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 to 24 and consider whether it is worth changing your accounting period.
Category Archives: Tax Blog
Charging an electric company car: what you need to know
With the important focus on achieving Net Zero goals and targeting personal emissions, more and more company cars seem to be following the electric car trend.
Generous tax incentives for investing in higher risk enterprises
With the cost of living rising steeply and taxation at its highest level for decades, tax breaks are welcome, particularly for those looking to invest their money in business.
HMRC to close helplines one day a week to clear backlog
VAT and Corporation Tax helplines at HM Revenue & Customs (HMRC) will close for one day a week to help clear the backlog built up during the COVID-19 pandemic. Continue reading
Marriage allowance and how you can save on your tax bill
The Beatles sang about All You Need is Love, but in a week that includes Valentine’s Day, that love could come in the form of tax relief through Marriage Allowance.
Hidden charges alert as 2.3 million miss Self-Assessment deadline
To many taxpayers, it must seem like the ongoing effects of the pandemic are an endless nightmare of tax deadlines, after the endless nightmare of lockdowns.
Consultation on global minimum corporation tax for large multinationals
The Government has launched a consultation on how a worldwide 15 per cent minimum corporation tax can be implemented domestically, in a move designed to tackle avoidance and ensure a more level playing field for UK businesses.
HMRC’s guidance on reasonable excuses for late tax payments updated
It should perhaps be no surprise given the circumstances of the pandemic that individuals and businesses might have incurred penalties for late tax payments.
Did you open presents or submit tax returns on Christmas?
According to HM Revenue & Customs (HMRC), over 31,000 Self Assessment tax returns were submitted between Christmas Eve and Boxing Day.
Making Tax Digital – what you need to know ahead of 2022-23
On 1 April 2019, HM Revenue and Customs (HMRC) introduced its new digital tax initiative – Making Tax Digital (MTD) – and its first phase, MTD for VAT.