When can you increase your rental income?
The ability to increase the rent on private rentals is driven by the tenancy agreement. This is an agreement between the landlord and the tenant. The agreement can be written down
How do you calculate adjusted net income?
To calculate adjusted net income, you will need to look at a taxpayer’s total taxable income, before personal allowances, and then deduct any trading losses, gift aid
Child Benefit charge if income exceeds £50,000
The High Income Child Benefit charge (HICBC) applies to a parent whose income exceeds £50,000 in a tax year and who is in receipt of Child Benefit. If both parents have an
Payments on account system glitch
The due date for making your second payment on account for 2018-19 was the 31 July 2019. The amount that was due for payment is usually the same as that for your first payment on
How to claim a personal tax refund
HMRC’s annual reconciliation of PAYE for the tax year 2018-19 is well under way. HMRC use salary and pension information to calculate if you have paid the correct amount of
Students working summer jobs
We would like to remind any students that work part time, for example in a summer job, that they are entitled to claim back any tax overpaid. Students (and other temporary workers)
Will you have to repay Child Benefit for 2018-19?
The High Income Child Benefit charge applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of Child Benefit. The charge claws back the
Be wary of 60% Income Tax charge
For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means
Tax simplification for self-employed
The Office of Tax Simplification (OTS) was established in July 2010 to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a new
Advising HMRC of changes in your personal details
If your personal details change, you may be required to notify HMRC as this can affect your entitlement to certain tax breaks and or benefits.
For example, you need to tell HMRC