Making Tax Digital (MTD) for Income Tax will apply to sole traders, property landlords and certain other businesses with gross turnover and/or property income over £10,000 a year and will commence in April 2024.
The talent shortage continues to place a burden on the economy. As companies struggle to find the talent they need, now is the time to invest
Find below our diary of main tax events July/August 2022. If you need further guidance or support on meeting these deadlines,
This generous tax break has reportedly resulted in abuse of the system. HMRC have recently paused some repayments while they investigate an increase in irregular claims.
HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potentially penalties of up to 100% of amounts overclaimed in certain circumstances.
HMRC have also issued new guidance on the penalties that they impose for non- compliance with the Making Tax Digital (MTD) for VAT rules.
If you have children under 12 who attend a nursery, after school club, play scheme, childminder
In the Spring Statement 2022, the UK Government announced an increase in National Insurance thresholds affecting the 2022 to 2023 tax year.
Investors who are not connected with the company may claim income tax relief of 30% of the amount that they invest in qualifying EIS companies up to £1 million each tax year
HMRC have issued guidance for VAT-registered business and their agents on how to avoid penalties for non-compliance with the Making Tax Digital for VAT (MTD) rules.
HMRC have recently updated their guidance for companies looking to attract investors to buy shares in their company and this blog post outlines tax-efficient finance for your company.
On the 4th-5th June 2022, Client Manager, Mikey took part in a charity hike in The Cateran Yomp. A 54-mile hike in 24 hours across rural Perthshire.
The Government’s Recovery Loan Scheme (RLS) launched on the 6th of April 2021 and allows businesses of any size to get up to £10million
A recent study by the Federation for small businesses (FSB) shows lending to small businesses has hit an all-time low. New findings from the quarterly Small Business Index (SBI) show successful finance applications plummeting to lowest level on record.
Workplace Charging Scheme: The UK Government is now offering help to businesses with the upfront costs to install charge points.
As an employer providing business or private expenses for your employees, you have certain tax, National Insurance and reporting obligations.
Normally a residential rental property would be subject to a 28% capital gains tax (CGT) rate on its disposal. However, if it qualifies as a furnished holiday let (FHL) then the capital gains tax rate can be reduced to 10% by taking advantage of Business Asset Disposal Relief (BADR). It may be possible to make a non-FHL into an FHL for the two years prior to disposal and then enjoy BADR on the whole gain.
Please see below for the diary of main tax events – June/July 2022. If you need help with meeting these deadlines we are here to help.
Unbelievably there were very few changes to the HMRC advisory fuel rates from
When a married couple or civil partners separate, tax planning is understandably not at the top of the list of their thoughts. However, a ‘no gain/no loss
Many employers and employees have been putting in place salary sacrifice arrangements to give up some of their contractual salary in exchange for additional pension contributions or an electric company car.