What business expenses can you claim for?
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.
How are digital coins taxed, and when does the tax liability accrue?
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.
Bookkeeping, bank feeds and real- time accounts
The concept of bookkeeping is relatively straightforward, monitoring income and expenses, together with various adjustments, to produce a profit and loss account. However, there is much more to the modern-day bookkeeping package!
How do you gift money to Trusts to avoid IHT
When looking at gifting money to trusts and individuals to manage your inheritance tax liability, there are several issues to consider. Chargeable lifetime transfers, potentially exempt transfers and the seven-year deadline look straightforward, but there are potential complications.
Is inheritance tax unfair?
Conservative MP, and former Chancellor of the Exchequer, Nadhim Zahawi, has reignited a heated debate about the morality of inheritance tax. Supported by 50 colleagues, he has called the current inheritance tax structure into question, suggesting it should be scrapped.
How to Utilise Capital Gains Tax Deferral Relief
While capital gains tax deferral relief has been in place for some years, the ongoing reduction in the capital gains tax allowance will make this option more valuable as we advance.
Why might you choose an LLP over a limited company?
There are numerous ways in which you can set up a business, partnership, limited company or sole trader. Amongst these options are hybrids, including limited liability partnerships (LLPs), which incorporate elements of different setups. As ever, when it comes to taxation, nothing is straightforward. Consequently, it is essential to appreciate the pros and cons of LLPs and limited companies when setting up a business.
Accountancy bodies critical of HMRC service levels
There is growing frustration and concern amongst the accountancy community about the level of service provided by HMRC. This came to a head on 1st March 2023 when an open letter signed by ten accountancy bodies was sent to the Chancellor of the Exchequer, Jeremy Hunt. After years of unrest, more recent changes to HMRC working practices and staffing levels are compromising the activities of accountancy practices up and down the UK.
Covid bounce back loans, bad debts and fraudulent activity
Stuck between a rock and a hard place at the height of the Covid pandemic, facing the potential collapse of the UK economy, HMRC announced fast-track funding. While many warned at the time that the application process was open to fraudulent activity, the government distributed approaching £100 billion in grants and loans. The bounce-back loan scheme is attracting the most interest amid concerns of bad debts and fraudulent activity on a criminal scale.
Is inflation a form of tax?
We are all taught that controlled inflation is critical to long-term economic growth, while out-of-control inflation can decimate spending power. But, as inflation impacts businesses and households, government spending and personal income, this prompts the question, is inflation a form of tax?