news

news round up

HMRC late payment interest rate rise HMRC’s late payment interest rate has increased to 3.25% from 5 April 2022. It applies to the main taxes and duties administered by HMRC. If you are at risk of making a late payment, […]

simplified probate reporting

Changes introduced from the start of this year have simplified the process for obtaining a grant of probate (certificate of confirmation in Scotland) and limited the circumstances when a full inheritance tax (IHT) account needs to be delivered to HMRC. […]

closing tax loophole on second homes

Owners of second homes in England who claim exemption from council tax by reporting them as holiday lets will in future have to provide evidence of actual letting. The current rules allow owners to pay business rates instead of council […]

managing rising employment costs

National Minimum and Living Wage increases from April, alongside the rise in national insurance contributions (NICs), mean employers need to ensure they’ve planned for the changes. One approach to mitigating the impact, that will work for both employers and employees, […]

making the most of business disposal reliefs

If you are a company owner planning to sell your business in the future, you can make sure that the chargeable gain on your shares is taxed at 10% rather than 20% – in other words that the disposal qualifies […]

understanding directors’ loan accounts

The tax charge on loans between a director and their company increased from April. Such loans are common practice, but problems can arise if these transactions are not properly accounted for. There are various reasons why a director can end […]

is your financial risk strategy up to date?

If the pandemic – and now the Ukraine war – have taught small and medium-sized business owners anything, it is the value of staying agile in changing circumstances. Regular assessment of financial risks, and your strategies to meet them, will […]

A new breed of digital nomad

The pandemic has freed many workers from the confines of the office, leading to the emergence of a new breed of digital nomad – people who can take their laptop, jump on a plane and set up a remote ‘office’ […]

The next step for Making Tax Digital

Making Tax Digital (MTD) for VAT has been in place for three years, but this first phase excluded voluntarily registered businesses beneath the registration threshold. From 1 April 2022, all VAT-registered businesses must implement MTD regardless of turnover. The vast […]

NICs boost for the self-employed

Prior to the March Spring Statement, most self-employed individuals were facing increased national insurance contribution (NIC) bills this year. However, those with profits up to and just over £28,000 will now see a fall in the amount they pay compared […]

Changes for the new tax year April 2022-2023

Changes for the new tax year April 2022-2023

Several tax and other changes (including freezes) will take effect from 6 April 2022. Most of these date back to the two Budgets of 2021. There are further important changes coming down the line. 

ammu hubs