TAX
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...
Express Trusts and the Trust Registration Service (TRS)
You might well have heard by now that per new government anti-money laundering directives, that trustees of most express trusts, including those that do not have to prepare...
Paying Back A Self-Employment Income Support Scheme (SEISS) Grant
There is a new section in the SEISS guidance called ‘If you still need to make a claim’. If you’ve not been able to make a claim due to an HMRC error or other exceptional...
SEISS 5th Grant Deadline – 30th September 2021
The deadline for claiming the fifth SEISS grant is 30 September, so quickly approaching. Please be aware that you will need to know the turnover of your trade during...
The fifth SEISS Grant
Claims for the fourth SEISS grant have now closed, as the last date for making a claim was 1 June 2021. However, a fifth grant covering May 2021 to September 2021 will be open...