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Will a discretionary trust prevent your home from qualifying for the residence nil rate band?
No one wants to pay more Inheritance Tax (IHT) than they have to.
Too many businesses falling into VAT traps
VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems,
900,000 sole traders pulled into MTD for ITSA
The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year. This
Labour introduces harsher penalties for late taxpayers
The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). With the Government
Labour introduces harsher penalties for late taxpayers Read More »
Should you submit your tax return at the start of this tax year?
Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively. The earlier you
Should you submit your tax return at the start of this tax year? Read More »
Why capital allowances should be top of your to-do list this April
The new financial year will see many of the proposed changes announced in the Autumn Budget enacted, impacting businesses across the country. These changes will
Why capital allowances should be top of your to-do list this April Read More »
Change to dividend reporting to affect thousands of owner-managed businesses
From 6 April 2025, many directors will need to report dividend income in much more detail in their Self-Assessment tax return. This change will affect
Change to dividend reporting to affect thousands of owner-managed businesses Read More »
Are your payroll practices compliant with the new minimum wage rates?
1 April 2025 signalled the first wave of payroll changes for businesses to contend with this year, including the increase to the National Living Wage
Are your payroll practices compliant with the new minimum wage rates? Read More »
Important updates to Making Tax Digital and late payment rates you might have missed in the Spring Statement
This week’s Spring Statement brought two announcements that will matter to anyone running their own business or earning income from property.