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
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
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
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
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
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
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
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
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
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.
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
With different rates and limits of National Insurance contributions (NIC) for the 2022/23 year, anyone who has more than one paid job or who is
Many landlords purchase their investment properties with the aid of a mortgage. In the current climate of rising interest rates, landlords may be wondering whether
In the ill-fated mini Budget, the then Chancellor increased the residential stamp duty land tax threshold from £125,000 to £250,000 with effect from 23 September
Limited liability partnerships (LLPs) are a relatively new type of business structure that came into being following the financial crisis of the late 1980s, and
If used correctly, dividend waivers can be an effective planning tool, particularly where one shareholder is a higher-rate or additional rate taxpayer and others are
Business property relief (BPR) is one of the more valuable tax reliefs available to business owners because it reduces the value of an estate for
As well as a mechanism for collecting revenue, the tax system is also used to encourage certain behaviours and discourage others. Once example where this
Entitlement to the state pension and certain contributory benefits depends on an individual having paid, or been credited with, sufficient National Insurance contributions. To qualify
The trading allowance enables an individual to earn up to £1,000 from self-employment, the provision of casual services (such as gardening or babysitting) or from
