An insight from the gbac team on all things accounting, finance and more.
Despite the Capital Gains Tax (CGT) rate on residential property disposals decreasing by 4% this past spring, rising interest rates and the imminent scrapping of holiday let tax reliefs in 2025 led many buy-to-let landlords to sell their properties in 2024.
Last year, we posted about the National Audit Office (NAO) findings that more than a quarter of matured Child Trust Funds had still not been claimed by the summer of 2023.
According to the Labour Party, there is a ‘black hole’ in public finances left unaccounted for by the previous government to the tune of £22 billion.
New legislation introduced this year makes it illegal for employers to withhold tips from their staff, overhauling gratuity practices to ensure that from 1st October 2024 workers can keep 100% of the money they have earned in the form of tips and service charges.
The threshold for repaying student loans in England and Wales, which determines the amount of money a graduate can earn annually before they must begin repaying their university loans, has been frozen at £25,000 until the 2027 tax year.
HMRC is known to send ‘nudge letters’ to taxpayers who may have undeclared taxable income – from online trading or sales suppression, for example – encouraging recipients to contact the tax agency and provide more information about their earnings.
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