Category: Tax

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The Tipping Act

By 1 October 2024 every business receiving tips on behalf of employees will need to put in place a written policy and a system for fairly allocating tips on a timely basis.

27th February 2024
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Don’t miss the tax deadline! Prepare your records now for a hassle-free submission.

With Christmas fast approaching the last thing you want to be worrying about is meeting the January 31st deadline for your online tax return when instead you should be enjoying the festivities! 
After the large expense at Christmas no one wants to be faced with late filing and late payment interest and/or penalties in the New Year.   

8th December 2023
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Autumn Statement 2023

It was a headline grabbing Autumn Statement with some tax cuts for employees, self-employed, and businesses.  Though, after the Spring Budget announcements on the freezes to income tax thresholds and the increase of the main rate of Corporation Tax from 01 April 2023, the tax burden remains at record levels for individuals and businesses.

23rd November 2023
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The Economic Crime and Corporate Transparency Act 2023: How this impacts your Limited company

On 26 October 2023 the Economic Crime and Corporate Transparency Act 2023 received Royal Assent having first been presented in Autumn 2022.  This piece of legislation increases powers for tackling financial crime and illicit activity, while also reforming the operations and powers of Companies House.

21st November 2023
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A Guide to Navigating Christmas Tax and Other Benefits Exemptions Effectively this Holiday Season

It’s getting towards that time of year when employers like to spread some festive cheer and thank their staff for all their hard work throughout the year. This tends to come in the form of parties, hampers, or payrolled bonuses, however there may be other ways in which employers choose to celebrate the season.

17th November 2023
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Furnished Holiday Lets: Tax Implications

Furnished Holiday Lets (FHLs) are rental properties that meet certain criteria and are treated as a separate rental business. As holiday lets are becoming increasingly popular, it is important to check whether these properties qualify as FHLs.  There are potential benefits and drawbacks to such a characterisation.

28th September 2023
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What to do when a trust is wound up

The deed drafted could state that at X date the trust will be wound up and the capital held distributed to A and B. This point does not need to be in the deed but would be advantageous to give the trustees the power to consider this if the time was right and the beneficiaries could be trusted to maintain the assets correctly.

11th September 2023
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Inheritance Tax implications for a relevant property trust

Unlike with an absolute gift of the asset, this would be immediately chargeable to IHT and therefore additional administration would be required.

18th August 2023
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What are the two main types of Trusts?

Trusts are a great way to be able to pass assets out of your estate while still being able to maintain an element of control. These structures have been overlooked recently due to bad press regarding how expensive and difficult they are to maintain.

31st July 2023
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31 July 2023: Deadline for the Second Payment on Account

Payments on account are made in January and July every year against your tax liability. HMRC will charge interest if the payments on account are made late.

24th July 2023

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