Blog
Making Tax Digital: The latest news
It's imperative that businesses and property landlords stay abreast of changes in tax reporting requirements, especially with initiatives like Making Tax Digital (MTD) on the horizon. MTD aims to modernise and streamline the tax system by digitising tax reporting and...
Unlocking the potential of the SME
In a move to empower and advocate for small businesses, the establishment of the Small Business Council marks a significant milestone in fostering entrepreneurship and innovation. Small businesses are often considered the backbone of the UK economy, comprising 99.9%...
Tax Cards for 2024/2025
Find out everything you need to know about the Tax Rates applicable to 2024/2025. From Income Tax Allowances to Vehicle and Fuel, Benefits-in-Kind, UK Company Taxation, Capital Allowances and Inheritance Tax updates. Our 2024/2025 Tax Cards will provide you with...
Spotlight on Managing Cashflow for Small Businesses
Managing cash flow effectively is crucial for the survival and growth of your small business. It involves planning, monitoring, and controlling the money flowing in and out of your business to ensure you have enough cash to cover expenses and avoid...
Understanding the changes to Furnished Holiday Lettings (FHLs)
The changes to furnished holiday lettings (FHLs) announced in the Spring Budget last month are significant and could have a considerable impact. FHLs enjoy a number of enhanced tax relief rules, but these will be abolished from April 6, 2025. This means that...
Happy New Tax Year
The beginning of April 2024 has not only brought chocolate eggs, sunshine and spring flowers but also a flurry of tax changes. The tax changes 2024 / 2025 will create winners and losers, depending on how much you earn. However, with frozen allowances and thresholds...
What is Capital Gains Tax?
Capital Gains Tax (CGT) is a tax levied on the profit arising when you sell an asset, give it away, exchange it or otherwise dispose of it. It could also apply if you receive insurance when an item is lost or destroyed. CGT is charged on the profit that you...
New powers for Companies House
The Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on 4 March 2024 providing new powers for Companies House. Companies House, the UK’s registrar of companies, plays an important role in maintaining public records related to corporate...
The Tax-free Childcare Scheme – A helping hand for working parents
With the cost of living constantly on the rise, managing childcare expenses can be difficult for working families. Help is available in the form of the government’s Tax-Free Childcare Scheme. Under the scheme, eligible parents can open a Tax-Free Childcare account via...
2022 Self-Assessment Tax Return: Don’t forget to declare COVID-19 payments!
HMRC is reminding taxpayers that they must declare COVID-19 payments in their Tax Return for the year ended 5 April 2022. These grants are taxable and should be included in your 2022 Tax Return before it is filed on 31 January 2023. The Self-Employment Income Support...
A little help during difficult times? The benefits of a gift card over cash
If you decide to give an employee a £50 cash bonus to help with the rising costs of living or a treat for the festive period, by the time this has been grossed up for Tax and National Insurance (NI), it will cost the company £83.68 for a basic rate taxpayer and £98.10...
The 2022 Autumn Statement Commentary and Analysis
What a grim and gloomy morning; not least because – as I listen to Jeremy Hunt deliver the Autumn Statement – the rain is pounding against my windows. Jeremy is hopeful that their balanced plan will lead to a ‘shallower...
Autumn Statement 2022: The fiscal black hole is huge, inflation is at its highest for 40 years – what next?
This Thursday, the chancellor will deliver the 2022 Autumn Statement and the long awaited economic forecast from the Office for Budget Responsibility (OBR). It is estimated that the black hole in the public finances is c. £40-£50 billion and there is much...
Have you received a nudge letter from HMRC?
HMRC’s Wealthy External Forum is sending letters to individuals registered at Companies House as being ‘Persons of Significant Control’ (PSC). A PSC is someone who holds more than 25% of the shares/voting rights in a company and has the power to influence...
Do you owe tax on Excess Reportable Income (ERI)?
If you have invested in an offshore fund you need to check whether it holds Reporting status or not: If you own an offshore fund and it doesn’t have reporting fund status, income and gains will be taxed at your Income Tax rate – broadly speaking 20%, 40% or...
HMRC Enquiries and our Tax Investigation Service
If HMRC opens an investigation into your tax return it could be triggered for several reasons... a tip off paying the incorrect amount of tax late returns or simply working within a targeted sector to name a few The assumption when you’re selected for a tax...
U-turns or roundabouts! Is this one last roll of the dice for the PM and her team?
The financial and political turmoil over the past few weeks has left the country in tatters. After only 3 days in the job and a long weekend of discussions with the PM, the new chancellor is determined to stabalise markets, and the economy and regain confidence...
Capital Gains Tax Rules for Divorced Couples Ease
The Government has announced plans to relax capital gains tax (CGT) rules in divorce settlements, giving spouses and civil partners more time to transfer assets without incurring CGT charges. If the new rules are approved, they will come into effect from 6 April 2023....
With the increases in National Insurance and Dividend Tax looming now is the time to think about how cash is extracted from your company tax efficiently ... Pension Age Directors When deciding on profit extraction methods the toss-up between dividends vs salary often... Against a backdrop of rising inflation Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022. In his Spring Statement the Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the impact of rising prices... With the increases in National Insurance Contributions (NICs) from 6 April 2022 many employers and their employees are considering swapping some of their salary for either tax-free benefits or benefits that have a low tax and NIC charge such as an electric company... Xero Accounting User Guide: Setting up a payment service Are your customers not paying on time? Taking longer to pay that usual and affecting your business' cashflow? Setting up a payment service which adds a 'Pay Now' button to the online invoice can encourage... To help employees work from home during the pandemic employees have been able to claim a flat rate expense of £6 per week (or £312 per year) against their income - as a contribution to the additional costs of working from home such as increased utility bills.... The new VAT penalty regime which was due to be introduced for VAT return periods beginning on or after 1 April 2022 has now been deferred to January 2023. The regime was set to be amended to the following: A single penalty point issue for a late submission once the... A shareholders' agreement is entered into between all or some of the shareholders in a company. It regulates the relationship between the shareholders the management ownership of the shares and the protection of the shareholders. Also governing the way in which the... From 1 April 2021 until 31 March 2023 companies investing in qualifying new plant and machinery assets will be able to claim the following: 130% super-deduction capital allowance on qualifying plant and machinery investments 50% first-year allowance for qualifying... Over the last few months we have come across missing bank feed lines over various bank accounts. With the addition of opening banking rules Xero now requires you to refresh your bank feeds every 3 months although there have been rumours that this may increase to a...
How to extract cash tax efficiently from your business
Spring Statement 2022
Should you consider a Salary Sacrifice Arrangement to reduce Income Tax and NIC’s?
Xero User Tips: Managing Cashflow with Xero
Are the tax breaks for working from home being axed in April?
New VAT penalty regime due to come in 1 April 2022 has been delayed
Why are shareholders agreements important?
Capital Allowances Super Deduction
Xero Accounting User Guide – Don’t Forget to Check Your Bank Balances
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