In recent months, the UK government has focused on enhancing research and development (R&D) spending, primarily by adjusting the tax system.
As if the increase in the primary corporation tax rate, from 19% to 25%, wasn't enough, on 1 April 2023, HMRC changed the associated company status rules.
The subject of personal liability is crucial when it comes to a partnership or business, as it can put your personal assets at risk.
If you are self-employed (sole trader) or part of a partnership; with a business year-end date outside of 31 March to 5 April, you must take advice from your accountant.
Most private landlords hold property in their name, although recent changes in mortgage interest relief have prompted many to consider switching to a company.
Since HMRC began to taper mortgage interest tax relief in the 2017/18 tax year, we have seen the emergence of schemes looking to maximise income by minimising tax liabilities.
Over the years, we have seen many "tax efficient" schemes come and go concerning the payment of school fees. This has been closely followed by tightening regulations after some high-profile court disputes.
The UK tax system is complex, to say the least, and many people are only now finding out about personal and business tax-free allowances which they have failed to claim.
Company owners and executives need to be aware of legitimate expenses that can be charged to their business as there may be the opportunity to reduce corporation tax liabilities.
The world of digital coins, otherwise referred to as cryptocurrencies, has changed dramatically in recent years. There is now a more formal regulatory structure, and the tax authorities are aware of those trading any digital asset.