Blog
Mini Budget 2022 – Key Points
On Friday 23 September, the Chancellor Kwasi Kwarteng announced the Government’s mini budget. We have provided a round-up of all the key points, from both a business and personal tax perspective. Personal Tax Income Tax There will be a cut in basic rate of income tax...
The Construction Industry Scheme (CIS)
What is the Construction Industry Scheme (CIS) and how does it operate? In the following guide, we will explore how the HMRC scheme works for freelance subcontractors in the UK construction industry. The scheme was set up by HMRC to collect income tax from those...
Taking Advantage of Marriage Tax Allowance
Marriage Allowance is one of the most under-utilised personal tax saving options and at a time when cost of living pressures are only increasing, it’s worth taking advantage if you can. One of the reasons for such a low take up of the scheme is probably because the...
Register of Overseas Entities – Now in operation
In response to a need for greater transparency regarding the ownership of UK land and property, the Government has introduced a new requirement for Overseas Entities to register with Companies House. The Register of Overseas Entities came into force on 1 August...
Taking a Break from Your Business
With the summer upon us, this seems like a good time to be reminded about the importance of taking a break from your small business. Running a business can be all encompassing and despite the flexibility and control that comes from working for yourself, in some ways...
Accounting for Sole Traders
The freedom of setting up as a sole trader and being your own boss is inevitably one of the reasons many people choose to do it, but it’s not without significant responsibility and administrative burden. However, we are here to help with this simple guide to tax and...
Corporation Tax for Small Businesses
This article provides all you need to know about corporation tax, from who it applies to, how to register, when the deadlines are, what the rates are, and how to file a return and make payment. What is Corporation Tax? Limited Companies in the UK are required...
Making Tax Digital for ITSA
Changes are coming for anyone that pays Income Tax via Self-Assessment. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) will be a requirement for anyone with a business and/or property income of more than £10,000 per year, from April 2024.
Employee Ownership Trusts
An Employee Ownership Trust allows a company to be owned by its employees, but what are the pros and cons for the owners, the business and the employees. Our article on EOTs explores all of these aspects, with particular focus on the tax benefits.
How is Cryptocurrency Taxed in the UK?
If you have taken steps to invest in cryptocurrency, or are considering doing so in future, then you may be wondering whether you need to pay tax on your investments, how much will be due and how HMRC views cryptocurrencies such as Bitcoin. In this article, we have...
2025 EPC rule changes – Landlords should prepare now
New government rules surrounding Energy Performance Certificate (EPC) ratings for new tenancies are due to come into effect in 2025 and buy-to-let landlords need to start thinking about what it means for them if they want to avoid penalties.
2021/22 P11D Deadline – Reporting Taxable Benefits
The P11D deadline is just a couple of months away, which means all employers that need to complete one should be making the necessary preparations now. If this is the first time you have been required to report employees benefits or non-exempt expenses, you may be...
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