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...
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...
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%...
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...
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...
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...
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...
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...
A record 11.7 million customers submitted their tax returns on time, HM Revenue and Customs (HMRC) has revealed. On 31 January, 861,085 customers filed online to meet the deadline, some with minutes to spare. There were 36,767 customers who filed in the last hour before the deadline, but the peak hour for...
In the March 2021 budget, the Government announced a corporation tax rise of 6%, applying to businesses with profits exceeding £250,000. This is “to balance the need to raise revenue with the objective of having an internationally competitive tax system” and will take affect from April 2023. Businesses with profits of...
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