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Income tax

Increase in National Insurance thresholds from 6 July

In the Spring Statement 2022, the UK Government announced an increase in National Insurance thresholds affecting the 2022 to 2023 tax year. We want to take…Read More

Get ready for the MTD ITSA pilot this July

Making Tax Digital (MTD) for income tax self-assessment (ITSA) will be mandatory from April 2024. However, HMRC is encouraging taxpayers to register early through the…Read More

Changes to how tax is calculated for the self-employed

New legislation taking effect in the tax year ending 5th April 2024 will affect how self-employed businesses that prepare accounts to a date other than…Read More

 Company vs. Sole Trader/Partnership: Pros & cons  

One of the first major decisions you will have to make as you start your new business is the form of legal entity it will…Read More

Spring Statement 2022 Summary

Mounting costs for all of us forced the UK Chancellor Rishi Sunak to deliver a more extensive Spring Statement this March than first envisaged. Although…Read More

Guide to buying electric company cars

When it comes to buying a company car, there are more advantages to purchasing fully electric vehicles for two reasons: The car attracts 100% relief…Read More

Valentine’s Tax Benefits! – Saying ‘I do’

As couples around the UK celebrate Valentine’s Day, for those who are considering if it is the right time to pop the question, the ICAEW…Read More

Switching Accountants: What are you waiting for?

Switching accountants can be tricky, and in busy times it’s easier to avoid disruptions and keep your head down. But, could indecision be holding your…Read More

Autumn Budget 2021 Guide for Business

The UK Chancellor Rishi Sunak delivered a more extensive Autumn Budget statement than some were expecting. It began by promising stronger growth, stronger economy, stronger…Read More

MTD For Income Tax Delay to 2024/25 Explained

HMRC has made the bold decision to delay MTD for income tax to 2024/25. Having listened to stakeholder feedback from businesses and the accounting profession,…Read More

MTD for income tax coming soon

VAT registered business making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out…Read More

Cryptoassets guide for individuals

HMRC does not consider buying and selling cryptoassets/cryptocurrencies to be gambling. So, gains made following the disposal of tokens may be subject to UK tax.…Read More

Overdrawn Directors Loan Account: Penalties

Directors can borrow money from their company, but HMRC imposes a limit of £5,000 per director before there are tax considerations at play. If a…Read More

Tax avoidance schemes targeting middle earners

A new report by The Sunday Times suggests that more workers are being tied to tax avoidance schemes, whether they like it or not. As…Read More

HMRC to improve tax enquiry communications

HMRC has defended the extent of its powers to recover tax but commits to improving communications to ensure taxpayers understand their rights and obligations –…Read More

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