Finance & Accounting
New corporation tax regime
Changes to the corporation tax regime come into effect from 1 April 2023 – the start of the financial year (FY) 2023. From that date
March 24, 2023
Finance & Accounting
Is an alphabet share structure still worthwhile?
In an alphabet share structure, each shareholder has a different class of share. For example, one shareholder may have A ordinary shares, another B ordinary
March 23, 2023
Finance & Accounting
Claim the Employment Allowance for 2023/24
The Employment Allowance is an allowance that eligible employers can claim to set against their secondary (employer’s) Class 1 National Insurance liability. The employment allowance
March 21, 2023
Finance & Accounting
How to claim a tax refund
If you have paid too much tax, you will be able to get a refund from HMRC. The mechanics for obtaining your refund depending on
March 20, 2023
Finance & Accounting
Doing up a property – Are you trading?
Taking on a renovation project can be hugely appealing, particularly if the property is subsequently sold at a profit. However, from a tax perspective, it
March 17, 2023
Finance & Accounting
Do you need to pay the Annual Tax on Enveloped Dwellings by 30 April 2023?
The Annual Tax on Enveloped Dwellings (ATED) is an annual tax payable on residential property valued at more than £500,000 which is held by a
March 15, 2023
Finance & Accounting
Relief for replacement domestic items
If you let a furnished property, it is very likely that you will need to replace domestic items from time to time. A specific relief
March 14, 2023
Finance & Accounting
Companies House changes – A reason for disincorporation?
In March last year, the government published a White Paper setting out its final position on reforming Companies House ahead of introducing legislation. The big
March 10, 2023
Finance & Accounting
Overpayment relief claim – How long do you have?
Tax repayment claims are usually made via the submission of a tax return. The time limit for amending a return (whether individual or company) is
March 9, 2023
Finance & Accounting
When should a business leave a VAT scheme?
Post-pandemic, many businesses are finding that their trading circumstances have changed such that the non-standard VAT scheme under which the business is registered is no
March 7, 2023
Finance & Accounting
Taxation of company vans in 2023/24
A tax charge may arise under the benefit in kind legislation where a company van is available for an employee’s private use. If fuel is
February 28, 2023
Finance & Accounting
Basis period reform – Preparing for the transition
As part of the move to Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA), the basis period rules are being reformed. Despite the
February 27, 2023
Finance & Accounting
Pension payments – What tax relief is available?
To encourage pension savings, tax relief is available on contributions made to registered pension schemes. However, there are limits on the contributions that can qualify
February 27, 2023
Finance & Accounting
Beat the reduction in the additional rate tax threshold
For a brief period it seemed that the days were numbered for the additional rate of tax following the announcement in the ill-fated mini Budget
February 25, 2023
Finance & Accounting
Repaying directors’ loans – Does the order matter?
Directors’ loans can be tricky from a tax perspective. Specific tax charges apply where loans to director shareholders of close companies (broadly those under the
February 24, 2023
Finance & Accounting
Can you afford to sell an investment property?
Property is generally a good investment, and where an investment property or second home has been held for many years, it may be worth considerably
February 22, 2023
Finance & Accounting
The dangers of letting friends use the holiday let
Furnished holiday lettings have tax benefits that are not available to landlords of residential lets. However, to qualify as a holiday let, certain conditions must
February 17, 2023
Finance & Accounting
MTD and landlords – the new timetable
Under the original plans, landlords with rental income (or combined rental and business income) of more than £10,000 would have needed to comply with Making
February 13, 2023
Finance & Accounting
Tax implications of writing off a bad debt
Companies and self-employed businesses with a turnover exceeding £150,000 a year are obliged to prepare their accounts using the ‘accrual’ basis of calculating profits i.e.
February 9, 2023
Finance & Accounting
Associated companies and impending corporation tax rate changes – what are the tax implications?
Most directors know that as of 1 April 2023, companies with taxable profits in excess of £250,000 will pay corporation tax at the main rate
February 6, 2023