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Nothing to declare
Downsizing business operations is a perfectly acceptable response to economic pressures, and this may lead to an absence of activity for a period of time.
Proposed new deal for private renters
The fairer private rented sector white paper published 16 June 2022, will ensure millions of families benefit from living in decent, well looked-after homes as
Seeing is believing?
It is no longer certain that if you receive a letter, email, text or phone call – purporting to be the tax office or some
Will quarterly reporting lead to quarterly payments?
Within a few years, many taxpayers that are presently required to file a tax return, and most businesses, will be required to file quarterly data
Employing students in the summer holidays
If you employ students to manage your staff needs over the summer break period, you will need to add them to your payroll and apply
Till fraud
The scope of tax fraud seems to be taking on new forms according to a recent press release issued by HMRC. The latest attempt involves
Stamp Duty refund fraud
HMRC have noticed an increase in claims for Stamp Duty refunds that are incorrect In fact, new homeowners are being warned about cold calls from
Tax Diary June/July 2022
1 June 2022 – Due date for corporation tax due for the year ended 31 August 2021. 19 June 2022 – PAYE and NIC deductions
Advisory fuel rates
If you pay for the fuel used in your company car you are entitled to recover the cost of the fuel – for business journeys
Stock holding and inflation
If your business processes materials or assembles goods for sale it will need to keep a stock of items to ensure that future sales can
Holiday lets – occupancy and benefits
There are a number of tax incentives if you own and let a furnished holiday lets property (FHL). They include: Claiming Capital Gains Tax
Sunak steps up
Long-awaited government support to help consumers meet the unprecedented increases in energy costs was announced by the Chancellor this week. His measures have been
Heat Pump Scheme
Many households are considering their options to reduce their energy costs in light of the recent price hikes in the cost of electricity and gas.
Commercial risk
Setting up and running your own business is a risky undertaking. What happens if sales reduce or disappear, and you are left with unpaid costs
Landlords switch to holiday lets
Cornwall, and we expect many holiday locations, are seeing an increase in landlords switching from domestic letting to holiday lets. Aside from the increased rents
Flexible planning
If we lived in a world where the factors that affected trade and other commercial activity were unchanging, then plans drawn up for extended periods,
New Bill protects consumers access to cash
The new Financial Services and Markets Bill, announced during the recent Queen’s Speech at the state opening of parliament, will support consumers by protecting access
Saving for a rainy day
The more draconian government interventions introduced to control the COVID outbreak have challenged all of us, businesses and individuals, to consider the notion that we
Elastic or inelastic?
Would demand for the products or services you sell vary with price increases or decreases? This conundrum is considered by the term elasticity in economic
Investing to increase profits
The UK tax code has numerous reliefs and allowances that reduce tax when businesses invest in qualifying assets. Some of the reliefs allow up to
High energy industries attract increased support
The other side of the recent hikes in consumer energy costs – taking their toll on take-home pay across the UK – are the similar
Free webinar Time Your Most Valuable Asset
Are you using your time productively and efficiently? Do you need help with time management? Haven't got time to attend this webinar? Then maybe you
Tax Diary May/June 2022
1 May 2022 – Due date for corporation tax due for the year ended 30 July 2021. 19 May 2022 – PAYE and NIC deductions
New internet laws return to Parliament
Parliamentarians will debate the government’s ground-breaking Online Safety Bill which requires social media platforms, search engines and other apps and websites allowing people to post
Using your private vehicle for business journeys
Employers can pay employees a fixed rate per mile to cover the costs of using their own vehicles on company business. The present agreed rates
Employment Allowance increase
The Employment Allowance has risen from £4,000 to £5,000 – meaning smaller firms will be able to claim up to £5,000 off their employer National
Dividends hit by NIC increase
Dividends are a distribution of company profits to shareholders. Historically, they have been taxed as unearned income – no National Insurance deductions. This is still
Tax planning 2022-23
Planning to save tax may seem like a luxury buy in these days of rising prices and recovering from COVID fallout. And yet tax planning
Rising prices – inflation and the background
We are all feeling the effects of inflation, increasing energy, fuel and the price of basic foodstuffs affect us all. The Government Actuary’s Department has
Reorganising company structures to save tax
When corporation tax increases from 1 April 2023, companies will need to consider three scenarios: From 1 April 2023: The main corporation tax rate is
The value of objectivity
Many business owners feel qualified to act on their subjective conclusions. Where these conclusions are key to the continuing success of the business this internal
Saving to meet future tax payments
Whether you are self-employed or run your business through a company, the profits you produce are subject to tax less any reliefs for past losses
Planning for the unexpected
How do we plan for the unpredictability that is a recurring feature of our business lives? Brexit, COVID-19, and now the war in Ukraine, all
Landlords and Making Tax Digital
Landlords are described by HMRC as a property business and yet their income, rents received, is treated as an exempt transaction for VAT purposes, i.e.,
Happy new tax year
Like so many of the regulations that govern our lives, the legislative processes underpinning these rules are anachronisms – things that belong to the past.
Tax Diary April/May 2022
1 April 2022 – Due date for Corporation Tax due for the year ended 30 June 2021. 19 April 2022 – PAYE and NIC deductions
HMRC warning to taxpayers
HMRC issued the following press release 8 March 2022: “HMRC is warning customers not to share sensitive personal information online to avoid their identities being
The transition to quarterly tax returns
Individuals with significant income – including the self-employed – are presently required to file one tax return a year. From April 2024, HMRC’s Making Tax
Change of accounting year end
In preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment the basis period rules for unincorporated businesses are being abolished. Instead, unincorporated
Corporation tax increase
The present 19% rate of Corporation Tax applies to all companies whatever their size. From 1 April 2023, this flat rate will cease to apply
A few days left to pay self-assessment bills
Self-Assessment taxpayers have until 1 April 2022 to pay their tax bill for 2020-21 or set up a payment plan to avoid incurring a penalty.
Energy bills support 2022
We have summarised below the three main sources of government support to assist householders with their energy bills for the coming year. They are: A
Spring Statement 2022
The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing cost of living crisis. The
Increase in corporation tax next year
In just over a year’s time, from 1 April 2023, corporation tax rates are increasing. At present, companies pay tax on profits at a single
Time to consider your options
As we approach the beginning of the next fiscal year, from April 2022 to March 2023, what options do you have to rethink your planning
Check large company payment profile
Since January 2021, large companies have been requested to sign up to a government initiative that requires them to set out how effective they are
Regulator urges safe giving
The following press release issued by the Charity Commission sets out how to ensure your donations reach those affected by the invasion of Ukraine. “The
Tax relief for charitable donations
Many of us have chosen to donate to relief organisations in the past week as the plight of displaced persons in Ukraine continues to dominate