The remittance basis tax relief offered to non-UK domiciled individuals (non-doms) will be removed and replaced with a simpler residence-based regime from 6 April 2025.

Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished.

Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting).

The Chancellor has announced cuts to national insurance contributions for self-employed taxpayers and employees.

There is currently no legislation specifically targeted at social media influencers, however the fast-growing industry is very much on HMRC's radar.

HMRC has confirmed that requirements to report additional information will come into effect from the 2025-26 tax year or possibly a later period.

The Nationwide Building Society has paid what is described as a 'fairer share' of £100 each to around three million of its customers.

In Spring Budget 2023 the Chancellor announced a welcome change to the tax treatment of pensions - the scrapping of the Lifetime Allowance (LTA).

Our comprehensive analysis of the Chancellor's Spring 2023 budget covers R&D tax relief, the seed enterprise investment scheme, free childcare, pension allowances, pension savings, corporation tax and capital allowances.

Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Other family members may also hold shares in the company and receive a dividend each year.

In September's mini-Budget the then Chancellor announced that the entry threshold for SDLT payable on residential properties would double to £250,000 for deals completed on or after 23 September 2022. This higher threshold will apply until April 2025.

Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year. This exemption will be reduced to £6,000 for the tax year 2023-24 and then to £3,000 for 2024-25. Any annual exemption unused in a tax year cannot be carried over to the next year.

The main income tax thresholds and allowances had already been frozen at the 2021-22 levels until 2026 and that has been extended to 6 April 2028. The main income tax rates are unchanged for 2023-24 at: 20%, 40% and 45%.

In 2023-24 the cut in the dividend allowance will cost a basic rate taxpayer £87.50; a higher rate taxpayer £337.50; and an additional rate taxpayer £393.50 assuming that these individuals would use the full allowance

Many self-employed people will find January 2023 a tough month as it is predicted that domestic fuel bills will increase again and income tax payments will be due.