THE DSK News

Month: July 2023

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When you don’t have to pay Capital Gains Tax

Date 27/07/2023

In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the

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Draft legislation published for Finance Bill 2023-24

Date 27/07/2023

Legislation Day (L-Day), 18 July 2023, was the date when the government published the draft legislation for Finance Bill 2023-24. This Finance Bill will be colloquially referred to as Finance Bill 2024. Alongside the publication of the draft

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Check your State Pension forecast

Date 27/07/2023

The State Pension forecast provides an estimate of how much State Pension an individual can expect to receive when they reach State Pension age. The estimate is based on the applicant’s National Insurance current and future contribution record.

A

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The Construction Industry Scheme

Date 27/07/2023

The Construction Industry Scheme (CIS) is a set of special tax and National Insurance rules for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’ and should be aware of

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New crackdown on illicit tobacco

Date 27/07/2023

HMRC has continued to tackle the UK’s most notorious hotspots for the sale and supply of illicit tobacco as part of its overall remit to tackle tax fraud. This has resulted in the seizure of more than 27 million illicit cigarettes and 7,500kg of

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Emergency tax codes

Date 27/07/2023

The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to deduct from an employee’s pay packet.

The basic

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HMRC pledges £5.5m in partnership funding

Date 24/07/2023

HMRC is awarding £5.5 million to voluntary and community organisations to support customers who may need extra help with their tax affairs.

HMRC is inviting eligible organisations to bid for the funding, worth £1.8 million a year from 2024 until

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Business records if self-employed

Date 20/07/2023

If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income.

For tax purposes, the business records must be held for at least

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Tax on savings interest

Date 20/07/2023

If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570

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Check a UK VAT number is valid

Date 20/07/2023

The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number.

This service allows users to check:

if a UK VAT registration number is valid; and
the name and address of the business the number is registered to.

The service

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