Tag Archive: income tax
What tax do you pay if you sell on eBay?
Posted 9th January 2024 at 10:27 am
In these economically challenging times, and in an era where we are all more conscious of our impact on the environment, many of us are choosing to sell our unwanted second-hand items on sites like eBay, with some people even making this their main source of income. You might think of this as ‘free money’ but in fact, this is unfortunately not necessarily the case. The tax implications of selling on eBay are more obvious if you are making or buying goods specifically to sell for a profit – HMRC will view this as business income that needs declaring. However,... Read more
Tax Update: Changes for 2023
Posted 20th December 2022 at 9:35 am
CORPORATION TAX The planned corporation tax reforms are going ahead. From 1 April 2023, the rate of corporation tax that you pay will depend on the amount of your taxable profits. If you are a standalone company with profits of more than £250,000 you will pay corporation tax at a rate of 25% from 6 April 2023. A small profits rate of 19% applies where the profits of a standalone company are £50,000 or less. Where profits are between £50,000 and £250,000, the effective rate is between 19% and 25%. In this band, corporation tax is payable at the rate... Read more
Chancellor steps into the fiscal storm
Posted 23rd November 2022 at 9:14 am
On Thursday 17 November, the Chancellor presented the government’s Autumn Statement in which he told the House of Commons his plans to tackle the cost-of-living crisis, “rebuild our economy” and significantly reduce borrowing over the coming years. The Chancellor said that global factors are the primary cause of current inflation and that most countries are still dealing with the fallout from the pandemic. He stated that the measures taken to combat Covid-19 in the UK must be paid for. He also acknowledged that the UK is in recession and indicated that things will have to get worse before they get... Read more
Personal Tax Changes for 2021/22: Your essential guide
Posted 4th May 2021 at 11:32 am
In this blog, we outline the key personal tax changes that you need to know about for the tax year 2021/22. Look out for our next blogs detailing the changes to other types of tax this tax year. Income Tax Allowances, Rates & Thresholds The Personal Allowance has been frozen for five years, remaining at £12,570 until April 2026. (Apart from those whose adjusted net income exceeds £125,140, who are not eligible for the personal allowance). The Married Couple’s Allowance has been increased to £9,125 for 2021/22. To be eligible for this allowance, one spouse or civil partner must... Read more