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 […]
Preparing your business for sale – particularly if you’ve established and developed it over many years is a significant decision. But if you’re approaching retirement or want to realise the value or equity you’ve built up, you may be keen to position your business for a potential future sale. If this is the case there […]
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.
Download a detailed guide to the key tax changes announced in the Chancellor’s Spring Budget 2024
In a rather combative presentation, Chancellor Jeremy Hunt delivered what is widely expected to be the last budget statement before the general election. With limited headroom and the now usual trail or announcements in the lead up to his commons speech, there were no big surprises arising from this budget. Even the 2p reduction in the National Insurance contribution paid by employees, which was supposed to be his big curtain call announcement, had already been ‘leaked’ before the budget.
After marginal decreases in property values in the latter part of 2023, and with mortgage interest rates still at their highest in more than a decade, some are using the chance to jump out of the property market, downsize or sell second properties and invest the cash.
If you’re thinking of selling property or downsizing and investing the proceeds, there are a few things you need to consider.
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.
Purchase orders (POs or PORs) often fulfil a key part of the procurement process, but they’re not used routinely by all organisations and there’s no obligation from an accounting perspective to have them – or is there?
New legislation that came into force from 1st January 2024, has left many individuals wondering whether they will end up paying tax on incomes generated through a range of online portals such as eBay and AirBnB. News of the reporting changes for digital portals spread like wildfire across social media with some suggesting this was a back door in for HMRC to begin charging tax on sales of unwanted goods and second-hand clothes. But clarity has now been provided to help online sellers and those renting properties via portals such as AirBnB understand what the new legislation is and when it might see them paying additional tax.
Former United States Secretary of Defence Donald Rumsfeld might have called Covid an ‘unknown, unknown.’ Nobody saw it coming and when it arrived nobody knew how to react. It was, in economic terms a black swan. Back to the present day and Mr Rumsfeld would probably say, when considering the outlook for 2024, we have a series of known unknowns facing us.