Blog
Inheritance Tax – a topic of much debate as a general election looms?
Despite amounting to around £7bn a year, Inheritance Tax (IHT) is only being paid by 4% of estates and accounts for just 1% of tax. The largest revenue generators continue to be Income Tax, National Insurance and VAT. So, for a tax that only affects a small proportion...
A Christmas treat for you and your employees without a tax bill?
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...
Pension Rules – should you increase your contributions?
At the beginning of every tax year your pension allowances refresh, bringing you opportunities to maximise your pension tax relief. The rules are now even more generous than before: The Annual Allowance (AA) has increased from £40,000 to £60,000 – meaning that you...
What are the benefits of owning an electric company car?
The two biggest benefits of an electric company car are the upfront tax reliefs for the employer and the vastly reduced benefit in kind for the employee. For the employer: Corporation Tax (CT) relief will vary depending on how the vehicle is purchased. If the vehicle...
Self-Assessment scam warning
Self-Assessment scam warning HM Revenue & Customs (HMRC) is urging us all to be on the lookout for scam texts, emails, and phone calls from fraudsters. Scammers impersonating HMRC With a large number of people expected to submit a 2022-23 Self-Assessment Tax...
Certificate of Tax Deposits Update
HMRC are holding £89 million in "Certificates of Tax Deposit". Could one be yours? The ‘Certificate of Tax Deposit’ scheme allowed taxpayers to deposit money with HMRC to pay certain tax liabilities and stop late payment interest accruing. Most commonly, these were...
Autumn Statement 2023
The Chancellor of the Exchequer has announced that he will present the Autumn Statement to Parliament on 22 November 2023. Jeremy Hunt will use the Statement to set out future tax and departmental spending plans, although he may hold back some ideas due to...
How can I save Corporation Tax?
With increases to the rate of Corporation Tax, companies are now – more than ever – looking for ways to reduce their Corporation Tax liability. Are you making the most of the tax reliefs and allowances available to your company? It might sound obvious but claim all...
Do you need to file a 2022/23 Tax Return because you owe income tax on savings income received in the year ended 5 April 2023?
Rising interest rates coupled with frozen allowances and income tax thresholds will force more taxpayers to pay Income Tax on their savings. It might even push your total income over the basic rate threshold which will reduce your Personal Savings Allowance from...
Are changes to tax relief on pension contributions on the horizon?
Is a change to tax relief on pension contributions on the horizon? There is much speculation that tax relief on pension contributions could be slashed. We've heard it all before but could 2022 be the time? Tax relief on pension contributions encourages taxpayers to...
Scammers posing as HMRC
HMRC is aware of an increase over the past year in scam emails calls and texts. If someone gets in touch claiming to be from HMRC advising that you can claim financial help asking you to urgently transfer money or give personal information be on your guard. Take your...
Are you a residential landlord thinking about selling up?
Residential buy-to-let is losing its appeal. According to 'The National Residential Landlords Association' navigating the buy-to-let world is harder than before with... Tougher tax rules resulting in uncommercial after-tax returns The prospect of additional costs to...
New dates and deadlines for 2021 Tax Return
The pressure of Omicron has created a plethora of new dates and deadlines for the 2021 Tax Return. Last week HMRC rejigged the 2021 Tax Return filing date but in reality the actual filing deadline of 31 January 2022 still stands. What they have done is give taxpayers...
2021 Tax Return hints and tips for making the most of available tax allowances and reliefs
Christmas is coming as is the electronic filing deadline for the 2021 Self-Assessment Tax Return If you know you owe tax for the year ended 5 April 2021 of less than £3,000 and would like HMRC to collect it through your PAYE tax code to help your cash flow your 2021...
Forgotten tax relief – is it too late to make a claim?
HMRC is a stickler for rules and regulations especially those relating to the timing of claims for tax deductible reliefs and expenses. Except where the tax legislation states otherwise the general rule is An individual (or company) can usually amend a Tax Return (or...
Rishi’s second budget of 2021 or was it more of a spending review?
The Chancellor presented his Autumn Budget last Wednesday. If you listened in other than the extension from 30 days to 60 days for Residential Property Gains it was light on headline grabbing tax announcements but there was still plenty of detail to work through -...
Pros and cons of electric company cars
Employers familiar with the benefit-in-kind tax rules will be aware the tax impact on the employee is much lower for those that choose lower emission cars. From 6 April 2020 new benefit-in-kind percentage bands were introduced which took into account very low-emission...
What are R&D tax credits and does my company qualify?
R&D Tax Credits reward UK companies for carrying out research and development activities by allowing a deduction equal to 230% of the qualifying development expenditure when calculating profitsand losses. Companies claiming R&D Tax Credits paying Corporation...
AIA Update: Annual Investment Allowance Reduction from January 2021 now extended until 31 December 2021 The Annual Investment Allowance (AIA) temporary increase has been extended until 31 December 2021 for qualifying plant and machinery expenditure. Originally it was... Just as we had all begun to adapt back to life in the office in a similar way to 'old times' but with extra COVID-19 precautions and a lot of hand sanitiser and anti-bacterial wipes we have, as many of our clients have too reverted back to working from home. After... Its been a strange year for all of us and as much as we would like HMRC to delay the electronic submission deadline of our 2020 Tax Returns on 31 January 2021, this is very unlikely. Time is marching on and as soon as the current lockdown arrangements end, it will... Annual Investment Allowance Reduction from January 2021 Since 1 April 2008 (Corporation Tax) and 6 April 2008 (Income Tax) most businesses, regardless of size, have been able to claim the Annual Investment Allowance (AIA) on qualifying expenditure on plant or... It was only last week that we issued a blog on the Job Support Scheme (JSS) however the government have now announced that they will be withdrawing the JSS and will be extending the original Furlough Scheme (CJRS) until the 31 March 2020. It has come with great... The Furlough Scheme (CJRS) will end as planned on 31st October. This will be replaced by the Job Support Scheme, which is a lot less generous but will still help employers to keep their staff employed. All employers with 250 or less employees or larger employers who... As of 1st September the government has enforced a new ruling in relation to application of furlough claims. In general, employers will still need to provide the employee with the minimum 80% of their specified salary be it on Full or Flexible Furlough conditions.... Last Friday, we had our annual staff summer social (following all the Government guidelines) and enjoyed a delicious afternoon tea, beautifully prepared by Barleycorn Mildenhall, and a much needed catch up with colleagues. Our afternoon started outside with the sun... Delayed again. The Government have announced that the new reverse charge VAT rules for the construction industry will now take effect on 1 March 2021. The reverse charge rule effects the way in which VAT is collected. Instead of charging VAT on sales invoices and...
AIA Update: Annual Investment Allowance Reduction now extended
Lockdown 2: Working from home again
Keeping on top of your 2020 Tax Return
Reduction to Annual Investment Allowance on expenditure on plant or machinery from January 2020
Scrap that! Furlough Scheme extended until March 2021
What happens after the Furlough Scheme ends?
Changes to employer coronavirus furlough claims
Staff Summer Social
New Reverse Charge VAT rules for the Construction Industry effective March 2021
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