TAX
Understanding Partial Exemption for VAT
A Guide for Businesses Making Both Exempt and Taxable Supplies What are exempt supplies? And, more to the point, what are its implications on a VAT registered...
Changes to Option To Tax (OTT) procedures
As of 1 February, HMRC has changed its procedure for notifying an option to tax (OTT) on properties. The two stages to making a valid option remain the same: The...
Do I need Personal Tax Advice?
When it comes to tax, the rules and regulations change all the time. So, it can be hard to know whether you are still compliant with the latest relevant laws and...
How can I reduce my Inheritance Tax Liability?
Inheritance tax (IHT) can be a significant expense for many families when a loved one passes away. However, there are ways to mitigate exposure to IHT liabilities and...
Are Dividends more Tax Efficient than Salaries?
Running your own business can be a rewarding experience but it also comes with a unique set of financial considerations. One of these is how to structure your income...
What are the three basic Tax Planning strategies?
Tax planning is an essential aspect of managing your finances. It's responsible for ensuring that you are paying the correct amount of tax on your income and assets. But,...
The Basics of Tax Planning
No one likes paying tax. But, sadly, it’s one of those facts of life that we all have to pay it at some time or other. We know from experience though that it can be a daunting...
New VAT Penalty Regime from January 2023 – Updated Guidance
A new penalty regime for VAT returns has now been introduced for all VAT periods starting on or after 1 January 2023 which replaces the default surcharge system. As HMRC have...
Capital Gains Tax Annual Exemption
The annual exemption for capital gains tax purposes has been changed with effect from the 2023-24 tax year. The new annual exempt amount for individuals for the 2023-24 is...
Making Tax Digital Update
It has now been officially confirmed that the Making Tax Digital (MTD) Income Tax rollout will now be delayed until at least April 2026. From April 2026 self employed...
Changes to the rules on Capital Gains Tax and Divorce
The New Proposed Changes HMRC have published a policy paper on the back of proposals from the Office for Tax Simplification to change the rules on the transfer of assets...
Mini Budget 2022
The main headlines in last week’s dramatic mini budget were well reported, which will see the planned 1% cut in the basic rate of income tax brought forward a year to April...