The alternatives to a council tax rate rise
Some local authorities have begun to highlight their plans to increase council taxes following the Autumn Statement freedoms granted to them, but these additional funds may not be enough to stave off a wave of ‘council bankruptcies’. Faced with the unenviable task of worsening the cost-of-living crisis for residents with tax rate rises, should councils consider alternatives to raise revenues?
Helping children get on the property ladder can create a tax hangover
Buying a home remains out of reach for a lot of young people and many find themselves living under their parents’ roof for longer. Aside from the support of the ‘bank of mum and dad’ for a deposit, families often consider shared ownership of a property between two generations. This includes buying a new home for the adult child, buying a bigger family house for all to share or, in some cases, buying an investment property for their child. Whilst the intentions may be well-meaning, the tax implications may not be appreciated until it is too late.
The foundation of giving
In the context of the wider cost of living crisis, more people are relying on help from charity, but how is charity funding being affected by the squeeze on income? There may be tax benefits for those who want to make charitable donations of any size and an important deadline for relief is looming on 31 January 2023.
VAT in the Digital age – the EU’s view of the future
The European Union has outlined plans to modernise its VAT system, with the aim of easing administration for cross-border traders, preventing fraud, and taking digital reporting of VAT transactions to the next level. What are the key changes and will they have any impact in the UK?