Taxable and non-taxable State Benefits
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free. HMRC’s guidance provides the following list of the most common state benefits that are taxable, i.e., Income Tax is payable,...
Child benefit for 16 to 19 year olds
The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate for all other children is £16.95. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August...
When you cannot use the Property or Trading Allowances
Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each. The £1,000 exemptions from tax apply to: If you make...
Do you need to register for Economic Crime Levy?
The Economic Crime Levy is a levy that applies to businesses that are already regulated for anti-money laundering purposes. Your business must register if your UK revenue is £10.2 million or more in a financial year and: Your business is already regulated by...
