Personal Tax

As summer draws to a close, many people reflect on their dreams of owning a holiday home. For some, this dream has become a reality, either through purchase or inheritance. If you’ve decided to rent out your property on platforms like Airbnb, it’s essential to understand the tax implications involved. A key aspect to consider is HMRC’s Digital Disclosure Service (DDS), which of ...

Ward Williams urges UK business owners to prioritise creating Lasting Powers of Attorney (LPAs) and Wills to protect their enterprises. The article emphasises the importance of separate business and personal LPAs, highlights key actions for business owners, and announces a free Business Breakfast event in Uxbridge on 12th September, 2024, focused on securing business legacies through LPAs and Wills. Ward Williams offers specialised services to help business owners navigate these complex legal and financial matters, ensuring business continuity and peace of mind.

Navigating the complexities of investment taxation can be challenging, especially with rising interest rates and changing allowances. At Ward Williams, we are committed to helping you avoid unexpected tax surprises. Our expert team breaks down the key factors affecting your investment income taxes, including the Personal Savings Allowance, changes to dividend income, and considerations regarding capital gains. We offer proactive tax planning, self-assessment support, and tailored advice to optimise your tax efficiency. Don’t let tax complexities overwhelm you—let Ward Williams guide you through the intricacies of investment taxation and help secure your financial future.

The government has announced a significant change to the Child Benefit rules, potentially benefiting families who were previously ineligible due to their income level. Effective from April 6th, 2024, the High Income Child Benefit Charge (HICBC) threshold has been raised from £50,000 to £60,000. This means that if your adjusted net income is below £60,000, you may now be eligib ...

An HMRC error could mean that some low-income, self-employed workers lose out on their entitlement to National Insurance-related benefits like the state pension, warns the Low Incomes Tax Reform Group (LITRG). The issue centres around the payment of voluntary Class 2 National Insurance contributions (NICs) that can be made by self-employed taxpayers with profits under £6,725. ...

HMRC has launched a new online voluntary NICs payment service. The government says the new service will make it easier for customers to check for and fill any gaps in their National Insurance record to help increase their State Pension. It also said that the new Check your State Pension service has been enhanced to include an end-to-end digital solution. The service shows cu ...

HMRC is warning people to be wary of bogus tax refund offers following the self assessment deadline on 31 January. The tax authority says that fraudsters could set their sights on self assessment taxpayers, with more than 11.5 million submitting a tax return by last month's deadline. HMRC warns that taxpayers who completed their tax return for the 2022/23 tax year by the 31 J ...

HM Revenue and Customs (HMRC) has released a “tax simplification” update confirming that the reporting and paying of income tax and class 1A national insurance contributions (NIC) on benefits-in-kind (BIK) via payroll software will become mandatory from April 2026. This follows the changes made during the 2022/23 reporting season whereby amendments to P11Ds had to be completed ...

Are you a director of a limited company? If yes, you should check if you are required to register for Self-Assessment and if your personal tax return includes the relevant income from your company, along with other income you have received in the year. Who should apply for Self-Assessment? Company Directors are required to file Self-Assessment Tax Returns if the following ap ...

Financial gifts can make a huge difference for children and grandchildren but care needs to be taken to ensure they are carried out tax efficiently.

Lifetime gifting could include making cash gifts from surplus income, charitable giving and taking advantage of annual exemptions and the small gifts exemption.