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Ten years ago, HMRC introduced the cash basis accounts preparation system for the self-employed to calculate their trading profits. It’s voluntary, but take-up remains low, so HMRC plans to expand its availability. Why might businesses prefer traditional accruals basis over […]

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 […]

Bank of England base rate increases, coupled with higher savings rates and frozen tax thresholds, are seeing more people pushed into the higher rate taxpayer category, or paying more tax on savings income. Tax-efficient investments could mitigate this burden. National […]

Employers need to be aware of changes to the flexible working regime expected in summer 2024. But proposals to give employees more flexibility for paternity leave are further away. Flexible working The big expected change – the right to request […]

The value of inheritance tax (IHT) penalties to government receipts has increased by more than half over the past two years, with higher property values and the frozen IHT nil rate band pushing more estates into the IHT net. Increase […]

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, […]

In July, the government was reported as holding talks on abolishing inheritance tax (IHT). This wasn’t given much credence at the time, but there are now reports that the March 2024 Budget will include a reduction to the 40% IHT […]

State pension increases could be outpacing inflation next April, and there’s no guarantee of the Triple Lock surviving the next election.

New HMRC statistics have shed some light on how many companies are affected by the recent hike in corporation tax rates.