Monthly Archives: June 2023

Gift Aid Clawback

Gift Aid is a great way of boosting the value of your donation, but if you’re not paying taxes, you could end up having an unwelcome surprise in the form of a bill from HMRC. If your financial situation has changed and you are no longer liable for tax, it’s important to look at how this affects any charitable donations you have been making. Gift Aid is a great way of boosting the value of your donation, but if you’re not paying taxes, you could end up having an unwelcome surprise in the form of a bill from HMRC. It’s […]

Mileage Allowances

What can you pay tax-free? The tax-free mileage¬†allowance for employees using their own car is 45p per mile for the first 10,000 business miles they drive in a year. If an employee drives more than 10,000 business miles in a year, then the rate drops to 25p per mile for any additional mileage after that. For employees using a company car, the HMRC has set a different mileage rate which considers that the employee is using a company car. The tax-free mileage allowance for employees using a company car is 25p per mile for all business miles driven annually. It’s […]

Capital gains tax on separation and divorce

Since 6 April 2023, the rules on no gain/loss transfers have been somewhat relaxed. Spouses and civil partners can continue to benefit from these tax breaks even after separation if certain conditions are met. The conditions include: The transfer must happen within two years following the date of separation or in line with any agreement reached by the couple on their financial arrangements. Both parties must also have been living in the UK at the time of transfer, and neither party can be a non-UK resident for tax purposes. It’s worth noting that these rules only apply to transfers between […]