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 […]
Category: Tax Planning
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
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 […]
Business rates loophole on second homes closing
Owners of holiday lets and second homes in England have been able to avoid council tax by registering their properties as businesses. However, from April 2023, small business rates relief will only be available if a property is let out […]
Keeping it in the family – tax-saving salary strategies
An easy way to reduce a business’s tax bill – and also increase the amount of funds withdrawn from the business – is to put a family member on the payroll. Of course, the salary must be for genuine work, […]
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 […]
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