For several years now, HM Revenue & Customs (HMRC) has been aware that scammers have been using them as the subject of their schemes. After all, something as serious as tax gets everyone’s attention. With the tax return season in full swing, the swindlers are going to be trying harder as more people will be […]
Category Archives: Tax Tips
30
Aug
Aug
Does it matter if you don’t know exactly what is in your “Pay As You Earn” (PAYE) code? After all HM Revenue & Customs have all the information and they will issue the right code which your employer will apply. So why should you understand your PAYE code? It is common for taxpayers to be […]
09
Aug
Aug
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 […]
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 […]
31
May
May
You might have a great product or service to sell but without a business growth strategy to help, it may not grow at all! To grow you need to have a well-documented and clearly defined growth strategy. A growth strategy starts with identifying and accessing opportunities within your market. The strategy addresses how your company […]
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 […]
19
Apr
Apr
In the Chancellor’s Spring 2023 Budget , Jeremy Hunt confirmed changes to the two Research and Development (R&D) schemes currently in operation. These changes came into effect from 1 April 2023 and are being brought in to help tackle a significant amount of fraud being perpetrated through the R&D schemes, particularly the scheme for SME’s. […]
Capital Allowances, capital gains tax, HM Revenue & Customs, P11d, Payroll, Tax Tips
Getting ready for end of tax year
29
Mar
Mar
We are almost in April and that means one thing, end of the current tax year is approaching. So how can you be getting ready for the end of the tax year? There are a few things to consider over the coming week as the last day of the current tax year is 5th April […]