diesel and a variety of other fuels. They represent a significant source of revenue for government. In 2023-24, we expect fuel...
Recent Comments