Year End Tax Planning 22/23
Posted on 9th February 2023 at 15:19
Basis Period Reform – how it could affect you
Posted on 11th April 2022 at 11:02
Unincorporated businesses – including sole traders, trusts and those businesses working as partnerships, and anyone else that pays tax on trading income – face a major change that will affect the way and the time they are taxed on their profits.
The so-called Basis Period Reform will ultimately take effect from the 2024/25 tax year, but sole traders and other organisations need to start thinking about how this change could impact them sooner rather than later.
MTD deadline day is here - how to make sure you comply
Posted on 1st April 2022 at 07:50
Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase.
All businesses registered for VAT – even if they have turnover below the threshold – must file their returns this way from now on. The premise for changing to the MTD regime is to reduce the number of common mistakes made, according to HMRC, and will save taxpayers time when it comes to managing their tax affairs.
However, it is also a key plank of digitising the UK’s tax regime, and MTD is likely to have increased revenue to HMRC thanks to reduced errors in both 2019 and 2020, said HMRC.
End of year tax planning – what you need to consider
Posted on 29th March 2022 at 13:09
The new tax year on April 6 is accelerating quickly towards us, and now is the time to make sure that any last-minute allowances you may not have made the most of in the 2021/22 tax year are mopped up.
There are plenty of allowances that have a time limit on each tax year, and if you can use these last few days to maximise the benefits, then it would be a good deed done.
Bank of England (BoE) base rate rises to 0.75% - how will it affect your business and customers
Posted on 17th March 2022 at 12:26
The Bank of England (BoE) base rate rose to 0.75% in March in response to Consumer Prices Index (CPI) inflation rising to 5.5% - almost triple the BoE’s target of 2%. Inflation is set to continue rising throughout the year (see Spring Statement round-up) with the Russian invasion of Ukraine creating increased pressure on already rising prices.
Reclaim Married Couple’s Allowance before 5 April
Posted on 13th March 2022 at 09:18
Married Couple’s Allowance can be transferred between spouses and civil partners, and while 2m couples have claimed this since it was introduced back in 2015, there are many more people who are entitled to claim it.
Managing your inheritance tax
Posted on 27th February 2022 at 17:00
Inheritance tax (IHT) is one of the most unpopular form of taxes due to the extremely high 40% tax rate which typically is more than most would pay during their lifetime. Making plans to minimise IHT has never been more important.
Bounce-back loans - current state
Posted on 27th February 2022 at 16:36
PwC initial suggested there would be around £4.9 billion of fraud associated with the Bounce Back Loan Scheme, which it subsequently reduced to £3.5 billion.
NI to increase by 1.25% from April to fund the Health and Care Levy
Posted on 27th February 2022 at 16:15
The Government is set to increase National Insurance Contributions (NICs) by 1.25% from April to fund the Health and Social Care Levy.
Stamp Duty Land Tax – it’s effect on house prices and ways to reduce it
Posted on 18th February 2022 at 17:09
Stamp Duty Land Tax (SDLT) receipts last year were extremely different in comparison to previous years. This is due to a number of factors; the SDLT tax relief for properties worth up to £500,000 ended June, 2021 and the tax relief for properties worth between £125,000 and £250,000 was also brought to an end on September 30.
These two deadlines created a huge spike people complete purchases properties under these thresholds thereby avoiding having to pay SDLT. According to Government data, transactions in October to December last year were 10% lower than the previous quarter, and 13% lower than Q4 2020.
