Month: February 2025

Treatment of post-cessation receipts and payments

When a trade ends, income doesn’t always stop. Post-cessation receipts can still arise, and knowing how they are taxed is crucial. Whether it’s Income Tax or Corporation Tax, the recipient—not necessarily the original trader—bears the

How far back can HMRC assess under-declared taxes?

From income tax to VAT, HMRC has specific time limits for issuing tax assessments. Depending on the circumstances—whether it’s standard, careless, offshore, or deliberate behaviour—these limits can stretch from 4 to 20 years.

HMRC’s time

UK residence and tax issues

The UK’s shift to the Foreign Income and Gains (FIG) regime from April 2025 changes how foreign income is taxed. If you are a UK resident, get ready to possibly pay UK Income Tax on all foreign earnings—no more non-dom remittance basis.

UK

Tax-free redundancy payments

If redundancy strikes, you could receive up to £30,000 tax-free. Whether it’s statutory or a more generous employer offer, understanding your entitlements and the latest caps on weekly pay can make a real difference to your finances.

There is a

What’s included in your VAT return

With a £90,000 VAT registration threshold, many UK businesses might wonder whether to register voluntarily. Understanding how to balance output and input VAT can help optimise cash flow and avoid costly mistakes with HMRC.

The current VAT

Tax relief for structures and buildings expenditure

Maximise your tax relief with the Structures and Buildings Allowances (SBA). If you have invested in new or renovated commercial structures, you could claim 3% relief annually—saving you money for the next 33 years!

The Structures and

The benefits of benchmarking financial results

Benchmarking financial results involves comparing a business’s financial performance against industry standards or competitors. This process offers numerous benefits, helping businesses identify strengths, weaknesses, and opportunities for

Women in leadership roles

The UK is making significant strides in promoting gender equality within its top companies. According to the latest FTSE Women Leaders Review, women now occupy nearly 43% of board positions across FTSE 350 companies, totalling 1,275 roles.

Self-employment cannot be used as a tax smokescreen for contracted employees

A complex celebrity case arose recently in which the First-tier Tax Tribunal (FTT) was asked to consider the application of the intermediaries’ legislation (IR35), otherwise known as off-payroll working, to payments made by Manchester United Football

Business mileage with your own vehicle

Understanding the nuances of tax relief for using your personal vehicle for work can lead to significant savings. By familiarising yourself with HMRC’s approved mileage rates you can ensure you are adequately reimbursed and compliant with current