2023: What the year has in store for SMEs
The new year brings a mix of uncertainty and opportunity for SMEs as they look to navigate a struggling economy, an impending recession and changes to tax and incentives following Jeremy Hunt’s Autumn Statement. It’s safe to say 2022 was a turbulent 12 months. But rest assured, whatever 2023 brings, we’re here to help you […]
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 […]
CGT Targeted Anti-Avoidance Rule (TAAR)
Many accountants have reported instances of clients facing HMRC enquiries under the relatively new CGT Targeted Anti-Avoidance Rule (TAAR). This HMRC enquiry will arise when the owner of a close company liquidates it and then starts up the same trade again, within two years. For the legislation to apply, HMRC must prove that they […]
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 […]