Category: Tax Planning

Charitable giving pitfalls

Many individuals donate to charity simply for altruistic reasons, but this doesn’t mean the tax benefit should be ignored. With Gift Aid donations saving tax at an individual’s marginal rate, donors need to watch out for any pitfalls that might […]

more disclosure on the cards for businesses

A downside to running a limited company is that financial information is publicly available. However, micro-entities and small companies do not have to file a profit and loss account, so available information is somewhat restricted. This situation is set to […]

Making Tax Digital update

Making Tax Digital (MTD) will become mandatory for the self-employed and landlords in 2024. Although there is no major news, a recent webinar co-hosted by HMRC has shed more light on the sign-up process, the use of spreadsheets and joining […]

Higher rate taxpayers: no longer a select club

Higher rate taxpayer numbers are rising sharply, and if that’s you, then advice is now more important than ever. Source: ONS data, OBR projections. There was once a time when paying tax at more than the basic rate made you […]

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 […]

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. 

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 […]

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 […]

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