A recent publication from HM Revenue and Customs (HMRC) and extensive discussion in the tax and property press have again brought tax avoidance schemes into the spotlight. As a taxpayer, it’s important to be aware of the whole picture when it comes to of tax avoidance schemes. You also need to know what to do […]
Category Archives: Tax Tips
13
Nov
Nov
The dust has settled on the Budget, but it has raised many questions. If you’ve been following the news, you may have noticed some significant changes to the Inheritance Tax (IHT) regime. Not too long ago, we discussed the possibility of abolishing IHT altogether under the previous government. However, the current situation is quite different—it’s […]
Business Tips, capital gains tax, HM Revenue & Customs, Personal Tax, Tax Tips
Further details of the Budget
31
Oct
Oct
Yesterday, we received the first Labour Budget in fourteen years, which was significant! It included substantial tax increases. There is a lot to consider, so we can begin by examining the details of the Budget. However, before we jump to the nitty gritty, here’s a summary of how the Budget affects you depending on who […]
HM Revenue & Customs, Landlords, Tax Advice, Tax Planning, Tax Tips
Want to change how the income is split for a jointly owned property?
16
Oct
Oct
Normally, when you own a property jointly, the profits subject to tax are split in proportion to your legal ownership. A jointly owned property is split 50/50. However, what if you want to change how the income is split for a jointly owned property? You can do this if you live with your spouse or a […]
09
Oct
Oct
Many people delay creating or updating their Wills. We are unsure why, but we mortals do not like discussing our own mortality. We encounter this situation often. But maybe now is the time to make a new will or review an old one. It’s really important that you review your Will regularly because certain personal circumstances […]
self employed, Tax Planning, Tax Tips, VAT
Can you avoid VAT Registration by conducting business through two entities?
04
Sep
Sep
In the Spring 2024 Budget, the previous government raised the VAT threshold from £85,000 to £90,000, having frozen it at £85,000 for six years. This means a business must register for VAT if its taxable sales have exceeded £90,000 in any rolling twelve-month period. Furthermore, you must register if the sales will exceed £90,000 in […]
Accounting Tips, Corporation Tax, HM Revenue & Customs, Tax Tips
New Rules for Corporation Tax and Associated Companies
21
Aug
Aug
If you are an owner and/or director of a limited company, you may have noticed your accountant asking more questions regarding your other business interests. This is due to some changes in corporate tax legislation. In this blog we aim to set out the new rules and why they are important. What are “Associated Companies”? […]
31
Jul
Jul
In 2022, the Supreme Court ruled that the old 12.07% calculation for casual workers, which had been used for years, was no longer relevant. Due to these changes to holiday pay for irregular hours, many businesses have had to rethink their policies. The ruling stated that employees with irregular hours, including those on zero-hour contracts, […]
10
Jul
Jul
In the March 2023 budget, changes to the two Research and Development (R&D) tax relief schemes were announced, which came into effect from 1 April 2023. At the same time, plans were also proposed to merge the two schemes into one which would come into effect twelve months later. After consultation, the two schemes have […]
25
Jun
Jun
Have you had enough of the electioneering and all the televised debates? Or perhaps you’ve been finding some light relief from the politics by watching the Euro’s 2024. As we write this blog, we are reminded that only ten days are left before voting day. A new government could bring about significant changes in legislation […]