INCLUDED IN THIS MONTHS ARTICLE:
– GEOPOLITICS PROMPT IMPORTERS TO ALTER SUPPLY CHAINS
– UK GROWS BUT REMAINS IN ‘PRECARIOUS PLACE’
– PAY GROWTH ENDS 18-MONTH WAGE SQUEEZE
– ONE MILLION MORE PULLED INTO TAX ON SAVINGS
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Tax Insider August 2023
INCLUDED IN THIS MONTHS ARTICLE:
- R&D TAX RELIEF CRACKDOWN ‘DETERRING GENUINE CLAIMS’
- UK ECONOMY REMAINS ON SHAKY GROUND
- CALL WAIT TIMES TO BE INCLUDED ON HMRC HELPLINES
- HMRC HAS ‘ENORMOUS AMOUNT OF WORK’ TO DELIVER MTD ON TIME
NEW PENSION REFORMS EXPLAINED
On the evening of Monday 10 July 2023, Chancellor Jeremy Hunt delivered a speech at Mansion House in the City of London which he framed as “looking further ahead”, rather than just dealing with the immediate inflationary issues the country faces.
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CHOOSING YOUR ACCOUNTING SOFTWARE
In today’s fast-paced and competitive business environment, having the right tools and systems in place is crucial for success. However, one tool that sometimes gets overlooked is accounting software, which can help you manage your finances more effectively, save time and reduce the risk of costly errors.
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TAX INSIDER JUNE 2023
INCLUDED IN THIS MONTHS ARTICLE:
- TAX RETURN HELPLINE TO CLOSE FOR THREE MONTHS
- SELF-ASSESSMENT THRESHOLD INCREASES TO £150,000
- EMPLOYEE SHARE SCHEMES UNDER REVIEW
- LITRG WARNS OF INEFFECTIVE TAX REFUND COMPANIES
STARTING A BUSINESS: SHOULD I NICHE?
According to data from Companies House, 222,068 new companies were set up in the UK within the first 12 weeks of 2023, a year-on-year rise of 8.2%. The question remains: “how unique are these businesses?”
Read MoreMID-YEAR ACCOUNTING REVIEW
We’ve over halfway through 2023, so now is the opportune moment to review your business and progress for the year.
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Tax Insider June 2023
Included in this month’s article:
- Government launches cryptoassets consultation.
- Tax take soars by almost 10%
- ICAEW calls MTD quarterly reporting “disproportionate”
- Government extends VAT exemption for pharmacists
HOW TO INFLATION-PROOF YOUR INVESTMENTS
Investments, always subject to a variety of risks that can impact their value, are never safe.
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EMPLOYEE SHARE SCHEMES
As an employer, there are many ways you can reward and incentivise your staff, from Christmas parties to team lunches. But one of the most attractive options is an employee share scheme.
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IS IT A GOOD TIME TO BUY-TO-LET?
Expanding your property portfolio can help increase your financial security — but is now a good time to buy-to-let?
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FULL EXPENSING: THE NEW CORPORATION TAX INCENTIVE EXPLAINED
In his Budget speech in March earlier this year, Chancellor Jeremy Hunt kicked off the Government’s plan for growth with changes to business tax legislation, a key policy being ‘full expensing’.
(more…) Read MoreTax Insider May 2023
Included in this months article:
- HMRC releases guidance on LTA abolition
- Digital service tax could become permanent
- New business rates bill aims to “Let communities thrive”
- HMRC U-turns on paper only self assessments
Government Gateway and Pensions
HMRC is increasingly using the online tax accounts, or Government Gateways to allow you to access your tax information and forms such as tax calculations for mortgages.
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Tax Card 2023/24
Here is your new tax card.
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Tax Insider April 2023
Included in this month’s article:
- Finance sector increases female representation
- Government extends voluntary NI deadline
- Chancellor removes lifetime pension limit
- Super-deduction replaced by “full expensing”
INVESTMENT ZONES EXPLAINED
In his first Spring Budget as Chancellor, Jeremy Hunt announced a number of ‘investment zones’ across the country.
The programme will provide 12 areas, split across England, Wales, Scotland and Northern Ireland, with £80 million in support and “put powers and money in the hands of communities that need it most”.
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ESG: HOW GREEN ARE YOU?
Environmental, social and governance (ESG) is a set of standards that measures how green, socially conscious and well-run a business is.
By looking at your business through an ESG lens, you may be able to predict how sustainable it is in the long run.
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Facing the future: Spring Budget 2023
The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. The information in this report is based upon our understanding of the Chancellor’s 2023 Spring Statement, in respect of which specific implementation details may change when the final legislation and supporting documentation are published.
This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. You should not make any investment decisions based upon its content. Pension eligibility depends on individual circumstances.
Whilst considerable care has been taken to ensure that the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information.
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TAX RELIEF ON PENSIONS
Tax relief is one of the best features of using a pension to save for retirement.
When you pay into your pension, some of the money that would have gone to the Government as tax goes instead into your pension pot, which can help reduce the amount of tax you pay and boost your savings.
Read MoreMTD FOR ITSA: WHAT YOU NEED TO KNOW
Making Tax Digital for income tax self-assessment (MTD for ITSA) was originally set to roll out in 2018, but the road to personal tax digitalisation has been relatively rocky to date.
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Tax Insider March 2023
Included in this month’s article:
- Bank of England raises interest rate to 4%
- Over 300,000 taxpayers miss self-assessment deadline
- Chancellor outlines four ‘Es’ for economic growth
- Calls for R&D reforms to be paused
Year-End Tax Guide 2022/23
2022/23 has been the third of extraordinary tax years in the modern era. While 2020 and 2021 saw the heights of the pandemic, 2022 saw a surge in inflation mainly due to the continued supply chain issues after Covid, Russia’s war on Ukraine and rising energy prices.
HOW TO BUILD AN EFFECTIVE BUSINESS PLAN
Businesses at any stage in their life cycle can benefit heavily from creating and implementing a business plan.
Not only is a business plan there to map out your goals and aspirations, but also to identify any financial risks and operational challenges you may encounter.
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CORPORATION TAX IN 2023
After multiple policy U-turns and much uncertainty, the main rate of corporation tax will rise from 19% to 25% from 1 April 2023, affecting companies with profits of £250,000 and over.
The legislation provides that small companies with profits up to £50,000 will continue to pay corporation tax at 19%, with profits between the two limits being subject to a tapered rate.
Tax insider February 2023
Included in this month’s article:
- Chancellor reveals new energy discount for businesses
- Inflation remains a key concern for business
- MPs call fro urgent improvements to HMRC’s performance
- Research and development relief guidance under review
New fire regulations come into force
This week, the Government’s proposals for fire safety reform come into force, following on from the commencement of the Fire Safety Act 2021 and the launch of the Fire Safety (England) Regulations 2022.
So, what does this mean for your business? Here’s everything you need to know…
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HOW TO TURN A SIDE HUSTLE INTO YOUR DREAM JOB
A side hustle is a piece of work or a job that an individual can get paid for in addition to their main job.
From driving for a ride sharing company to tutoring online, copywriting, and more, a side hustle could be any commercially viable endeavour.
Tax Insider January 2023
Included in this month’s article:
– Treasury delays MTD for ITSA until 2026
– Economic outlook remains bleak despite rise in GDP
– SMEs owed £23.4BN in late payments
– Energy price cap removes risk for one in four businesses
INCOME TAX: WHAT’S CHANGING?
A number of changes are coming to income tax in April 2023 that will affect taxpayers across the UK.
Many of these measures were announced by Chancellor of the Exchequer Jeremy Hunt in his Autumn Statement on 17 November. According to Hunt, these decisions will see everyone pay “a bit more tax” from the 2023/24 tax year onwards.
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Tax Insider December 2022
Included in this month’s article:
- Bank of England raises base interest rate
- HMRC reminds taxpayers to declare SEISS payments
- National Insurance increase reversed
- Tax thresholds frozen in Autumn statement 2022
SELF-ASSESSMENT TAX RETURNS
With the new year just around the corner and tax season fast approaching, now’s a good time to get a head start on your self-assessment tax return.
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RETIREMENT PLANNING
With the rising costs of living affecting every aspect of almost everyone’s finances, there’s no time like the present to start considering your retirement plans.
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Hunting for growth: Autumn Statement 2022
Following the dramatic sacking of Kwasi Kwarteng after his October mini-budget unleashed market turmoil, a swift change in Prime Minister, and an ever-burgeoning cost-of-living crisis, Hunt promised that today’s Autumn Statement (delayed from 31st October) would ensure his tax and spending plans would “stand the test of time”.
(more…) Read MoreCGT ON BUY-TO-LET
A combination of financial challenges, eviction bans and a perceived lack of support meant the rental market was hit hard by the COVID-19 pandemic. Now, landlords and tenants are feeling the effects of rising costs.
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IR35: THE RULES NOW
Late September into mid-October has been a turbulent time for the Government and a confusing time (at best) for taxpayers, after former chancellor Kwasi Kwarteng’s fiscal statement.
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Tav Insider November 2022
Included in this month’s article:
- Average five-year mortgage rate hits 12 year high
- Inflation rises to 10.1% in September
- Autumn budget delayed
- Business confidence falls significantly
Tax Insider October 2022
Included in this month’s article:
- Chancellor announces biggest tax cuts in 50 years
- Bank of England predicts the UK to enter recession this year
- COVID loans scheme hit by over £1BN in suspected fraud
- MTD for VAT penalties begin from November
MAKING BUSINESS SAVINGS DURING A RECESSION
Nobody wants one, but a recession in the UK is looming, with the Bank of England (BoE) and British Chambers of Commerce (BCC) predicting the UK will enter one by the end of 2022.
(more…) Read MoreHMRC UPDATES MTD GUIDANCE
After much anticipation from accountancy bodies and businesses, HMRC has finally updated its guidance on Making Tax Digital (MTD), filling in several blanks.
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Fiscal Statement 2022
Straight out the gate: Kwarteng’s not-so-mini Budget
(more…) Read MoreInsider September 2022
Included in this month’s article:
- Band of England raises interest rates to 1.75%
- Energy bill support to be split over six payments
- Help to grow scheme extends to smallest businesses
- Capital gains tax rules for divorced couples ease
EMPLOYING STAFF FOR THE FIRST TIME
Hiring an employee for the first time is an exciting moment for any business owner. Suddenly, you’ve got another pair of hands to help out with jobs that used to fall entirely on you – and with that extra support, new opportunities for growth are possible.
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CAPITAL ALLOWANCES AND THE SUPER DEDUCTION
When a business incurs costs, such as salary payments or stationary procurement, it can usually fully deduct them as expenses from its taxable profits, reducing the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward.
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Business Exit Strategies
A business exit strategy is a plan for what will happen when you want to leave your business.
A lot of people think of an exit strategy as a plan to guard against disaster or something that has to be carried out right away after its conception.
VAT Accounting Schemes
Just about everyone has heard of VAT (value-added tax). We’re used to paying it on many of the goods and services we purchase as we go about our everyday lives.
But when you have your own business, you’ll learn a whole new world of VAT exists as you work out how to apply it to your own trade. That’s because there are numerous VAT accounting schemes that HMRC offers, and which one is right for you will depend on the nature of your business.
(more…) Read MoreTax Insider August 2022
Included in this months article:
- Lack of awareness of tax liability among crypto investors
- HMRC: Businesses don’t think MTD applies to them
- Self employed struggling with tax obligations
- Bank of England focusses on returning inflation to 2% target
HOW DO CHANGES TO NICS AFFECT YOU?
As you may have heard, there are changes happening to National Insurance contributions (NICs).
From 6 July, the new thresholds will come into effect. But what does that mean for you?
HOW HMRC CONDUCTS TAX INVESTIGATIONS
HMRC recently announced new powers to investigate companies they suspect of evading taxes, so as a business owner, you might be worrying about what happens if your company comes under scrutiny.
(more…) Read MoreTax Insider July 2022
Included in this month’s article:
- Government overhauls audit scheme
- National insurance threshold increases
- Recovery loan scheme comes to an end
- Taxpayers not ready for making tax digital