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, […]
Category: Business Advice
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 […]
Whatever happened to the wealth tax?
A new wealth tax to counter the cost of the Covid-19 pandemic was the talk of the financial pages not so long ago. Now it has disappeared… or has it? By the end of 2020, as the huge cost of […]
Protecting the normal minimum pension age
The normal minimum pension age (NMPA) will increase from 55 to 57 on 6 April 2028, although a protected pension age regime will be introduced. This will allow those who meet the rules to take benefits based on their existing […]
Taxpayer Protection Taskforce to tackle Covid-19 fraud
A recent report by the public accounts committee estimates that the level of fraud and error across all Covid-19 support schemes could be as high as £20 billion. However, don’t assume mistakes and errors will not be picked up – […]
Scope of R&D Tax Credit Scheme extended
We are pleased to hear that the scope of the R&D Tax credit scheme is being extended, while at the same time HMRC is taking positive steps to tighten up the claims process. R&D Tax credits Scheme were highlighted in the […]
Spring Statement – March 2022
The Spring Statement was not meant to be a March mini-Budget, despite what many headlines in the days before suggested. Mr Sunak believes in the once-a-year approach to major tax and spending changes, unlike some of his predecessors. However, in […]
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