Under the self-assessment regime, individuals are responsible for calculating their tax liability and ensuring that any tax owed is paid on time. At Horsfield & Smith, Chartered Accountants in Bury, we understand the importance of staying compliant with the latest...
The net income threshold for eligibility to claim Child Benefit has increased from £50,000 to £60,000. People with an income over £80,000 will no longer receive any Child Benefit. They must repay any amounts claimed. The tax amount will equal the Child Benefit Payment...
The new year marks the start of new beginnings, so there’s no better time to revisit your personal financial strategy. Drawing up an economic plan with clear, achievable goals can improve your long term financial health and help protect you and your family against...
At the time of this article was published, the new tax year had already started. Some of the personal tax changes had been public knowledge for months, and some of the rises had been anxiously awaited as the country continued to face a cost-of-living squeeze. With...
Pensions usually fall outside of your Estate. Inheritance tax was thought to be ripe for reform in last year’s Autumn Budget but, as it happened, it was left untouched for another tax year. What that means is the £325,000 nil rate band has been in place since 2009,...
Increasing house prices raise inheritance tax risk. Soaring house prices coupled with certain thresholds being frozen in the most recent Budget have the potential to drag more estates into the inheritance tax net over the coming years. Back in March 2021, Chancellor...
