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Addison & Co Blog

[18.03.2020]

Sick benefit support for the self-employed

In the Budget, the Chancellor set out a package of temporary, timely and targeted measures to support public services, individuals and businesses through the economic disruption caused by COVID-19.

One of these measures was to offer the

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[12.03.2020]

Spring Budget 2020 – Income Tax Rates & Allowances

As expected, it has been confirmed that the 2020-21 personal allowance will be maintained at £12,500 and the basic rate limit at £37,500. As a result, the higher rate threshold will also remain at £50,000 from April 2020. The basic

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[04.03.2020]

Savings, dividends and total income

Savings income and dividends are taxed at the recipients' highest tax rate.

The relevant legislation in ITA07/S16 sets out the following rules.

If a person has savings income but no dividend income, the savings income is treated as the

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[19.02.2020]

Could you claim the marriage allowance?

If you are entitled to the marriage allowance and have not yet applied, you could receive a payment of up to £1,150 from HMRC. HMRC used the occasion of Valentine’s Day to remind couples to make a claim. It is estimated that whilst 1.78

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[19.02.2020]

Tax if you return to the UK

There are tax implications that you will need to consider if you previously left the UK to live abroad and are now returning to live and work in the UK or are considering such a move.

In most cases, if you have returned to live in the UK, you will

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[19.02.2020]

Rent a room relief 2019-20

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April 2016. If you are using this scheme you should ensure

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[19.02.2020]

Student and postgraduate loans

If you have a student loan, have finished your studies and entered the workforce you must begin to make loan repayments from the April after you have finished your studies or when your income begins to exceed the annual threshold. The annual

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[12.02.2020]

Scottish Income Tax rates announced 2020-21

Public finance minister Kate Forbes delivered her first Budget statement to the Scottish Parliament on 6 February 2020. This followed the shock resignation of finance minister, Derek Mackay.

This is the first time that Scotland has held a Budget

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[12.02.2020]

Review occupancy for Holiday Lets owners

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes.

In order to qualify as a furnished holiday letting, the following criteria need to be met:

The

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[05.02.2020]

Still time to plan for tax year 2019-20

As the deadline for submitting your 2018-19 tax return has passed, now is a good time to focus on the 2019-20 tax year. It is important to carry out an annual review and ensure that you have planned properly for the current tax year. This includes

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