Gifts Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT) that may arise on a relevant gift. The relief can be claimed when assets are given away (including certain
16
Nov
Nov
If you are having trouble paying your tax on time you may be eligible to receive support from HMRC. An online payment plan for Self-Assessment tax bills can be used to set up instalment arrangements
16
Nov
Nov
The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were
16
Nov
Nov
The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or pay tax above the basic rate threshold for Income Tax (i.e., one
16
Nov
Nov
Taxpayers can usually claim tax relief for their private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual
16
Nov
Nov
The full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect on 1 April 2023. To qualify for full expensing, expenditure must be incurred on the
14
Nov
Nov
When the end of a tax year passes, the 5 April 2024 for the current year, or the end of an accounting year if a company, any opportunity to take advantage of tax planning strategies closes.
For
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Nov
Nov
If you focus your energy on sales, there is a chance that your efforts will produce losses. Which is why we always encourage our business clients to keep their accounting records using software that
14
Nov
Nov
1 December 2023 – Due date for Corporation Tax payable for the year ended 28 February 2023.
19 December 2023 – PAYE and NIC deductions due for month ended 5 December 2023. (If you pay your tax
09
Nov
Nov
The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save between £1 and £50 every calendar month and receive a 50% government
15
Aug
Aug
What is the difference between tax avoidance and tax evasion? The simple difference is that avoidance is legal and evasion is illegal. However, aggressive avoidance schemes can be challenged by HMRC and can result in a legal challenge, penalties and a hefty tax bill. It is not always clear cut so it is important toREAD MORE
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Jun
Jun
CUT TAXES TO BOOST LABOUR MARKET, REED CHAIRMAN URGES. The chairman one of the UK’s biggest recruitment agencies has said high taxes are deterring people from returning to the labour market after the exodus of workers during the pandemic. James Reed, the chairman of Reed, said at an event in London: “For a lot ofREAD MORE
21
Jun
Jun
Many small and medium sized Companies use a traditional approach to taking salaries and dividends from the company. They look at the profit available and take out what the Company can afford. SALES – EXPENSES = PROFIT They simply look at their sales deduct their expenses and arrive at the profit. But there is aREAD MORE
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May
May
If you are about to start a business, setting a business plan will help you focus on getting it right. So why write a business plan? Firstly and most likely you will need funding. Investors will want to see that you have the right plan in place to succeed. They rely on business plans toREAD MORE
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May
May
TAX RATES Below is a resume of applicable tax rates for individuals in the UK. It is not exhaustive but outlines the main components of tax that will impact on many taxpayers over the years. As we have emphasised in the past it is very important to tax plan and to use all the allowancesREAD MORE
10
Apr
Apr
Management reporting is essential for businesses to assess their performance, identify areas of improvement, and make informed decisions. Here are some of the key reasons why management reporting is important: Provides insights into business performance: Management reporting provides critical information about how a business is performing. By analysing data, managers can identify trends and patterns,READ MORE
10
Apr
Apr
Financial reporting is critical for businesses to provide information about their financial performance to stakeholders, such as investors, lenders, and regulators. Here are some key reasons why financial reporting is important: Provides information for decision-making: Financial reporting provides stakeholders with information about a business’s financial health, allowing them to make informed decisions about investing, lending,READ MORE
09
Apr
Apr
To help with tax planning for the 2023/24 tax year we are putting together a list of tax saving tips for businesses and taxpayers. Personal Pension: Personal Pension is a tax-efficient way to save for retirement. Contributions made to a personal pension are tax-deductible, and the investment returns are tax-free until the funds are withdrawn.READ MORE
28
Mar
Mar
Making sure you have a good accountant is essential for being tax and business efficient. The role of an accountant is to provide financial expertise, guidance, and support to individuals, businesses, organizations, and governments. Here are some of the key responsibilities and tasks of an accountant: Recording financial transactions: The accountant records and tracks financialREAD MORE
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Mar
Mar
Accounting for contractors typically involves a number of specific considerations that differ from those involved in accounting for employees. Here are some key things to keep in mind: Contractor status: It’s important to determine whether a worker is a contractor or an employee, as this will have an impact on how they are taxed andREAD MORE