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Blog

November 28, 2023

Directors’ duties and responsibilities

To be a director, you must be over 16 and not currently disqualified. As a director your
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November 23, 2023

What counts as holiday accommodation?

HMRC’s VAT Notice 709/3 entitled 'Hotels and holiday accommodation' explains how supplies by hotels
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November 23, 2023

The badges of trade

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an
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November 23, 2023

Income Tax – £5,000 savings zero rate band

If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on
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November 23, 2023

CGT – Lettings relief

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main
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November 23, 2023

IHT – Giving away your home before you die

The majority of gifts made during a person's life, including gifting a home, are not subject to tax
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November 22, 2023

Autumn Statement Summary

The Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of
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November 21, 2023

Fuel price watchdog sharpens its teeth

UK motorists will be protected at the pumps under tough new powers that will shine a light on any
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November 21, 2023

£4.5bn for British manufacturing from 2025

The government has announced £4.5 billion in funding for British manufacturing to increase
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November 16, 2023

Hold-over gifts relief

Gifts Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT) that may
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November 16, 2023

Full expensing

The full expensing 100% first-year capital allowance for qualifying plant and machinery assets came
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November 16, 2023

Tax relief on pension contributions

Taxpayers can usually claim tax relief for their private pension contributions. There is an annual
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November 16, 2023

Marriage allowance entitlement

The marriage allowance applies to married couples and those in a civil partnership where a spouse
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November 16, 2023

Tax credits top-up

The Cost of Living support package has been designed to help over 8 million households in receipt
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November 14, 2023

Tax Diary December 2023/ January 2024

1 December 2023 - Due date for Corporation Tax payable for the year ended 28 February 2023. 19
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November 14, 2023

Why breakeven analysis can be illuminating

If you focus your energy on sales, there is a chance that your efforts will produce losses. Which
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November 14, 2023

Closing the door on tax planning

When the end of a tax year passes, the 5 April 2024 for the current year, or the end of an
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November 9, 2023

Reminder of not-so-trivial tax-free benefits

There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a
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November 9, 2023

Company tax return obligations

After the end of its financial year, a private limited company must prepare full annual accounts
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November 9, 2023

Due a student loan refund?

Student Loans are part of the government's financial support package for students in higher
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November 9, 2023

Childcare support from HMRC

Parents may be eligible to receive childcare support from HMRC using the Tax-Free Childcare (TFC)
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November 9, 2023

Help to Save bonus payments

The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible
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November 6, 2023

Cost of living payments

You may have been entitled to a Cost of Living Payments of £301 (paid April/May 2023) and should be
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November 2, 2023

Filling gaps in National Insurance record

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance
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November 2, 2023

Paying tax by direct debit

One of the many ways that payments can be made to HMRC is by using a direct debit. The direct debit
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November 1, 2023

Cash flow v supplier credit limits

In a recent article we explained how granting lengthy credit limits to customers was as good as
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November 1, 2023

Back of an envelope

If you run a business and manage your planning by scribbling notes on the back of an envelope, you
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October 25, 2023

Replacement of domestic items relief

The replacement of domestic items relief enables landlords to claim tax relief when they replace
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October 25, 2023

Tax free annual party

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax
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October 25, 2023

Self-Assessment scam warning

Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for the
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October 25, 2023

Scottish council tax frozen

Humza Yousaf, Scotland's First Minister, has announced that council tax rates will be frozen in the
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October 25, 2023

Countdown to Self-Assessment filing deadline

There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The
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October 23, 2023

Cash flow v customer credit limits

If your business grants a customer time to pay - say 30 days - after the services or goods supplied
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October 23, 2023

New company reporting regulation withdrawn

The Government has withdrawn draft regulations after consultation with companies raised concerns
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October 19, 2023

How dividends are taxed

Dividends received are taxed as income but the rates of tax applied are different to the formal
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October 19, 2023

Accounting periods for Corporation Tax

Companies often have two different company accounting periods. This is because there are different
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October 19, 2023

Increase in National Living Wage

The Chancellor of the Exchequer, Jeremy Hunt, confirmed that the government has committed to the
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October 19, 2023

Reporting early payment of wages before Christmas

There is a permanent easement in place for employers to report PAYE information in real time over
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October 19, 2023

Electric charging of company vehicles at home base

HMRC has published revised guidance concerning the charging of company cars and vans at residential
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October 17, 2023

Recurring sales

Most business owners will appreciate the difference between one-off sales, and services that are
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October 17, 2023

Repeat business

Once you have secured the attention of a customer that has purchased their initial goods or
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October 13, 2023

Tax Diary November/December 2023

1 November 2023 - Due date for Corporation Tax due for the year ended 31 January 2023. 19 November
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October 12, 2023

Deadlines 2022-23 Self-Assessment tax return

The 2022-23 tax return filing deadline for taxpayers who continue to submit paper Self-Assessment
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October 12, 2023

When you must register for VAT

The taxable turnover threshold, which determines whether businesses should be registered for VAT,
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October 12, 2023

Check if you need to pay someone through PAYE

Employers usually have to pay employees through PAYE if they earn £123 or more a week (£533 a month
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October 12, 2023

Have you downloaded your HMRC app?

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play
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October 12, 2023

Cost of Living payments 2023-24 support

The Cost of Living support package has been designed to help over 8 million households in receipt
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October 9, 2023

Bank deposits covered by FSCS

Your eligible deposits with all High Street bank are covered by the Financial Services Compensation
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October 9, 2023

Reforms to powers of attorney

These legal agreements enable a person to grant decision making powers about their care, treatment
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October 5, 2023

Income Tax in Scotland if you have more than one home

There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of
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October 5, 2023

Paying tax by Certificate of Tax Deposit

The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to
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October 5, 2023

When you can and cannot use the Rent-a-Room Scheme

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in
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October 5, 2023

Transferring IHT unused nil rate band

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples
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October 5, 2023

Reporting self-employed profits 2023-24

The basis of assessment reforms will change the way trading income is allocated to tax years. The
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October 3, 2023

Government to support action against late payers

Most smaller businesses will have spent time chasing customers for payment beyond their agreed
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October 3, 2023

National Living Wage potential boost

The government looks likely to accept the recommendations of the Low Pay Commission with a boost to
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September 28, 2023

Replacement of domestic items relief

The replacement of domestic items relief enables landlords to claim tax relief when they replace
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September 28, 2023

Community Investment Tax Relief scheme

The Community Investment Tax Relief (CITR) scheme is designed to encourage investment in accredited
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September 28, 2023

Accommodation that qualifies as Holiday Lets

The furnished holiday lettings (FHL) rules allow holiday letting of properties that meet certain
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September 28, 2023

Unclaimed Child Trust Fund Accounts

HMRC has published their latest statistics on Child Trust Funds (CTFs) that reveal that whilst
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September 28, 2023

Do you need to register for Self-Assessment?

Taxpayers that need to complete a Self-Assessment return for the first time are required to notify
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September 26, 2023

Help for businesses launching new AI

Organisations across the country will be able to demonstrate that their new artificial intelligence
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September 26, 2023

Charity Trustees Quiz

The Charity Commission has launched the next phase of its trustee campaign which aims to increase
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September 21, 2023

No gain – no loss transfers in groups of companies

There are special rules concerning the transfer of assets in groups of companies. In most cases,
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September 21, 2023

Utilising Capital Gains Tax losses

Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a
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September 21, 2023

Tax on incentive rewards

Companies may use incentive award schemes to encourage their employees in various ways. For
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September 21, 2023

Activities subject to the scope of VAT

There are a number of conditions that must be satisfied for an activity to be within the scope of
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September 21, 2023

Change to Company Accounts filing

The Economic Crime and Corporate Transparency Bill has completed its initial journey through the
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September 19, 2023

Changes afoot at Companies House

Due to new legislation working its way through Parliament, Companies House will be making a number
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September 14, 2023

What is a trust?

A trust is an obligation that binds a trustee, an individual or a company, to deal with assets such
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September 14, 2023

Who is a Scottish taxpayer?

The Scottish rate of income (SRIT) is payable on the non-savings and non-dividend income of those
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September 14, 2023

Checking your National Insurance record

HMRC offers an online service to check your National Insurance Contributions (NIC) record online.
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September 14, 2023

Paying tax by debit card or business credit card

It is possible to pay HMRC by corporate credit card or corporate debit cards. The use of these
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September 14, 2023

Calculate tax on company cars

Where an employee with a company car is provided with fuel for their own private use by their
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September 13, 2023

Tax Diary October/November 2023

1 October 2023 - Due date for Corporation Tax due for the year ended 31 December 2022. 19 October
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September 12, 2023

Clampdown on fake reviews and hidden fees

The Department for Business and Trade published the following announcement, that if implemented,
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September 12, 2023

Companies House fees increase?

Companies House have published information that suggests their fees may be increasing in the near
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September 7, 2023

Tax on trivial benefits

There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a
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September 7, 2023

Back to school – help with childcare costs

As children return to school after the summer break, HMRC is reminding parents that they may be
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September 4, 2023

Companies urged to file accounts early

Companies House has issued a news update targeted at companies who are due to file accounts by the
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September 4, 2023

Tracking down lost pension details

Ever had a nagging feeling that you have a pension pot somewhere but have no idea how to track it
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August 31, 2023

Share buy-back clearance applications

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying
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August 31, 2023

Current capital allowances for car purchases

If you are thinking about purchasing a company car through a limited company, there are many issues
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August 31, 2023

Higher rate tax relief on gifts to charities

The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC
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August 31, 2023

Pension tax relief at source

You can usually claim tax relief for your private pension contributions. There is an annual
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August 31, 2023

Self-Assessment threshold change

The £100,000 threshold for Self-Assessment change for taxpayers taxed through PAYE only, increased
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August 24, 2023

VAT supplies for no consideration

In most cases, a supply of goods or services for VAT purposes is deemed to have taken place in
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August 24, 2023

Checking your Simple Assessment tax bill

Simple Assessment is a method by which HMRC can assess where additional Income Tax is due by a
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August 24, 2023

On your bike tax-free

The Cycle to Work scheme was introduced over 20 years ago to help promote the use of
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August 24, 2023

Class 2 and 4 NIC for the self-employed

There are two types of National Insurance contributions (NICs) payable by most self-employed
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August 24, 2023

Do you need to submit a Self-Assessment tax return?

There are a number of reasons why you might need to complete a Self-Assessment return for the first
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August 21, 2023

Access to cash to be protected

Recognising the need to maintain access to cash withdrawal facilities, the government is stepping
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August 21, 2023

The best and worst of British banks

Personal and small business current account holders were asked how likely they would be to
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August 17, 2023

Capital Gains Tax and trusts

A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets
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August 17, 2023

VAT recovery when leasing vehicles

The VAT treatment of motoring expenses is relevant to any business that incurs VAT on motor
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August 17, 2023

Overview of private pension contributions

You can usually claim tax relief for your private pension contributions. There is an annual
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August 17, 2023

Let Property Campaign

The Let Property Campaign provides landlords who have undeclared income from residential property
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August 17, 2023

Claiming tax relief on employment expenses

If you are an employee that needs to buy substantial equipment to use as part of your employment
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August 14, 2023

Who is your ideal customer?

If there is a particular type of customer that is ideally placed to benefit from the goods or
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