Financial
Inheritance Tax (IHT) Receipts by HMRC Up 18% Since 2022
HMRC has released data that Inheritance Tax (IHT) receipts have increased by 18% in January 2023, compared to the financial year prior – currently, receipts are at £5.9 billion, which is £900 million higher than last year. This increase has been driven by HMRC targeting high-value estates, the increase in house prices from 2020-2022, and…
Read MoreHMRC Chases 4,300 Influencers and Content Creators Over Tax
To keep up with the rapid expansion of the digital economy, HMRC is chasing thousands of influencers and content creators, including gamers and retailers, for taxes that haven’t been paid on income or gifts received online. This includes people who earn money in exchange for product promotion, as well as those who are paid by…
Read MoreRecovery Loan Scheme (RLS) Re-Launched for SMEs
The Recovery Loan Scheme has entered a new phase to provide SMEs with easy access to finance to invest in their business’s growth. This revised scheme is planned to run until 2024, has replaced CBILS and Bounce Back Loans, and is still open to eligible businesses that have already taken out government-backed finance. For most,…
Read MoreCan’t Repay Your Company’s Bounce Back Loan? See The Options
The government introduced the Bounce Back Loan Scheme (BBLS) – with emergency finance of up to £50,000 without a personal guarantee* – to support eligible businesses through the Covid-19 pandemic. However, since the 12-month payment holiday ended, many companies have experienced cash flow issues, and have been unable make the monthly repayments. If this sounds…
Read MoreSchool Fees Tax Planning Guide
A private school education is an investment into your children’s (or grandchildren’s) future, but comes at a significant cost. According to the Independent Schools Council (ISC), the average fee per term was £5,064 in 2021, which equates to over £15,000 per year – and this is only set to increase as time goes on. With…
Read MoreTax Guide for Content Creators and Social Media Influencers
Introduction Are you a digital entrepreneur who’s unsure about their tax responsibilities? Whether your hobby is vlogging, blogging, reviewing, or streaming, if you earn money (e.g., royalties and advertising fees) or receive gifts (e.g., products, holidays, or accommodation) from it, then HMRC could class you as having taxable income, and require you to submit a…
Read MoreMTD Has Changed VAT Return Filing – Act Now to Avoid Penalties
On 1st November, HMRC closed their old system for quarterly and monthly VAT return submission. Instead, businesses must now file these returns through Making Tax Digital (MTD) compatible software, unless they’re exempt. We can file for you, or, if you haven’t yet chosen a compatible software package, we offer discounted software licences to clients, from…
Read MoreAutumn Statement 2022: Key Tax Change Highlights
This morning (Thursday 17th November), Chancellor Hunt unveiled his 2022 Autumn Statement, featuring tax rises and spending cuts worth billions, in order to tackle the cost-of-living crisis, and rebuild the UK economy. The changes include freezing allowances and thresholds that will pull millions into paying tax for the first time, hundreds of thousands into higher…
Read MoreMaking Tax Digital for Income Tax – How to Get MTD Ready
Making Tax Digital (MTD) adverts are all over the TV and radio – and MTD for VAT returns is already in place. But, are you aware of MTD for Income Tax, and how it will affect you? Perhaps you’re unsure because your business is new, or you’ve managed without an Accountant until now? We will…
Read MoreClaiming Work from Home Expenses for the Self Employed
Are you a self-employed sole trader, or in partnership, and work from home? If so, you can claim work from home expenses through your Self-Assessment Tax Return. Continue reading to understand your available options, and how much you could claim. What Can the Self-Employed Claim? UK sole traders and partners have two options for claiming…
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