Tax-free allowances. Are you claiming all of your eligible allowances?
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.
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.
Changes to the Annual Tax on Enveloped Dwellings
In a sleight of hand similar to fiscal drag on income tax bands, the Treasury will instantly increase 2023/24 revenue from the Annual Tax on Enveloped Dwellings (ATED). This tax is charged to Non-Natural Persons (NNPs) holding a UK dwelling - not individuals. While the changes have slipped under the radar, with little coverage, it is yet another enhanced tax burden for those impacted by the regulations.