Welcome to our February Tax Update In this edition we take a look at year-end tax planning, ISAs, pensions, CGT, more R&D changes on the horizon and paying your personal tax bill. YEAR-END TAX PLANNING It’s not too late to undertake some end-of-year tax planning. If you have some spare…
Government Launches Pilot Program for Bounce Back Loan Scheme. In a bid to tackle potential fraudulent applications under the Bounce Back Loan Scheme (BBLS), the Department for Business (DBT), the Cabinet Office, and HM Revenue & Customs (HMRC) have joined forces to launch a groundbreaking pilot program. This initiative focuses…
In recent weeks there has been a flurry of online activity discussing the new law that will require online marketplaces to report information about income made by their users to HMRC. The discussion has led to many people asking questions such as “Will I have to pay tax on the…
HMRC approve tax bill payment plans for 44,800 taxpayers HM Revenue and Customs have announced that nearly 44,800 people have sorted their upcoming 31st January tax bill by setting up a payment plan. HMRC provide the option of a monthly payment called Time to Pay (see link below). Provided taxpayers…
A Comparison for Buyers and Sellers In the UK, prospective business buyers can opt for either an asset sale or a share sale, each with distinct differences and implications. The choice between the two depends on individual circumstances and objectives. Asset Sale vs. Share Sale Comparison: Asset Sale: Involves purchasing…
The Economic Crime and Corporate Transparency Act received Royal Assent on 26th October 2023 and will introduce a number of changes over the next few years. The act gives Companies House the power to play a more significant role in tackling economic crime and supporting economic growth. Over time, the…
Happy New Year and welcome to our first Tax Update of 2024. In this edition we review ideas to save tax, wills & inheritance tax, pension contributions, payroll software updates for the NIC cut, as well as looking ahead to the self-assessment deadline. NEW YEAR RESOLUTIONS TO SAVE TAX At…
WIN a bottle of Dom Pérignon! In the build-up to Christmas, we’re raising money for the MND Association, so first off, we’ll give you the link to our JustGiving page – CLICK HERE We are doing this in memory of a dear friend and work colleague who sadly passed away…
Welcome to the December 2023 Tax Update. In this edition we take a look back at the Chancellor’s Autumn Statement, the Unified R&D Tax Credit Scheme, advisory fuel rates for company cars; and what’s coming up on the ‘Accounting Horizon’. If you need any help or advice on any of…
With inheritance tax receipts to HMRC set to reach new levels this financial year, now more than ever are families needing to plan for their future. Inheritance tax could take a large proportion of your wealth – 40% of everything above £325,000 – and stop your family members enjoying the…