How to prepare your business for an HMRC tax investigation

As a business owner, the thought of an HMRC tax investigation can be quite daunting. However, our article below outlines what is involved in the process should you ever need to prepare your business for an HMRC tax investigation. It also explains some of our processes and the information we request...

Navigating company cars and the tax implications in the UK

Company cars have long been a valuable perk for employees and can offer convenience and cost savings. However, it's crucial to understand that owning and using a company car comes with tax considerations that can significantly impact your personal finances. Here are some key points to consider: Personal use of a company...

Full expensing for companies

The super-deduction, which allowed companies to claim an immediate deduction of 130% of their qualifying expenditure, came to an end on 31 March 2023. It was replaced with full expensing. As with the super-deduction, unincorporated businesses cannot benefit from full expensing (although the Annual Investment Allowance (AIA) will secure a 100%...

Taxation of dividends in 2023/24

If you have a personal or family company, taking dividends is a popular and tax-efficient way to extract profits. However, while they remain tax efficient, recent tax changes have eroded some of the advantages, so what do you need to know when planning your dividend extraction strategy for 2023/24?

Impact of corporation...

Doing up a property – Investment V Trading

Taking on a renovation project can be hugely appealing, particularly if the property is subsequently sold at a profit. However, from a tax perspective, it may not always be clear-cut how any ‘profit’ should be taxed – is it a capital gain liable to capital gains tax or a trading profit...

Claiming the Employment Allowance for 2023/24

The Employment Allowance is an allowance that eligible employers can claim to set against their secondary (employer’s) Class 1 National Insurance liability. The employment allowance is set at £5,000 for 2023/24, capped at the employer’s secondary Class 1 National Insurance for the year where this is less. It is not given...

When should a business leave a VAT scheme?

Post-pandemic, some businesses are finding that their trading circumstances have now changed and that the non-standard VAT scheme under which the business is registered is no longer appropriate. For example, turnover may have increased so they are no longer eligible. VAT schemes are designed to simplify how some VAT-registered businesses calculate...

MTD and landlords – the new timetable

In our January newsletter we covered the delay to Making Tax Digital for Income Tax (MTD for ITSA) under the original plans for landlords, sole traders and partnerships. As a number of our clients are landlords we thought we would cover the changes in more detail that will affect them. There...