HMRC published a report last month that acknowledges it was only able to recover 95% of the taxes assessed for 2020-21. In monetary terms, the tax gap for the 2020-21 tax year is £32 billion. At 5.1%, there has been no change in the percentage tax gap compared to the previous year, although the monetary…
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New protection for tenants
The government has announced their intention to radically overhaul the rights of tenants. The changes announced include: For tenants Helping the most vulnerable by outlawing blanket bans on renting to families with children or those in receipt of benefits. For the first time, ending the use of arbitrary rent review clauses, restricting tribunals from hiking…
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Not so trivial benefits
The trivial benefits exemption allows you to provide benefits to employees without your employee suffering a tax charge on the benefit. Likewise, there is no Class 1A National Insurance for you, the employer, to pay. To count as ‘trivial’ for the purposes of the exemption, the benefit must meet all of the following conditions: the…
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Loss of personal allowance
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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