Most COVID support grants are treated as taxable income in the same way as other taxable receipts and need to be reported to HMRC. The grants are treated as income where the business is within the scope of either Income Tax or Corporation … Continue reading Declaring Covid Support Grants To HMRC
It is proposed that there will be a 1.25% increase in the rate of tax payable on dividends received by those who own shares in companies. This would mean that after the £2,000 tax-free dividend allowance the rate of tax would be 8.75% for basic rate … Continue reading Do You Take Dividends? Tax Rates Are Set To Increase
As the result of recent increases in petrol and diesel prices, HMRC has increased the advisory fuel rates that apply for the reimbursement of employees' private fuel for their company cars. The same rates apply when the employer reimburses employees … Continue reading Company Car Advisory Fuel Rates Increase
Having listened to stakeholder feedback from businesses and the accounting profession, the government has announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year … Continue reading MTD For Income Tax Postponed To 2024/25
With more employees going back to work after the end of CJRS furlough support, they need to start thinking about childcare if they have children. If they haven’t already done so employees should set up a “Tax-Free” Childcare Account to help pay … Continue reading HMRC Support With Childcare Costs
The final deadline for making a claim under the 5th Self-Employment Income Support Scheme (SEISS) is 30 September 2021. The SEIS scheme is only open to those self-employed with annual profits of less than £50,000 and who receive at least half … Continue reading Final Call For SEISS Claims
We have previously mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses … Continue reading Self-Employed To Suffer BIG Tax Bills in 2022/2023
HMRC has confirmed that almost 1.8m couples across the UK have benefitted from the marriage allowance and are saving up to £252 a year. The marriage allowance is available to qualifying married couples and those in a civil partnership where a spouse … Continue reading Are You Maximising Marriage Allowance?
If you are a landlord, it is important that you are aware of expenses you can and cannot claim from your rental income. As a rule, these expenses must be wholly and exclusively for the purposes of renting out the property in question. In some … Continue reading What Expenses Can Property Landlords Claim?
The division of tips/gratuities received by employees is often met with confusion around exactly WHO is liable for the relevant taxes and contributions. To assist business owners HMRC has published a booklet entitled ‘Tips, Gratuities, Service … Continue reading Guidance On Gratuities
This month we are focusing on: Inheritance and Property Tax And this week are looking at: Tax on Property – Capital Gains Tax (CGT) Capital gains tax (CGT) is payable when you sell an asset that has increased in value since you bought it. The rate … Continue reading Terrific Tuesday Tax Tip – Capital Gains Tax (CGT)
This month we are focusing on: Different Trading Vehicles to Consider for your business And this week are looking at: What are the requirements for a sole trader at year-end? Becoming a sole trader is the simplest way to get your new business off … Continue reading Terrific Tuesday Tax Tip – What are the requirements for a sole trader at year-end?