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
Included in this month’s article:
The Government this week has issued it’s long awaited white paper on reforming private landlord rental property rights. Some of the headline changes are:
The Government has also issued a model tenancy agreement to support landlords and tenants to agree longer-term tenancies which can be found on our site and is free to use. You may need to seek legal advice to confirm it is appropriate for your intended use.
We have come across a great new charity raffle for those people who love guitars in aid of 2 fantastic charities:
So here it is https://thegeargiveaway.com
They have launched starting with a great charity raffle where the profits are split between Teenage Cancer Trust and Silver lining Brain Injury Charity. So if you know anyone who plays guitar please do pass it on to them. Its a very cool guitar and 2 incredibly worthy causes.
fender-jason-isbell-signature-telecaster-charity-raffle
Pass this on and have a go – someone has to win!
Read MoreMost businesses rely on funding in one form or another to keep their operations running, invest in new equipment or projects, and grow.
(more…) Read MoreResearch and development (R&D) tax credits were once a little known tax incentive for companies which invested in innovation. But after rule changes in recent years, and a push by many tax advisers, they are now much more widely understood and used.
(more…) Read MoreIncluded in this month’s article:
We are all somewhat used to living with economic doom and gloom at present, from sky-high inflation rates to tax rises being splashed across the news headlines. But recent analysis from the Office of Budget Responsibility shows that you may also get stung harder after you are gone.
(more…) Read MoreLike most business owners, you have probably experienced the squeeze in recruitment and retention that has been prevalent for the last 12 months or so. It’s been so significant, it has even been dubbed “The Great Resignation”
(more…) Read MoreIncluded in this Month’s article:
Included in this month’s article:
By the time you’re reading this, the new tax year is either just about to start or has already started. Some of the changes have been public knowledge for months now and some of the rises have been anxiously awaited as the country continues to face a cost-of-living squeeze.
(more…) Read MoreYou don’t have to spend long running a business before you realise how important cashflow is: the balance between money coming into your company and the money going out on a weekly or monthly basis.
(more…) Read MoreAmid rising pressure to bring in significant relief measures to combat the current international emergency, Chancellor Rishi Sunak implied ahead of time that he could only do so much.
(more…) Read MoreCryptocurrencies continue to become more mainstream, and the taxman’s very aware of the gains investors have made in the last five or six years.
(more…) Read MoreWe may only be three months into 2022 but plenty of big employers – both here in the UK and overseas – are making employees redundant for a myriad of reasons.
(more…) Read MoreIncluded in this months article:
Throughout 2021/22, COVID-19 has continued to dominate. Millions of employees and directors on payroll were furloughed, and the self-employed continued to rely on grants available via the income support schemes.
(more…) Read MoreIncluded in this month’s article:
Inheritance tax was thought to be ripe for reform in last year’s Autumn Budget but, as it happened, it was left untouched for another tax year.
(more…) Read MoreThe last year has been challenging for all of us, let alone business owners who’ve had to claim emergency support and battled hard to stay afloat.
(more…) Read MoreTax-efficient advice for limited company directors.
Believe it or not, there are more than 4.7 million limited companies registered in the UK, including the 810,316 incorporations that signed up in 2020/21.
(more…) Read MoreBusiness structures are essential for tax purposes.
If you’re looking to join the 4.3 million people in the UK who made the jump into self-employment, you might be wondering how to start your new business.
(more…) Read MoreIncluded in this months issue:
The construction industry remains one of the UK’s key sectors, which also helps to underpin the UK economy, despite experiencing the effects of the COVID-19 pandemic.
In September 2021, construction output grew by 1.3% on the previous month – placing the sector just 1% below its pre-pandemic level – and worth a decent share of UK GDP.
(more…) Read MoreMaking Tax Digital for income tax (MTD for ITSA) looks certain to affect sole traders and landlords from April 2024, following the recent news of a one-year delay.
This was the latest in a long line of delays and deferrals in the rollout of MTD, which was first proposed by then-Chancellor George Osborne in late 2015.
(more…) Read MoreIncluded in this month’s article:
As a business owner, you will find that few things in your line of work are as precious as your time – time that would be better spent doing something other than accounting.
Many people come to us asking for help with tasks that usually result in time slipping through their fingers, because of their often onerous nature to the layman.
(more…) Read MoreDespite remaining complex, pensions offer you far more flexibility from the age of 55 (rising to 57 from 6 April 2028) than was once possible.
If you are approaching 55, you might be feeling a twinge of trepidation or excitement that you could soon become “a
pensioner” as this is the age at which you are allowed to access some pension savings.
Included in this months article:
Biggest rates cut in three decades.
(more…) Read MoreFor most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident.
Anyone domiciled and resident in the UK will need to report their worldwide income and capital gains on their return. However, what happens if you are either non-UK domiciled (non-dom) but UK resident, or UK domiciled but non-UK resident?
(more…) Read MoreA chunk of time has passed since the self-employed income support scheme (SEISS) was launched in May 2020, following the onset of the COVID-19 pandemic.
The first taxable grant, worth up to £7,500 in total, was paid out in August 2020. That was followed by a second grant of up to a total of £6,570 and a third grant, worth up to £7,500 in total.
(more…) Read MoreIncluded in this month’s article:
Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives
and objectives.
HMRC treats non-profit organisations and charities very differently to businesses, offering some unique tax breaks in the process.
(more…) Read MoreUnincorporated businesses could be about to see significant changes to the ways in which they are taxed, following the launch of a Government consultation.
The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses, such as sole traders and business partnerships, allocate trading profits to tax years for inclusion on their self-assessment returns.
(more…) Read MoreIncluded in this month’s article:
Not much can stop determined entrepreneurs from building a new business from the ground up, even during such challenging times as a COVID-19 or its ensuing fallout.
The pandemic has proven a huge challenge for businesses, with 396,155 UK firms closing in 2020 according to the Office for National Statistics, as business owners struggled to cope with restrictions and lockdowns.
(more…) Read MoreSoaring house prices coupled with certain thresholds being frozen in the most recent Budget have the potential to drag more estates into the inheritance tax net over the coming years.
Back in March 2021, Chancellor Rishi Sunak confirmed the main inheritance tax thresholds will remain frozen at their 2021/22 levels “up to and including 2025/26”.
(more…) Read MoreIncluded in this month’s article:
After a challenging year for the UK’s residential landlords, you might have read about improvements to the buy-to-let mortgage market in recent weeks.
In the three months to 31 May 2021, the average interest rates for residential landlords had declined. A two-year fixed-rate buy-to-let mortgage fell 0.10 percentage points to 2.95%, while a five-year fixed dropped 0.11 percentage points to 3.30%.
(more…) Read MoreDespite the potentially high personal tax charge, many employees still enjoy and prefer the convenience of being
offered the use of a company car by their employer.
Those 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.
Included in this months article:
The way that most self-employed taxpayers report their business profits to HMRC is set to change in April 2023 under the Making Tax Digital (MTD) for business regime. The changes to date have applied only to businesses that are VAT registered.
(more…) Read MoreVAT is a business tax on the supply of goods and services. It is charged at varying rates depending on what is being supplied, who it is being supplied to and where it is being supplied to.
(more…) Read MoreIf you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses.
By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us to reduce your income tax bill in the process.
(more…) Read MoreIncluded in this month’s article:
We have just past the anniversary of when Bounce back loans started dropping into everyone bank accounts.
You will have received notifications from your bank over the last few months saying that you will be able to make changes to the loan to assist with cashflow.
(more…) Read MoreTraditionally, most people get nowhere near breaching the
pensions lifetime allowance, but that’s likely to change
over the next five years.
The lifetime pensions allowance is currently £1,073,100.
(more…) Read MoreOwning and letting out a holiday home, otherwise known as a furnished holiday let (FHL), has always been a popular way of investing and earning income.
Not only do FHLs enjoy many tax advantages over normal residential let properties, owners have an asset which they can use for holidays while it largely pays for itself.
(more…) Read More