Accelerate tax relief!

The end of the accounting period for your business is a key point for tax planning. You can save or delay tax by advancing the acquisition of assets to before the end of your accounting period. This permits you to claim the capital allowances associated ...

Elect in good time

Events don’t always turn out as expected. For example, you may need to wait for a later profit or loss to arise before you can judge whether it’s right to elect to use losses in an earlier year. This is why the law allows you ...

Selling your business

If you are wondering whether, or when, you should dispose of your business, a sensible first step is to form an outline plan. The sale of a successful trading company will generate a capital gain. This would normally be taxed at 20% after deduction of ...

Electric vehicles are still tax-efficient

The taxable benefit for using an electric company car for private journeys is currently calculated at 2% of its list price. If you chose a hybrid company car, models that can drive at least 130 miles on electric power also currently carry a taxable benefit ...

Prepare for higher dividend tax

The tax you pay on dividends increased by 1.25 percentage points from 6 April 2022; these higher rates will remain in place for 2023/24. The dividend allowance will be cut from £2,000 to £1,000 on 6 April 2023 and cut again to £500 in April ...

Reducing CGT bills

Everyone has a CGT annual exemption of £12,300 for 2022/23. This is wasted if you don’t make capital gains in the tax year, as it can’t be carried forward. In 2023/24 the annual exemption will be £6,000 and in 2024/25 it will be cut to ...

Tight CGT reporting deadline for residences

Contrary to popular belief, the profit you make when you sell your home, or a former home, is not automatically exempt from CGT. This tax exemption applies to gains that relate to periods in which you lived in the property as your main home. However, ...

Beyond Numbers: Unveiling the Benefits of Accountants

Thousands of new businesses are registered every single day in the UK, hoping to become the next giant in their industry. However, the reality is that lots of those businesses will collapse within their first two years. When starting a business owners tend to think ...

Risk with tax breaks as a reward

The Government wants to encourage individuals to make high-risk investments in small trading companies by providing income tax relief for investors. In 2022/23 the main schemes available are: Enterprise Investment Scheme (EIS): 30% relief on up to £2 million Seed Enterprise Investment Scheme (SEIS): 50% ...

Tax-free rent

When you let rooms in your own home as residential accommodation, you can receive the rent tax-free if it falls within the limits for rent-a-room relief. This relief is currently capped at gross rents of £7,500 per year. Where more than one person receives the ...

Will you get a full state pension?

If you are looking forward to retirement, it’s a good idea to check out how much state pension you will get. You can do this by logging on to your personal tax account on gov.uk, which contains lots of useful information about how much tax ...

Don’t miss tax deadlines

If you miss the deadline for filing your self-assessment tax return (31 January for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another ...