Blog
All you need to know about Trust Registration
From 6 October 2020 new legislation brought more Trusts within the scope of the Trust Registration Service (TRS). This requires more Trusts to be registered, and make annual declarations. For many Trusts, the need to register has been in place since 2017. The new...
Why should I file my Tax Return Early?
Another tax year has just ended and we are already starting to plan for the 2021/22 Tax Return season. Whilst the online filing deadline is not until 31 January 2023, there are a number of good reasons to get your Return filed early: 1. You will...
Family Investment Companies – what are they?
We have all heard of Trusts but probably find the concepts of how they work rather complicated – they certainly aren’t the tax-free vehicles that US television would have us believe! The mystery of Trusts has somewhat led to the Family Investment Company (FIC), a...
End of 12.5% Temporary VAT Rate
The hospitality, holiday accommodation, and attraction industries benefited from reduced VAT rates during the pandemic, with the chancellor first announcing a reduction to 5% which was then increased to 12.5%. This reduction in rate has now ceased, as of 31 March...
Spring Statement – What this means to your business
An update on how recent and known changes will affect your Business from now onwards … Making Tax Digital for Business: VAT April 2022 sees the final phase of the introduction of the Making Tax Digital (MTD) for VAT regime. All VAT registered businesses, regardless of...
Spring Statement 2022 – What this means to Individuals
An update on how individuals will be affected on changes announced this month. The UK personal allowance tax rates and bands for the tax year 2022/23 were announced by the Chancellor in the October 2021 Budget. Income Tax The personal allowance is currently £12,570...
Spring Statement 2022
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...
How to extract cash tax efficiently from your business
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...
Should you consider a Salary Sacrifice Arrangement to reduce Income Tax and NIC’s?
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...
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