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June 2023

Filling Gaps in National Insurance Contributions extended to 2025

We previously notified you that the deadline was approaching for individuals aged 45 to 72 to fill in gaps in their National Insurance Contribution (NIC) history. For those under 45, it will generally not make sense to pay for additional years as you should have sufficient remaining working life to achieve the maximum number of NIC years (although other factors could affect this such as if you have moved overseas). The initial deadline was April 5th 2023, which due to the current overload of government helplines, was subsequently extended to 31st July 2023 and has now been further extended to 5th April 2025 as advisers have been unable to provide the necessary advice.

How to gain Clearance to secure exempt distribution status

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be subject to Income Tax.

What Is IHT Agricultural Property Relief?

HMRC’s notice that refers to this relief has recently been updated to remove the word 'intensively' from the end of the following sentence: 'Agricultural property that qualifies for Agricultural Relief is land or pasture that is used to grow crops or to rear animals.'

What is the filing deadline for share scheme operators?

There are a number of government approved share schemes which offer tax advantages to employees. The approved schemes are Share Incentive Plans (SIPs), Save As You Earn (SAYE) schemes, Company Share Option Plans (CSOPs) and Enterprise Management Incentive (EMI) schemes.

What Are The CGT Implications When Selling Your Home?

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence relief.

What Professional bodies are entitled to tax relief?

HMRC's Latest Update: Noteworthy Additions and Modifications to Approved Professional Bodies ListMany professionals such as accountants, lawyers and health professionals are required to make a subscription to a professional body or learned society. HMRC has recently published an updated list of the organisations that they will accept as valid professional bodies.

What Are The Inheritance Tax Thresholds For 2023/24?

Inheritance tax (IHT) is commonly collected on a person’s estate when they die but can also be payable during a person’s lifetime on certain trusts and gifts. The rate of IHT currently payable is 40% on death and 20% on lifetime gifts. IHT is payable at a reduced rate on certain assets if a taxpayer leaves 10% or more of the 'net value' to charity of their estate.

QuickBooks Desktop Access Stops on 30 June 2023

If you are currently using QuickBooks Desktop, then you have less than one month to make the switch to QuickBooks online or a different financial management software (FMS) solution