Is your income over £100,000?

If you earn over £100,000 in any tax year your personal allowance is gradually reduced [...]

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Connected persons for tax purposes

The definition of a connected person for tax purposes varies. A statutory definition of “connected [...]

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Tax and employee share schemes

There are a number of government approved share schemes which offer various incentives to employees. [...]

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Tax relief for training costs

If you are self-employed it is important to know if an expense is tax allowable. [...]

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Post cessation transactions

Tax relief may be available for post-cessation expenses of a trade. To be an allowable [...]

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Reclaiming pre-trading VAT

There are special rules that determine the recoverability of VAT incurred before a business registered [...]

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Are we unpaid tax collectors?

Business owners often refer to VAT as if it were a cost to their business [...]

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Child Benefit for 16 – 19 year olds

More than a million parents will receive reminders to extend Child Benefit for their teenagers [...]

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Self-assessment payments on account

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each [...]

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Non-resident UK property sales

There are specials rules that apply to UK property sales by non-residents. Since 6 April [...]

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Interest on children’s savings

All children in the UK have their own personal allowance, currently £12,570. There are special [...]

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Correcting errors in VAT returns

Where an error on a past VAT return is uncovered businesses have a duty to [...]

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Types of HMRC enquiries

HMRC can enquire into any statutory return (or amendment of that return) or statutory claim [...]

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Tax Diary July/August 2024

1 July 2024 - Due date for corporation tax due for the year ended 30 [...]

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Falling inflation – what does it mean for you?

The following notes are reproduced from a Treasury statement issued 21 May 2024. Lower inflation [...]

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New Brooms

As time passes during the present election campaign, its seems more likely that we may [...]

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Transferring unused IHT residence nil rate band

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples [...]

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Statutory Pay assistance

An employer can usually reclaim 92% of employees’ Statutory Maternity, Statutory Paternity, Statutory Adoption, Statutory [...]

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Need to register for self-assessment?

There is an online tool, developed by HMRC, that allows taxpayers to check if they [...]

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Setting up as a sole trader

Setting up in business as a sole trader is arguably the simplest way of starting [...]

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Filing your tax return early

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year [...]

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New protection for consumers

The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent. The [...]

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Change

There is a French saying “Plus ca change, plus c’est la meme chose” meaning, the [...]

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Employee suggestion schemes

There are many advantages to creating an employee suggestion scheme where employees are rewarded for [...]

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Carry back charitable donations

If you are a higher rate or additional rate taxpayer you have the option to [...]

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CGT Rollover Relief

Business Asset Rollover Relief also known as CGT Rollover Relief allows for deferral of Capital [...]

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Payback company car private fuel

Where an employee with a company car is provided with fuel for their own private [...]

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Do not respond if you receive this letter

Companies House published guidance titled ‘Reporting scams pretending to be from Companies House’ has been [...]

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General election date announced

The Prime Minister, Rishi Sunak, declared from the steps of Downing Street (on 22 May [...]

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Benefits of a fall in inflation

An economist from the Treasury explains exactly what a fall in inflation means for you. [...]

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Post Office convictions quashed

Convictions of hundreds of postmasters have been quashed following Royal Assent of the Post Office [...]

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View your annual tax summary

The Annual Tax Summary is a document provided by HMRC that shows details of the [...]

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Tax when transferring assets during divorce

When a couple is separating or is divorced it is unlikely that they are thinking [...]

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VAT reverse charge for builders

There are special VAT reverse charge rules for certain building contractors and sub-contractors. The rules, [...]

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Reporting expenses and benefits to HMRC

The deadline for submitting the 2023-24 forms P11D, P11D(b) and P9D is 6 July 2024. [...]

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Changes to Companies House Fees

There have been a number of significant changes in Companies House fees. These changes took [...]

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Childcare funding for under 9-month-olds

In a recent press release the Department for Education confirmed that parents of children from [...]

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Universal Credit changes

Universal Credit claimants working less than half of a full-time week will have to look [...]

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Check a VAT number

The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users [...]

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Closing a limited company

There are a number of reasons why you may need to close your limited company. [...]

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