Tax Planning Archives

Tax Planning

Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal

Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. According to the report, HMRC responded to 797,010 referrals of suspicious contact from the public in the last year. Around 358,000 of these involved scams where taxpayers were offered bogus tax rebates.

Tax Planning

Be aware of tax liabilities if you are using cryptocurrencies

For those who have dabbled in the market, its important for them to understand that there may be tax liabilities with Captial Gains Tax and Income Tax, with any transactions whether with currency or other crypto assets.

Tax Planning

Did you use a Bounce Back Loan to cover personal expenses during the pandemic? Act now to avoid tax consequences

If you received a Bounce Back Loan (BBL) during the coronavirus pandemic and took the cash as drawings, there may be additional tax consequences.

Tax Planning

Tax cut and Employment Allowance rise comes into effect

Due to the increase of the employment allowance, smaller companies will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs).

Tax Planning

Be prepared if you decide to adopt a working from home policy

So, it seems sensible that both employers and members of staff take full advantage of any tax breaks or allowances available for those not in the office.

Business

Tax Planning

How to minimise Inheritance Tax bills as house prices surge

More and more people are being drawn into paying Inheritance Tax (IHT), as the price of property soars.

Tax Planning

Britons lose millions in penalty charges as they cash in LISAs

Millions of Britons facing a cost-of-living crunch have been withdrawing funds from their Lifetime ISA (LISA) accounts and getting hit with significant penalty charges.

Tax Planning

Tax credit claimants reminded of deadline as 33,600 use new app

As the deadline for renewing tax credits approaches, HM Revenue & Customs (HMRC) has revealed that 33,600 people have used their new app to renew.

Tax Planning

Back to Basics on Business Mileage

Ask anyone who either uses their vehicle for business reasons, or puts fuel in a company car, and you will soon realise business mileage can be a confusing topic.

Tax Planning

9 Tax Saving Tips for Company Directors

For those who do not want to pay more taxes than they are legally obliged to, here are some methods that the government has made available to you.

Tax Planning

Tax year basis reform: Should I change my year-end?

In the first blog of this series on tax year basis reforms, we will be discussing the new rules that will affect how unincorporated businesses are taxed from 2023/24.

Business

Tax Planning

Furnished Holiday Lets – What tax reliefs are available?

The UK has seen a boom in the ownership of Furnished Holiday Lets thanks to the increase in staycations.

Tax Planning

Back to basics: Job expenses

Expenses incurred by employees are generally the responsibility of the employer.

Tax Planning

Homebuyers make savings as stamp duty thresholds rise

For those homebuyers facing higher mortgages, changes to Stamp Duty Land Tax (SDLT), or stamp duty, announced in September’s mini-Budget will ease some of the pain.

Tax Planning

The significance of ‘One To Many’ letters from HMRC

Letters have been sent out to individuals listed as ‘Persons of Significant Control’ (PSC), urging them to check and, where necessary, correct their tax returns.

Tax Planning

More people to be caught by higher income tax bands

Nearly three-quarters of a million more people are likely to be caught by the 40 per cent income tax bracket from next April.

Tax Planning

Implementation of MTD for ITSA delayed for two years

The delayed implementation of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) means it will now be phased in from April 2026 for a smaller number of businesses, rather than the original launch date of April 2024

Tax Planning

Don’t pay the penalty for filing late tax returns

For those who got their 2021 to 2022 Self-Assessment wrapped up before Christmas, they can enjoy the festivities. But delay too long and miss the 31 January deadline and you risk having to pay a penalty.

Business

Tax Planning