With the Christmas period approaching you may be considering you might like to reward your employees. So what are the tax rules when it comes to Christmas gifts or extending festive bonuses to your team? This time of year can be a good opportunity to recognise hard work and commitment from your team. But ahead […]
Choosing whether to register for self-assessment can be a difficult decision. Certain myths have also thrived, making the decision more complex. To help, HMRC has clarified some of the most common misconceptions surrounding self-assessment and when you’ll need to pay tax when you’re self-employed. With more people now working for themselves, HMRC has highlighted five […]
SMEs are claimed to be responsible for £4.4 billion of unpaid tax as a result of tax evasion, according to a new report from the National Audit Office (NAO). Tax evasion is the practice of deliberately falsifying or omitting information to reduce a tax bill. The research – which focused on the high street […]
HMRC has begun clamping down on new tax reporting rules covering cryptocurrency gains. As part of a steady push over the last 12 months it’s become clear that any crypto gains would see greater attention from the tax authorities. In 2024/25 it’s also likely that crypto assets will need to be fully declared for the […]
Client entertainment used to be common practice, even with tax rules hampering what was and wasn’t possible. But the arrival of Covid, and restrictions on gatherings, changed the landscape significantly. Today face to face business meetings are much more infrequent, and the opportunity to gather with clients to eat, drink and be merry is rarer […]
Understanding whether to register your small business for VAT can be confusing. You might need to consider your current revenue, how much you plan to grow, and your customer base. Recent research has shown that 26,000 businesses are delaying their growth plans to avoid hitting the VAT threshold, with concern about increased costs and admin […]
As a result of the pandemic, new working patterns have emerged, and many companies have adopted hybrid working policies for employees. But with the news that more businesses are keen for staff to return the office there’s been a call from hybrid workers for their travel expenses to be reimbursed. So, from a tax perspective, […]
The complexity of the tax system means that there are a number of business expenses which you might have overlooked or are unaware of. The following are particularly useful for sole traders or if you’re self-employed. So what will HMRC allow you to claim? Don’t forget that to be classed as allowable expenses, any of […]
Holding crypto assets, and trading in crypto currency, have become much more mainstream activities in recent years. Increased scrutiny by HMRC and a new tax reporting framework means that in the future these transactions will need to be included on tax returns. Crypto assets are an increasingly popular type of investment with 10% of people […]
Whether managing your corporate or personal tax affairs, March is a really good time to spend a little while preparing for the impending end of the tax year. As ever, the budget statement on 6th March means a number of changes will take effect from April 6th, requiring due consideration in advance. There are also those perennial matters for which prior planning prevents post-Christmas palpitations – Yes, now is a good time to be thinking self-assessment.
Following, significant adverse feedback from motor manufacturers, businesses and drivers alike, the government has completed a U-turn on legislation that was set to change the tax classification on double cab pick-ups, treating them as cars rather than goods vehicles. Had they progressed with their plans, the tax on benefits-in-kind for employees, when provided with a double cab pick-up by their employers, would have increased, substantially.
Important – If you are self-employed or in a trading partnership and your accounting year end does not match the tax year (April to March), new annual self-assessment reporting changes will impact you from this tax year.