Capital gains tax (CGT) is a complicated area of tax and one that a lot of people don’t come across often unless you are a regular investor. So, what is capital gains tax and how to pay less? When individuals or trusts sell or gift an asset, they typically pay taxes on any profit or […]
Category Archives: Personal Tax
Corporation Tax, HM Revenue & Customs, Personal Tax, self employed, Tax Tips
HMRC plans to increase the number of tax investigations
02
Aug
Aug
Last week, HMRC released its annual report, which is worth a read. It covers topics such as tax revenue, decrease in tax gaps, shortcomings in customer service and efforts to ensure accurate tax payment. The CEO’s review discusses investment in compliance officers and emphasis on tackling fraud. As a result, HMRC plans to increase the […]
Landlords, partnerships, Personal Tax, Tax Advice, Tax Tips
How can you incorporate your property business in a tax-efficient way?
22
Jun
Jun
Landlords are currently facing a challenging landscape, causing many to reconsider their decision to remain in the industry. If you plan to continue as a landlord, you may now be considering incorporating your property business. This could deliver some financial and tax advantages. So how can you incorporate your property business in a tax-efficient way? […]
HM Revenue & Customs, Personal Tax, Tax Tips
Managing Inheritance Tax – What if you can’t afford to pay the tax
19
Jun
Jun
In our previous blog managing Inheritance Tax (IHT) we looked at how IHT works and what steps you can take to minimise your liability. However, if you look at the latest government data, it shows the number of people paying IHT is rising year on year. Last year some 41,000 people were liable to IHT […]
14
Jun
Jun
The Basis Period Reform was originally planned to coincide with Making Tax Digital (MTD), but despite MTD being postponed, HM Revenue & Customs (HMRC) will still implement the Basis Period Reform. This will have an impact on self-employed individuals and partnerships. If you run a partnership or are self-employed, the Basis Period Reforms will impact […]
Business Tips, Corporation Tax, Employee Benefits, Payroll, Personal Tax
The best ways to take money out of your company.
23
May
May
What are the best ways to take money out of your company? This is the most common question asked by many clients. You choose to operate your business as a limited company for various reasons. One of the top reasons is normally so that you can have protection under “limited liability” and the other is […]
Landlords, Personal Tax
The upcoming EPC changes for Landlords — We are still waiting for confirmation on this (09/24)
17
May
May
The Government has proposed a new EPC change for landlords requiring a Minimum Energy Efficiency Standard (MEES) to move from E to C. This upcoming change to the EPC requirement could be expensive for landlords and needs careful planning. What is EPC? EPC stands for Energy Performance Certificate and measures the energy efficiency […]
26
Apr
Apr
Like many other taxes, inheritance tax (IHT) allowances have been frozen over the last few years. This means that more people are now paying IHT. Recent data from HMRC has revealed that IHT collected between April 2022 and February 2023 totalled £6.4bn, this is £900m higher than the same period last year. So, what can you […]
15
Mar
Mar
Earlier today (15th March 2023) the Chancellor of the Exchequer Jeremy Hunt delivered his first budget. However, he was presenting his second set piece following the Autumn Statement last year amid big expectations. So, here’s the brief overview of the main parts following today’s announcements and how it can affect your business and your personally […]
08
Mar
Mar
This is a common question when thinking about completing your Tax Return. Can I do it myself or do I really need an Accountant to file a Tax Return. Well, the simple answer is it depends. It depends whether you have the time, whether your time would be better spent elsewhere, and how complex your […]