Tax
What tax implications can come with depreciation?
Aug 15, 2023
For business owners, understanding depreciation is not just about accounting practices but also about handling their taxes efficiently. Depreciation represents the reduction in the value of an asset over time, primarily due to wear and tear. Businesses use various methods to calculate ...
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Staying up to date with MTD for ITSA
Aug 10, 2023
In December 2022, the plans for Making Tax Digital for Income Tax Self-Assessment changed again, as the Government announced that instead, MTD ITSA would be introduced in mandatory phases from 6 April 2026, as opposed to 2024. What are the phases? Self-employed ...
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Capital Gains Tax for SMEs – Recent trends and compliance
Aug 08, 2023
Collections of Capital Gains Tax (CGT) reached a record £16.7 billion in the last tax year, a notable increase from the preceding year's £14.3 billion. CGT has always been a significant consideration for small and medium-sized enterprises (SMEs) who should note ...
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Beneficiaries could see inherited pensions taxed as new proposals by HMRC are published
Jul 27, 2023
Currently, if someone dies before the age of 75, their pension can be drawn out by beneficiaries’ tax-free, as it is exempt from Inheritance Tax and Income Tax if it is under the Lifetime Allowance (LTA). But HM Revenue & Customs ...
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HM Revenue & Customs pledge £5.5 million to support customers
Jul 25, 2023
HM Revenue & Customs (HMRC) has recently stated that they will pledge £5.5 million to organisations who are in the voluntary and community sectors to help support customers organise their taxes. The last voluntary or community sector organisation (VCS) grant was ...
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An overview of the Construction Industry Scheme and what it means for your business
Jul 05, 2023
The Construction Industry Scheme (CIS) is a Government initiative that allows contractors in the construction industry to deduct money from a subcontractor’s payments and pass it on to HM Revenue & Customs (HMRC). These deductions count as advance payments towards a ...
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Corporation Tax: Upcoming filing deadlines and reminder about recent amendments
Jun 06, 2023
Recent changes HM Revenue & Customs (HMRC) made to the rate of Corporation Tax mainly affected larger businesses in the UK. As of April 2023, companies that generate a profit of more than £250,000 during their accounting period will pay a ...
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Landlords should bring UK tax affairs up to date before Renters Reform Bill is enforced in law
May 23, 2023
The Government is looking to introduce the Renters Reform Bill, which if made law, will be the biggest shake-up to housing laws in forty years. Whilst the Bill will have implications for the 11 million renters in the UK, landlords have ...
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Embracing the future: AI and automation in cloud accounting
Mar 17, 2023
Artificial Intelligence (AI) is becoming increasingly advanced so, as a business owner, you need to get on board or you might get left behind. Cloud accounting has revolutionised how you manage your business’s finances in terms of collaboration, data accuracy, and ...
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Spring Budget 2023
Mar 15, 2023
Just a few days short of the third anniversary of the first Covid lockdown, Chancellor Jeremy Hunt rose to the Despatch Box to deliver the first full Budget to have taken place in 504 days and the first unaffected by ...
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