Business news and opinion from Evans Weir > Category: Tax | Page 3

So, now we know who the winner of the Conservative Party Leadership race and new Prime Minister is, what can we expect from them in terms of tax and spending?

If you’re thinking of becoming self-employed, you may be weighing up the choice between incorporating a Limited Company or trading as a sole trader. One of the key things to consider is the amount of personal tax you’ll end up paying, how it is calculated and when you have to pay it. It is subtly different in each case and you also need to be aware of other taxes which apply.

Changes to the rules around IR35 and the legislation being applied rigorously by HMRC is resulting in a number of high profile cases making headlines.

As the runners and riders begin to line up, one thing is for sure, the subject of taxation will play a key part in the election process as each candidate tries to woo their colleagues and prove that they truly are a Conservative Prime Minister.

Making Tax Digital (MTD) for VAT became mandatory for all companies from April 2022. But despite the impending deadlines for registration and first returns to be made under the new scheme, many companies are still not ready, with some suggesting the figure could be as high as 80% of companies not prepared.

With such uncertain times and increased pressure on personal finances, there’s no better time than the start of the new tax year to do a bit of financial planning. With the cost of living rising (the year to March 2022 inflation sitting at 7%) and energy prices and taxes following suit, it’s important to make the most of allowances and reliefs.

The Chancellor, Rishi Sunak, delivered his 2022 Spring Statement on 23rd March, reducing fuel duty and making some concessions on taxes. Read more and download our FREE Guide here.

Limited companies have always been a very tax efficient vehicle for companies and their Directors, but various changes in other taxes and allowances mean this may not continue to be the case.

Second home owners that make their properties available for holiday rentals are being targeted under new rules outlined by the Levelling Up Secretary, Michael Gove. The change to the rules will specifically target those whose second homes are registered for business rates as they are let out for holiday rentals.

Whilst HMRC has announced that it is waiving late filing and late payment penalties on self-assessment tax returns for one month, those required to submit a self-assessment tax return are being urged not to use this as an excuse to delay.

Over twelve million people are now required to submit a tax return and with that number growing each year, more and more people are coming to the process for the first time. The rise in AirBnB lettings, self-employment, the ‘gig economy’ and people having multiple sources of income are the factors driving more taxpayers to self-assessment.