Year-end tax planning seminar recording
During this year-end tax planning session, Gravita’s Tax Partner, Nigel May, took a look at a number of tax areas. Video recordings found below [41 minutes total]. Nigel covers: The effect of the new 25% corporation tax rate from 1 April 2023 R&D The new basis for taxing self-employed and partnership profits £1M AIA/capital […]
Global Minimum Tax Rate – Pillar Two
Written by Tax Partner, Thomas Adcock The Global Minimum Tax Rate, or as it is better known, the OECD’s ‘Pillar Two’, only applies if your global turnover is at least €750m per year. Ultimately Pillar Two looks to ensure that a multinational group suffers a minimum tax on profits of 15%; no matter where […]
Corporate Interest Restriction (CIR)
Written by Tax Partner, Thomas Adcock The CIR was introduced in 2017 and looks to bring in a level of equality to the extent by which UK companies within international groups obtain a tax deduction for debt finance. Historically, international groups have often funded UK businesses through debt, rather than equity, as relief would […]
Higher tax bills for sole traders and partnerships?
A change ahead could result in higher tax bills for sole traders and partnerships as the procedure for assessing when trading profits are taxed is changing radically. The change means a major overhaul for unincorporated businesses using anything other than 31st March or 5th April as their accounting date. Businesses with year ends between […]
Company director remuneration takes a hit
Changes announced in the Autumn Statement will be keenly felt by many company directors, especially where profit extraction has traditionally relied on a strategy of low salary and higher dividend payment. The freezing of the income tax personal allowance is one major factor, especially for company directors. This is now set at £12,570 until […]
Saving money during the quieter months of 2023
Many businesses will have gone into 2023 with scepticism. Against the backdrop of a cost of living crisis, rising energy bills and more, saving money during the quieter months of the year has never been as important. This doesn’t mean taking any drastic measures, but more considered efforts to focus on the parts of […]
Child benefit: High-income tax charge explained
You are able to claim child benefit if you are responsible for bringing up a child under the age of 16, or under the age of 20 where the child stays in approved education or training. However, some or all of the child benefit that you receive may be clawed by back by the High […]
What to do when HMRC comes calling?
Unfortunately due to circumstances beyond our control this event has been postponed. Please contact us if you would like to speak to a member of our Tax Investigations Team directly.
How to build an effective business plan
Something we are often asked is how do you go about building an effective business plan? In this blog post we take a look at some of the methods you can use to identify the risks ahead of time. Businesses at any stage in their life cycle can benefit heavily from creating and implementing […]
What’s going on with Making Tax Digital?
Although Making Tax Digital (MTD) has become a legal requirement for VAT reporting, there’s still uncertainty over how it will look in the future. MTD for income tax self-assessment (MTD for ITSA), was expected to roll out in April next year, but after substantial pushback from taxpayers, plans have changed. This has caused much […]