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When couples separate or divorce, they often need to transfer assets — such as property, shares, or other valuables — between themselves. Normally, this can trigger Capital Gains Tax (CGT) if the asset has increased in value. However, UK tax rules provide a “no gain/no loss” treatment. This means transfers between separating spouses or civil
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From April 2026, HMRC will introduce a major change to the way self-employed individuals and landlords report their income. Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will require eligible taxpayers to keep digital records and submit quarterly updates instead of filing a single annual Self Assessment return. This shift aims to modernise
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Capital Gains Tax (CGT) is imposed on the profit made from the sale of assets, such as property, shares, and collectibles. Usually, the kind of asset and individual’s total income determine the tax rate. Types of Assets Subject to CGT Tax Rates The CGT rates for individuals and trustees in the UK are as follows
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The Spring Budget package sets out a number of tax measures to drive enterprise through boosting investment, support employment by incentivising work and spread the benefits of economic growth everywhere. The Budget also announces a range of administrative changes to make it easier for small businesses to interact with the tax system and consultations to
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Chancellor Kwasi Kwarteng has announced that the UK government will scrap the 2017 and 2021 reforms to the IR35 off-payroll working rules. It is a great welcoming news for the contractor’s industry and will be introduced from April 2023. A Major Win for Contractors: Repeal of IR35 Rules Repealing IR35 reform is a huge victory
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