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Income tax

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

14 new tax year financial support increases from April 2021

A raft of personal and business financial support increases from April 2021 will affect millions of people in the UK. We list what’s changing, from…Read More

Directors Salary from April 2021

From 6 April 2021, we recommend directors take a monthly salary of £737. This salary ensures you receive a “qualifying year” of National Insurance Contributions…Read More

Business rates relief boosted with new £1.5bn fund

A new Business Rates relief fund of £1.5 billion for businesses affected by COVID-19 outside the retail, hospitality, and leisure sectors has been announced with…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

How to Handle a Time To Pay Rejection from HMRC

Some Time to Pay applications to defer tax after the 31 January 2021 deadline are being rejected by HMRC. The following guide outlines the issues…Read More

4 Coronavirus Tax Relief Updates to Support Employers

Since the start of the pandemic, various measures have been introduced to avoid benefit-in-kind issues arising for employers. By the end of 2020, HMRC had…Read More

SEISS third grant opens with new conditions

The Self Employment Income Support Scheme (SEISS) third grant has opened for claimants (30 November 2020). Unlink the first two support grants, where claimants had…Read More

HMRC opens working from home tax relief portal

HMRC opened its own online portal on 1 October to process and receive tax relief claims for thousands of workers who have been told to…Read More

Penalties for incorrect CRJS & SEISS claims from 20 October

Taxpayers and agents must check all Coronavirus Job Retention Scheme (CJRS) & Self Employment Income Support Scheme (SEISS) claims and make necessary corrections before the…Read More

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