The end of the tax year is drawing near and many owner-directors of companies are putting their minds to deciding which is more tax-efficient: a bonus or a dividend. Tax laws and rates that will affect your decision have changed […]
Author: Sarah Shannon
Tax-deductible car charges
The expansion of London’s Ultra Low Emission Zone (ULEZ) has focused attention on the business use of cars and whether clean air charges are tax-deductible. As well as London, ULEZ charges for non-compliant cars are imposed in Bristol and Birmingham, […]
Employee share incentive schemes under review
Use of two tax-advantaged employee share schemes has declined since 2016, prompting a review into whether their rules are sufficiently simple and clear, and contain enough flexibility to meet companies’ needs. A government-commissioned research report published in June found that […]
Spring Statement 2023: Tax Administration
Charitable reliefs UK charity tax reliefs and exemptions will be restricted to UK charities and community amateur sports clubs (CASCs). The change is effective from 15 March 2023 and affects income tax, CGT, corporation tax, IHT, stamp duty, SDLT, SDRT, […]
Super Deduction Scheme Ending
Did you know the Super Deduction Scheme Ends on 31 March 2023? The good news is there is still time to take advantage of this opportunity to grow your business with the Super Deduction allowance before the incentive runs out. […]
The Chancellor’s May economy statement: all about energy
Economy Statement In late May, the Chancellor announced new measures to counter the rising cost of living, in particular energy prices. Source: Ofgem. Initial measures for 2022 In early February 2022, the Chancellor announced a package of measures to reduce […]
trust planning opportunity still available
Another tax planning strategy that is still available despite rumours that it would be closed in the Budget was the CGT hold over relief when assets are transferred into or out of a trust. This relief currently enables a non-business […]
becoming a more eco friendly business
Some have started, others are giving it serious consideration. If you haven’t yet begun, start small and keep it going. And don’t look back. Environmental sustainability has moved to the forefront of the news headlines especially with COP26 taking place […]
further financial lessons from the pandemic
Having a clear purpose has never been so important Since the Covid-19 pandemic began, many businesses have seen what the media has referred to as, “The Great Resignation” – where employees are leaving or switching jobs in their thousands. For […]
trust planning opportunity still available
Another tax planning strategy that is still available despite rumours that it would be closed in the Budget was the CGT hold over relief when assets are transferred into or out of a trust. This relief currently enables a non-business […]
advisory fuel rate for company cars
HMRC have again increased the advisory fuel rates that apply for the reimbursement of employees’ private fuel for their company cars. The new rates apply from 1 December 2021, but you can continue to use the previous rates for up […]
MTD for income tax postponed to 2024/25
Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April […]
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