HMRC has revealed that every year lots of simple errors are made in tax returns concerningcapital gains tax which results in the taxpayer suffering additional tax, interest and penalties.Here are some common mistakes, and how to avoid them. 1. Using the correct annual exempt amount When calculating how much capital gains tax you need to […]
Five common capital gains tax errors Read More »
Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to whichthis is possible depending on the rate at which you pay tax; not all routes are open to all. Personal allowance If you do not fully use your personal allowance elsewhere, any balance not otherwise used canbe set against
Tax-free savings income in 2024/25 Read More »
If you were given an amazing opportunity to buy shares in the company you work for through a management buyout (MBO), would you understand all the tax implications? You could be taking full control or owning a significant stake, allowing you to benefit directly from the company’s future success – but what does this mean
Management Buyout: Key Tax Considerations for Management Read More »
For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only are taxed charged at a higher rate, but taxpayers also have a shorter window in which to report the gain and pay the corresponding tax over to HMRC. In the 2024 Spring Budget, the Chancellor announced that the higher rate
Reduction in higher rate of capital gains tax on residential property gains Read More »
Just the thought of an HMRC investigation can send shivers down the spine of any business owner, but fear not! We’ve got precautions and strategies to share with you that can significantly reduce the likelihood of finding yourself under HMRC’s microscope. They will also help guide you through an investigation smoothly. What is an investigation
How to protect your business from an HMRC investigation Read More »
When running a business, keeping on top of things like tax submissions and regulatory changes isn’t just smart; it’s crucial. So, since it’s the end of the financial year, and we’re accountants, we thought we’d help you out with this. To help you prepare for the financial year of 2024, here are the key financial
Financial year 2024 – important dates to remember for the coming year! Read More »
In the dynamic landscape of business, keeping skills sharp and knowledge up-to-date is crucial for staying competitive. Fortunately, tax relief on training expenses provided by HM Revenue and Customs (HMRC) can offer a significant incentive for individuals and businesses alike to invest in learning and development. Understanding what expenses qualify for tax relief under HMRC
Navigating HMRC Allowable Expenses: A Guide to Training Costs Read More »
As the end of the tax year approaches, it is prudent to review your pension contributions for the year and consider whether it is worth making further contributions before 6 April 2024. Remember, any annual allowances brought forward from 2020/21 will be lost if not used by this date. The amount of tax-relieved contributions that
Making pension contributions before 6 April 2024 Read More »
As the end of the tax year approaches, it is prudent for those operating their business as a personal or family company to review the profits extracted so far in the tax year and to consider whether it is beneficial to take further profits before the end of the tax year. There are various ways
Extracting Further Profits As The 2023/24 Tax Year Draws To A Close Read More »
From 1 April 2025, the rates of Theatre Tax Relief (TTR), Orchestra Tax Relief (OTR) and Museums and Galleries Exhibition Tax Relief (MGETR) will be permanently set at 40% (for non-touring productions) and 45% (for touring productions and all orchestra productions). The government will remove the sunset clause for MGETR so that it becomes a