In his Autumn statement in November 2022 Chancellor Hunt announced cuts to the dividend allowance and the additional tax rate threshold, where individuals start to pay tax at 45%. You need to take these changes into account when planning how… Read more
As an individual landlord you can‘t deduct finance costs, including interest, from your residential property rents for tax purposes. Instead, you get tax relief for those costs as a basic rate tax credit calculated as 20% of the lower of:… Read more
In most cases, it is beneficial to offset trading losses against income – whether that means sideways loss relief against general income or carrying forward to offset future profits of the same trade. However, sometimes the trader’s circumstances mean that… Read more
There was wide-ranging speculation in the run up to this year’s Budget, with experts predicting that, whilst Brexit and ending austerity would be the most prominent features, Chancellor Phillip Hammond would also take the opportunity to make changes in other… Read more
Personal allowance and income tax threshold The personal allowance for 2019/20 is set at £12,500 (£11,850 in 2018/19), and the basic rate limit will be increased to £37,500 (£34,500 in 2018-19). As a result, the higher rate threshold will be… Read more
