Capital allowances and the super deduction

Capital allowances are an expenditure a business may claim against its taxable profit. When a business incurs costs, such as salary payments, it can usually deduct them as expenses from its taxable profits. This reduces the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward. There are HMRC[…]

Business Confidence – A Significant Decrease

A new survey from the British Chambers of Commerce (BCC) reveals that business confidence declined significantly in Q3 compared to Q2 of this year. 5,200 firms that took part in the BCC’s quarterly economic survey. 39% of those businesses believe they will see a fall in profits over the next 12 months. Inflationary pressures are[…]

Rules for IR35 Now

Late September into mid-October has been a turbulent time for the Government. Its been a confusing time (at best) for taxpayers, after former chancellor Kwasi Kwarteng’s fiscal statement. On 17 October, the new chancellor, Jeremy Hunt, reversed around two thirds of the tax cuts in the fiscal statement. This included complicated changes to the controversial[…]

Business savings during a recession

Nobody wants one, but a recession in the UK is looming. The Bank of England (BoE) and British Chambers of Commerce (BCC) predict the UK will enter one before 2023. The monetary policy committee of the BoE wrote: “The latest rise in gas prices has led to another significant deterioration in the outlook for activity[…]

Business exit strategies: How to leave your business in good hands

A business exit strategy is a plan for what will happen when you want to leave your business. Many people think of an exit strategy as a plan to guard against disaster or something that has to be carried out right away after its conception. But this usually isn’t the case. Instead, it’s a plan[…]

Taxpayers unprepared for Making Tax Digital

People are unprepared and unenthusiastic for Making Tax Digital (MTD), according to a survey commissioned by HMRC. Global market research group Ipsos recently released data suggesting a lack of preparation for MTD. They said “awareness of MTD in general, and MTD for income tax self-assessment (ITSA) specifically was low”. MTD ITSA will require people with[…]

Tax investigations by HMRC

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[…]

New law to resolve Covid rent debt

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[…]