Category: Tax Planning

Focus on tax year-end planning

With Christmas and New Year behind us, tax year-end planning should now be on your radar. The 2021/22 tax year will end on Tuesday 5 April. This year there is no Spring Budget and Easter arrives on 15 April, so […]

18 Point Tax Year End Checklist

Before the current tax year ends, it’s worthwhile asking yourself ‘have I utilised all tax allowances and exemptions available to me, my family, and/or business?’. To help you we’ve outlined 18 opportunities that may be available for personal and for […]

succession planning is also good talent management

Creating a succession plan provides an opportunity for the business to drive the development of the next generation of senior leaders, aligning leadership at the top of the organisation with the strategic needs of the business – this can be […]

Budgeting for an uncertain year ahead

So, what is 2022 likely to look like?  Probably, what you forecast, then go out and make of it. The most important thing we know about the future is that it is unpredictable, so to plan for this we need […]

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 […]

Christmas is the time for giving

Many were expecting the chancellor to announce changes to inheritance tax (IHT) in his Autumn Budget, However, like capital gains tax (CGT), the rules have remained broadly the same as last year. That means that each tax year individuals may […]

let’s have a real christmas party this year!

Last year many businesses put on a “virtual” Christmas party event and HMRC agreed that would be acceptable in order for there to be no taxable benefit for the employees involved. There continues to be no taxable benefit for employees […]

report CJRS furlough grants on corporation tax returns

The latest version of the CT600 Corporation Tax Return requires companies to report CJRS furlough payments received and the amounts that the company was entitled to during the period. Where any overpayments have already been disclosed to HMRC that amount […]

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 […]

Autumn budget: business taxes

Overall the UK autumn budget is uneventful and some of the announcements outlined below will not impact Scottish businesses. We look forward to the Scottish budget on the 9 of December and will be sharing announcements that will have a […]

autumn budget: personal taxation and investments

income tax For 2022/23 to 2025/26, the personal allowance will remain at £12,570 and the higher rate threshold at £50,270, as previously announced. In Scotland, the higher rate threshold for non-savings, non-dividend income will be announced in the Scottish Budget […]

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