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Late June is usually the time of year when HMRC issues its annual taxpayer statistics, releasing the most up-to-date numbers and projections for the current tax year.

The new data from HMRC now reveals that there are more than 6 million people paying higher rate tax or additional rate tax in the UK – more than ever before.

So, what are the reasons behind this record-breaking increase in higher-band taxpayers, and what does this mean for your personal finances?

Recent headlines have been bringing marginal tax rates back into the spotlight. The tapering of Personal Allowances combined with rapid inflation seems to create a higher tax rate of 60%.

However, the 60% tax rate isn’t really new – it’s been around in some form since the 2010-2011 tax year. It’s not a glitch in personal allowance legislation, as suggested by The Times. At the time, the legislation was designed specifically to raise more revenue while maintaining the £150,000 threshold for the newer 45% additional tax rate.

With strikes and cancellations affecting trains and planes across the UK and Europe this summer, employers need to be prepared in case an employee can’t travel to work or gets stuck overseas.

While the disruption is frustrating enough for holidaymakers, the knock-on effect on employers is also causing strain – from rescheduling annual leave to having to operate with absent employees.

If your business hasn’t experienced this type of scenario before, you might be unsure about your company policy regarding these situations. So, what are your options if staff can’t get to work?

This blog explains what you should know from the perspective of employment law.

When you dispose of a private residence and make a profit from its sale, you won’t have to pay Capital Gains Tax (CGT) on it if the property was your main residence throughout the time you owned it – known as the ‘period of ownership’.

But what exactly qualifies? How do you know whether you’re liable to pay Capital Gains Tax or not, and how do you calculate such an exemption? Let’s look at some examples, and run through the basics of Private Residence Relief for CGT.

‘No fault’ divorce went from a legal possibility to a reality in April 2022. Though there have been no connected changes to tax rules, this type of divorce still has financial implications for the divorcees.

Now that ‘no fault’ divorces allow estranged couples in England and Wales to end their marriage without having to assign blame, each person has more time to focus on finances and tax efficiency.

Here’s what you need to know about the tax implications of no fault divorces in England and Wales.

We’ve been covering the ongoing developments with the Making Tax Digital roll-out for a while here on the GBAC blog, and now we’re back to discuss the latest issues with MTD.

Currently, the biggest concerns for many are the pilot scheme for MTD for Income Tax and the expansion of MTD for VAT. Here’s the latest information on both of these parts of MTD.