If your taxable income exceeds £100,000 you will suffer a reduction in your personal tax allowance. For every £2 that your income exceeds £100,000, £1 will be knocked off your allowance. The reduction is progressive and means that once your income exceeds £125,140 your personal allowance of £12,570 will be reduced to zero. As Income…
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Coping with inflation
Finance Secretary Kate Forbes, of the Scottish government, made a number of suggestions to help households and businesses who are struggling to cope with inflation. With inflation reaching a 40-year high of 9 per cent, and forecast to rise higher, Ms Forbes has written to the Chancellor of the Exchequer urging the UK Government…
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Concerns about Repayment Agents
New measures to stop rip-off agents taking advantage of people by pocketing their tax repayments have been proposed by HMRC. To achieve this, HMRC have launched a 12-week consultation Raising standards in tax advice: Protecting customers claiming tax repayments to consider ways to better protect taxpayers from Repayment Agents who make routine tax claims on…
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Nothing to declare
Downsizing business operations is a perfectly acceptable response to economic pressures, and this may lead to an absence of activity for a period of time. This would have been the likely experience of businesses subject to recent lockdown restrictions. Unfortunately, our obligation to file returns to HMRC does not end if there are no…
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