Income tax: What’s changing?
A number of changes are coming to income tax in April 2023 that will affect taxpayers across the UK. We’ve put together a downloadable guide that covers what you need to know about the upcoming changes, including how they’ll affect your income tax bill. Download guide What next? If you have any questions relating to […]
Are your UK and India tax affairs in order?
HMRC are currently writing to individuals who they think may owe UK tax due to ‘offshore’ income and/or gains. This includes individuals who have both UK and India tax affairs. If you have received this letter, please don’t panic help is at hand. How does this impact upon you? Understanding the UK tax implications of […]
VAT option to tax: Increased risks on property transactions
From 1 February 2023, HMRC is reducing its option to tax service which will increase risks for taxpayers, their solicitors and agents when dealing with property transactions, especially when trying to achieve a VAT-free Transfer of a Going Concern (TOGC). Previously, HMRC have provided acknowledgement letters to taxpayers and their agents when an option to […]
January 2023 tax payments
Tax returns for 2021/22 must be filed online by midnight on 31 January 2023. The same deadline applies for paying any tax due under self-assessment for 2021/22 and, where relevant, the first payment on account of your 2022/23 tax liability. The payment can be made in various ways. Interest is charged where tax is paid […]
What are my tax obligations as an Airbnb host?
What’s my Airbnb’s tax liability to HMRC? Much like landlords who rent to tenants, Airbnb hosts also have to declare their income to HMRC, depending on the amount of money they receive from their property. In 2020, Airbnb shared income data from 225,000 UK hosts with HMRC, meaning an increasing number of people had their earnings […]
Super deduction for Capital Expenditure
For a limited period companies are able to benefit from two additional first-year capital allowances – the super-deduction providing immediate relief for 130% of the qualifying expenditure and a 50% first-year allowance. However, time is running out to take advantage of these allowances. Key dates The super-deduction and the 50% first-year allowance are only […]
How to make your side hustle a success
The practice of owning a side hustle became popular in the UK during the Covid-19 pandemic, when 11.7 million employees became furloughed for the first time. But, what is a side hustle? A side hustle is a piece of work or a job that an individual can get paid for in addition to their […]
How VAT affects Christmas parties
During the festive period, businesses up and down the country will be celebrating with their annual Christmas party. Fortunately, one source of positive festive spirit can be found where employees of the company are involved. The general rule is that where only employees attend an event, be it a staff party or a team building […]
Self-assessment tax returns
With the festive season and the new year just around the corner the tax season is fast-approaching. Now is a good time to get a head start on your self-assessment tax return. Self-assessment is a system HMRC uses to collect tax on income that wasn’t taxed at source. People who are self-employed, such as […]
2023 Spring Budget breakfast
We invite you to join us on 21st March at 8:30am for our traditional Spring Budget breakfast, held at 30 City Road, EC1Y 2AB. Unable to attend? You can request a summary after the event using the form above. As with any Budget announcement the devil is always in the detail, and this is where our tax […]