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In: Tax Updates

NIC position
NIC position if you are employed and self-employed
22nd June 2022

NIC position if you are employed and self-employed Despite the increase in National Insurance Contributions (NIC) in the April 2022 Spring…

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cryptocurrency
Cryptocurrency – what is a sale – gain or income?
22nd June 2022

Cryptocurrency – what is a sale – gain or income? Cryptocurrencies, such as Bitcoin, are a type of electronic cash; designed…

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tax relief for the expenses of running a property business
Tax relief for the expenses of running a property business
22nd June 2022

Tax relief for the expenses of running a property business In common with other types of business, expenses are unavoidable when…

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Employee Ownership
The Employee Ownership Revolution
22nd June 2022

Meet James James has worked in the coffee industry all his life. Over the past decade he’s built a successful, independent…

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CGT or IHT
CGT or IHT
17th June 2022

CGT or IHT Sometimes there is a choice of which tax to pay and where a person owns an investment property,…

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First-time buyer relief for SDLT and investment property trap
17th June 2022

First-time buyer relief for SDLT and investment property trap First-time buyer relief may reduce the stamp duty land tax (SDLT) that…

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changing accounting date
Should I change my accounting date?
16th June 2022

Should I change my accounting date? In preparation of the introduction of MTD for income tax, which comes into effect from…

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capital expenditure
Plan capital expenditure to benefit from time-limited reliefs
15th June 2022

Plan capital expenditure to benefit from time-limited reliefs Unincorporated businesses and companies planning capital expenditure projects need to be aware of…

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corporation tax - are you associated?
Corporation tax – are you ‘associated’?
15th June 2022

Corporation tax – are you ‘associated’? The corporation tax rules are changing from 1 April 2023, and the amount that a…

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high income child benefit charge
High Income Child Benefit Charge – not just for higher rate taxpayers
15th June 2022

High Income Child Benefit Charge – not just for higher rate taxpayers The High Income Child Benefit Charge (HICBC) is a…

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expense relief for working at home
Relief for homeworking expenses post Covid-19
14th June 2022

Relief for homeworking expenses post Covid-19 The Covid-19 pandemic forced large numbers of employees to work from home for the first…

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distributions of a cessation of a company
Distributions on cessation of a company
14th June 2022

Distributions on cessation of a company Companies cease for various reasons, some closing for the personal reasons of their directors or…

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phoenix companies
‘Pheonix companies’ – distribution treated as income rather than a capital gain in certain conditions
14th June 2022

In a private limited company, it is usual for a director to also be a shareholder. Payments made to shareholders are... Read More
trivial benefits - PAYE
‘Trivial benefits’ – PAYE
14th June 2022

'Trivial benefits' – PAYE Legislation surrounding 'Trivial Benefits' was introduced to save employers from having to report relatively small amounts given... Read More
making use of property losses
Making use of property losses
9th June 2022

Making use of property losses When letting property, the aim is to make a profit. However, as recent years have shown,... Read More
rent-a-room
Can you benefit from rent-a-room?
9th June 2022

Can you benefit from rent-a-room? The rent-a-room scheme allows people to earn rental income tax-free when they let out a furnished... Read More
property income allowance
Making use of the property income allowance
9th June 2022

Making use of the property income allowance The property income allowance allows you to earn a small amount of rental income... Read More
electric car scheme
Electric Car Scheme Opportunity
1st June 2022

Electric Car Scheme Opportunity We have partnered up with Electric Car Scheme to give companies the opportunity to offer their employees…

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garden for private residence rellief
What counts as a garden for private residence relief?
1st June 2022

What counts as a garden for private residence relief? Private residence relief prevents a tax charge from arising if there is... Read More
splitting capital and revenue expenditure
Splitting capital and revenue expenditure
1st June 2022

Splitting capital and revenue expenditure When it comes to tax relief for expenditure, not all expenditure is equal. The relief, if... Read More
employee ownership trust - packing checklist
Employee Ownership Trust – Packing Checklist
24th May 2022

Employee Ownership Trust - Packing Checklist Most of us, at some point in our lives, have been through some version of... Read More
Allocating income for tax when property is jointly owned
Allocating income for tax when property is jointly owned
24th May 2022

Allocating income for tax when property is jointly owned Property that is jointly-owned may be let out. As people are taxed... Read More
plastic packaging tax - who is liable
Plastic packaging tax – who is liable?
24th May 2022

Plastic packaging tax – who is liable? Plastic packaging tax is a new tax that comes into effect from 1 April... Read More
Identifying NIC increased on the payslip
Identifying NIC increases on the payslip
24th May 2022

Identifying NIC increases on the payslip For 2022/23 only, the rates of Class 1 (employer and employee) National Insurance contributions are... Read More
claiming NIC veterans relief
Claiming NIC veterans’ relief from April 2022
13th May 2022

Claiming NIC veterans’ relief from April 2022 To encourage employers to employ armed forces veterans, a new relief was introduced with... Read More
MTD for VAT for all
MTD for VAT for all
13th May 2022

MTD for VAT for all Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their... Read More
Filing 2021/22 expenses
Filing 2021/22 expenses and benefits returns
13th May 2022

Filing 2021/22 expenses and benefits returns Employers who provided their employees with taxable expenses and benefits  in 2021/22 need to report... Read More
construction industry scheme
Construction Industry Scheme – caution when working with other contractors
12th May 2022

Construction Industry Scheme - be aware of the 'trap' when working with other contractors The Construction Industry Scheme (CIS) sets out... Read More
changing company accounting periods
Changing company accounting periods – the implications
12th May 2022

Changing company accounting periods - the implications The usual method of incorporation is via Companies House WebFiling or Company Formation Agent... Read More
holiday let tax rules
Holiday lets – what happens if the rules are not complied with?
12th May 2022

Holiday lets - what happens if the rules are not complied with? When it comes to letting property, not all are... Read More