THE DSK News

Month: September 2024

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Setting up a Civil Partnership

Date 30/09/2024

Civil Partners enjoy the same tax and other advantages as married couples.

To set up a civil partnership in England or Wales, both partners must be eligible, meaning they are over 18, not already married or in a civil partnership and not closely

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Beware fake parking fine texts

Date 30/09/2024

The Driver and Vehicle Standards Agency (DVSA) is warning that scammers are sending text messages about fake DVSA parking penalty charges. The text messages warn people that they have a ‘parking penalty charge’, and that if they do not pay on time,

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Redundancy pay and tax

Date 26/09/2024

There is a tax-free limit of £30,000 for redundancy pay regardless of whether it is your statutory redundancy payment or a higher payment from your employer.

If you have been employed for two years or more and are made redundant, you are usually

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VAT group registration

Date 26/09/2024

There are special VAT rules that allow two or more companies or limited liability partnerships, commonly referred to as ‘bodies corporate’, to be treated as a single taxable person for VAT purposes known as a VAT group.

These bodies corporate can

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What is fiscal drag?

Date 26/09/2024

The freezing of tax thresholds often leads to a phenomenon known as fiscal drag. When tax thresholds remain unchanged, taxpayers will likely pay more tax as their earnings rise without a corresponding increase in allowances. As a result, more people

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Current rates for Capital Gains Tax (CGT)

Date 26/09/2024

CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are within the basic rate tax bracket and make a small capital gain, they may be eligible for a reduced CGT rate of 10%. Once their total

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Higher rate relief pension contributions

Date 26/09/2024

You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning:

Basic rate taxpayers receive 20% pension tax

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Gifts and Inheritance Tax

Date 26/09/2024

Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as "potentially exempt transfers" (PETs), can become fully exempt if the donor survives for more than seven years after making the

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Business cashflow

Date 23/09/2024

The government offers the following information regarding business cashflow.

If you do not have enough money coming in to pay for goods, services and taxes your company has, you are at risk of insolvency.

Why is cashflow important?

‘Cashflow’ is

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What is fuel duty?

Date 23/09/2024

The Office for Budget Responsibility (OBR) has offered the following explanation:

“Fuel duties are levied on purchases of petrol, diesel and a variety of other fuels. They represent a significant source of revenue for government. In 2023-24,

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