Marriage Allowances - ICOTAX

Marriage Allowance

Marriage Allowance lets you transfer £1,250 of your Personal Allowance to your husband, wife or civil partner – if they earn more than you. This reduces their tax by up to £250 in the tax year (6 April to 5 April the next year). To benefit as a couple, you must normally have an income …

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Open Banking - ICOTAX

Open Banking

Open Banking includes the practice of securely sharing financial information electronically with customer consent. It was set up by the Competition and Markets Authority (CMA) in conjunction with the largest nine UK banks on behalf of the UK Government to bring more competition and innovation to financial services. Open Banking complies to PSD2. The second …

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Making Tax Digital - ICOTAX

Making Tax Digital (MTD)

The UK VAT system replaces manual processes with digital ones. HMRC’s new policies are designed to save time, reduce errors and cut the risk of penalties – so it’s good news for business in the long run.  Who’s affected?  It depends on the size and type of business operation. HMRC is doing a gradual roll …

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