Making Tax Digital for income tax self-assessment (MTD for ITSA) was originally set to roll out in 2018, but the road to personal tax digitalisation has been relatively rocky to date. While the Government successfully introduced MTD for VAT for returns starting on or after 1 April 2022, MTD for ITSA has been postponed five[…]
In recent years, full expensing has emerged as a powerful incentive for businesses to maximise their investments and minimise their corporation tax liabilities. As the super-deduction policy expires in 2023, full expensing is set to become a vital tool for stimulating capital investment and economic growth in the UK. This article will explore the intricacies[…]
After multiple policy U-turns and much uncertainty, the main rate of corporation tax will rise from 19% to 25% from 1 April 2023. This will affect companies with profits of £250,000 and over. The legislation provides that small companies with profits up to £50,000 will continue to pay corporation tax at 19%. Profits between the[…]
Business property relief Business property relief (BPR) is a way for UK businesses to reduce or eliminate inheritance tax on certain business assets. BPR was introduced in 1976 to help family-owned businesses continue trading after the owner’s death. They could do this without having to sell shares or the entire business to pay inheritance tax. […]
As a business owner or investor in the UK, it is important to understand the rules and processes involved in receiving interest from companies. In this article, we cover withholding tax, the CT61 form, and how to claim a tax credit for withheld tax. Get the information you need to comply with UK tax laws and ensure that you are accurately reporting your income.
A number of changes are coming to income tax in April 2023 that will affect taxpayers across the UK. Many of these measures were announced by Chancellor of the Exchequer Jeremy Hunt in his Autumn Statement. According to Hunt, these decisions will see everyone pay “a bit more tax” from the 2023/24 tax year onwards.[…]
HMRC recently announced new powers to carry out investigations on companies they suspect of evading taxes. As a business owner, you might be worrying about what happens if your company comes under scrutiny. Even if you’ve played entirely by the rules, the stress of an investigation can be a lot to deal with. Even more[…]
Spring Statement changes are coming into effect. How will these changes to affect you? As you may have heard, there are changes happening to National Insurance contributions (NIC). From 6 July, the new thresholds will come into effect. But what does that mean for you? As a self-employed worker, you will already pay your National[…]
Research and development (R&D) tax credits were once a little-known tax incentive for companies which invested in innovation. However, rules have changed in recent years, and many tax advisors have pushed them. Therefore, they are now much more widely understood and used. They may no longer be much of a secret, but they are still[…]
The Government has set up an arbitration system to help resolve outstanding commercial rent debt. This is following the general moratorium on commercial eviction ending. From 25 March, a legally binding arbitration process is available. This is in place for eligible landlords and tenants who have not yet reached an agreement. The Government hopes this[…]