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Spring 2022

Tax Briefing

For VAT periods starting on and after 1 April 2022 all VAT records must be recorded digitally and returns must be submitted under the Making Tax Digital (MTD) regime

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December 2021

Tax Briefing

Filing VAT returns using making tax digital (MTD)-compatible softwarewill be compulsory for all VAT registered traders for periods beginning on or after 1 April 2022 unless HMRC agrees that the taxpayer is exempt.

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November 2021

Autumn Budget 2021

The national living wage (NLW) will rise to £9.50 per hour for pay periods starting on and after 1.4.22
along with the other national minimum wage rates (see table). Since 6.4.21 the NLW rate has applied to
workers aged 23 and over.
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June 2021

BUSINESS RATES ON EMPTY PROPERTIES

As a landlord you may have lost income during the pandemic as tenants have left or gone into liquidation
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March 2021

TAX BRIEFING
BUDGET 2021

CORPORATION TAX COMPLEXITY

The Chancellor announced that taxes would have to rise, but not
quite yet, as all tax rates except for VAT are frozen for 2021-22

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September 2020

Tax Briefing

IS IT A CAR OR A VAN?

Whether your business buys a car or a van can make a big difference to the tax relief given on the cost of the vehicle and to the tax payable by the driver who uses it for private journey

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June

SELF-EMPLOYED GRANTS

If you are self-employed and your business has been adversely affected by
COVID-19 you may be eligible to claim a grant from HMRC of up to £7,500
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March

TAX BRIEFING – BUDGET

SURCHARGE ON HOME PURCHASES

Stamp duty land tax (SDLT) is payable on the purchase of property in England and Northern Ireland; Scotland and Wales levy their own taxes for property purchases in those countries

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February

TAX BRIEFING

If you are planning to sell a residential property this year be prepared to pay any capital gains tax (CGT) due within 30 days of the completion date.If you bought your home brand new and 'off-plan' you may realise a significant capital gain when you sell that property.

CGT has normally been payable by 31 January after the end of the tax year in which the contracts are exchanged but for residential sales exchanged on or after 6 April 2020 any CGT due will be payable within 30 days of the completion date.

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December

TAX BRIEFING

If you bought your home brand new and ‘off-plan’ you may realise a significant capital gain when you sell that property.

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September

TRADING AND MISCELLANEOUS INCOME

Most businesses start small with a few occasional sales. Only once the trader is convinced that they can deliver the product or service effectively do they launch their business properly.
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June

Paying the right NIC

Your workforce may include people of all ages from school leavers to those past state pension age, with some working part time or holding down two jobs concurrently.
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March

Employee Benefits

Happy employees are productive employees, but different individuals require varying benefits with their remuneration package
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Winter 2018

Gains from off-plan purchases

Most people understand that when you sell your main home the profit you make on the sale is exempt from tax. However, for this exemption to apply in full you must generally occupy the residence throughout your period of ownership. If the property has been acquired before it is fully constructed, the ownership condition will be met for the period before it is inhabited but the occupation condition will not.
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Autumn Budget 2018

Entrepreneurs’ relief curtailed

When you sell a business or shares in your personal company, the gain made on that disposal will normally qualify for entrepreneurs’ relief which applies capital gains tax (CGT) at 10%. Up to £10m of gains can qualify for this relief in your lifetime.
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Autumn 2018

MTD: What, when and how

If your business is VAT registered, and the turnover for the last year has exceeded £85,000, you should soon receive a letter from HMRC stating that you must comply with the making tax digital (MTD) rules from April 2019.
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Summer 2018

Time to choose childcare support

Parents are faced with a bewildering choice of how to fund childcare costs. Employers can help by giving employees tax- and NIC-free childcare vouchers; by directly contracting with a childcare provider to provide places for employees’ children; or by running a workplace nursery.
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Spring 2018

Paying your child from the business

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Winter 2017

Simple assessments have arrived

The self assessment tax return system has been with us for over twenty years now and it is certainly not simple. Pensioners in particular find that they are required to submit a tax return each year to report their various different sources of pension and savings income and to pay a small amount of tax.
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Autumn Budget 2017

Diesel bad, electric goodish

The benefit of having a company car is taxed as a percentage of the vehicle’s list price when new. For 2018-19 this percentage will range from 13% for a car with zero CO2 emissions, to 37% for emissions of 180 g/km or more.
Diesel cars tend to have lower CO2 emissions than petrol-powered vehicles of a similar engine size. However, diesels also emit more harmful particles, so a diesel supplement is added to the percentage of list price to increase the taxable benefit of using a diesel company car.
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