ACCOUNTING FOR CHARITIES & NON-PROFITS

Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives
and objectives.

HMRC treats non-profit organisations and charities very differently to businesses, offering some unique tax breaks in the process.

(more…) Read More

BASIS PERIOD RULES IN LINE FOR REFORM

Unincorporated businesses could be about to see significant changes to the ways in which they are taxed, following the launch of a Government consultation.

The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses, such as sole traders and business partnerships, allocate trading profits to tax years for inclusion on their self-assessment returns.

(more…) Read More

Tax Insider September 2021

Included in this month’s article:

  • Deadline approaches for fifth and final self-employed grant
  • National Insurance contribution rates ‘poised to increase’
  • 1 in 5 UK employers consider making redundancies
  • Capital gains tax receipts climb 3% to record-high
(more…) Read More

STARTING A NEW BUSINESS AFTER COVID-19

Not much can stop determined entrepreneurs from building a new business from the ground up, even during such challenging times as a COVID-19 or its ensuing fallout.

The pandemic has proven a huge challenge for businesses, with 396,155 UK firms closing in 2020 according to the Office for National Statistics, as business owners struggled to cope with restrictions and lockdowns.

(more…) Read More

TAKING CHARGE OF PLANNING YOUR ESTATE

Soaring house prices coupled with certain thresholds being frozen in the most recent Budget have the potential to drag more estates into the inheritance tax net over the coming years.

Back in March 2021, Chancellor Rishi Sunak confirmed the main inheritance tax thresholds will remain frozen at their 2021/22 levels “up to and including 2025/26”.

(more…) Read More

August 2021 Tax insider

Included in this month’s article:

  • Lower stamp duty land tax threshold in place until October.
  • Employer costs increase as furlough scheme winds down.
  • Treasury seeks feedback on business rates revaluations.
  • Pensions tex traps catch out thousands more savers.
(more…) Read More

Tax Planning for Residential Landlords

After a challenging year for the UK’s residential landlords, you might have read about improvements to the buy-to-let mortgage market in recent weeks.

In the three months to 31 May 2021, the average interest rates for residential landlords had declined. A two-year fixed-rate buy-to-let mortgage fell 0.10 percentage points to 2.95%, while a five-year fixed dropped 0.11 percentage points to 3.30%.

(more…) Read More

The Pros and Cons of a Company Electric Car

Despite the potentially high personal tax charge, many employees still enjoy and prefer the convenience of being
offered the use of a company car by their employer.

Those employers familiar with the benefit-in-kind tax rules will
be aware the tax impact on the employee is much lower for those that choose lower emission cars.

(more…) Read More

Tax Insider July 2021

Included in this months article:

  • Sweeping VAT reforms in the EU will affect the UK’s online retailers
  • Families hit with big bills after believing gifts would not be taxed
  • OTS considers bringing the end of the tax year forward
  • UK tax incentive ‘fails to deliver extra R&D spending’
(more…) Read More

COSTS YOU CAN RECLAIM ON THE BUSINESS

If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses.

By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us to reduce your income tax bill in the process.

(more…) Read More