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We are a firm of Chartered Accountants based in Aberystwyth, with a client base across the UK providing a diverse range of services for businesses and individuals. We are adept in helping your business grow and face the challenges your business has as well as developing it into a successful operation. We pride ourselves in providing a fast, efficient and friendly service. At Francis Gray we are to
09/11/2023
In general, there is no Capital Gains Tax (CGT) when you sell your home. This applies to a property which has been used as the main family residence. An investment property which has never been used as your own home does not qualify for relief. This relief from CGT is commonly known as Private Residence Relief.
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08/11/2023
The second review of the State Pension age has been published by the Department for Work and Pensions. The State Pension age is currently 66. The review has stated that a further increase in the State Pension age to 67 for those born on or after April 1960 will take place as planned between 2026 and 2028. Following this announcement, the government has confirmed the State Pension age will rise to 67 by the end of 2028.
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07/11/2023
National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of National Insurance contributions and which can increase the amount of benefits a person is entitled to, such as the State Pension.
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06/11/2023
Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. The relief means that any gain on the asset is 'held-over' until the recipient of the gift sells or disposes of them. This is done by reducing the donee's acquisition cost by the amount of the held over gain.
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06/11/2023
One of the many ways that payments can be made to HMRC is by using a direct debit. The direct debit can be set up online.
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03/11/2023
The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The allowance is available for the cost of domestic items such as free- standing wardrobes, curtains, carpets, televisions, fridges and crockery.
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02/11/2023
The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below, then there is no requirement to report anything to HMRC or pay tax and National Insurance. There will also be no taxable benefit charged to employees.
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01/11/2023
Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for the submission of Self-Assessment returns for the 2022-23 tax year. In the 12 months to September 2023, HMRC received more than 130,000 reports of suspicious contact of which almost 58,000 related to bogus tax rebate referrals.
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31/10/2023
Humza Yousaf, Scotland's First Minister, has announced that council tax rates will be frozen in the next financial year to support people struggling with the effects of high inflation.
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30/10/2023
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes your income over £100,000 will result in a reduction in personal tax allowances and can result in your personal Income Tax allowance being reduced to zero if your adjusted net income is £125,140 or above.
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30/10/2023
There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The deadline is 31 January 2024. The deadline for paper returns ended on 31 October 2023.
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27/10/2023
Dividends received are taxed as income but the rates of tax applied are different to the formal Income Tax rates. Also, individuals can receive dividends up to the annual dividend allowance tax free. The annual dividend allowance for 2023-24 is £1,000.
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