Latest Thinking

The Competition and Markets Authority (CMA) has published an update on the widespread action it is taking to ensure that people can get the best possible choices and prices in...

The new Chancellor of the Exchequer, Rachel Reeves, delivered her widely anticipated House of Commons statement on 29 July 2024. The Chancellor asserted that the new government has inherited a...

There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be a significant tax benefit for those with business interests, potentially...

You can access the Check Your State Pension forecast service on GOV.UK via this link: https://www.gov.uk/check-state-pension. This digital service is provided jointly by HM Revenue and Customs (HMRC) and the...

If you have tenants in your home there can be Capital Gains Tax (CGT) consequences. Generally, there is no Capital Gains Tax (CGT) on a property used as the main...

The Bank of England’s Monetary Policy Committee (MPC) met on 1 August and in a very close 5-4 vote decided to reduce interest rates by 25 basis points to 5%....

The VAT Annual Accounting Scheme is available to most businesses with an annual turnover of up to £1.35 million. Key benefits of the scheme include the obligation to file just...

A new digital VAT registration tool has been launched by HMRC that can be used to help businesses work out the effects of registering for VAT. The launch of the...

The number of people classed as economically inactive has spiraled to 9.4 million. Data published by the Office for National Statistics (ONS) shows the percentage of people employed has fallen...

New UK Science Secretary, Peter Kyle, has put Artificial Intelligence or AI at the heart of the government’s agenda to deliver change, sustained economic growth and improved public services. The...

1 September 2024 – Due date for corporation tax due for the year ended 30 November 2022. 19 September 2024 – PAYE and NIC deductions due for month ended 5...

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. When the relief if available,...

There are special rules concerning the liability to IHT of a transfer made during one’s lifetime. For example, most gifts made during a person’s life are not subject to tax...

The VAT Import One Stop Shop (IOSS) Scheme applies to goods imported in consignments with a value of £135 or less (known as low value goods) from countries outside the...

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate...

The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25%. A Small Profit Rate (SPR) of 19% applies to companies...

Ever wondered how your stake in your business is represented in your accounts? The answer can be found at the bottom of your balance sheet. Simply put it is the...

In the coming months we will start to see how our new government intends to change the UK tax rules to further its economic growth agenda. Whatever they decide to...

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000...

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you sell shares unless they are in a CGT free investment...

Companies House offers interested parties the ability to order certified copies of certificates and documents held on the Companies House register. You can order: a company certificate with certified facts;...

Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free. HMRC’s guidance provides the following list...

The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate for all other children is £16.95. Taxpayers entitled to the...

The Employment Allowance benefits eligible employers by reducing their National Insurance liability. The current allowance is £5,000. An employer can claim less than the maximum if this covers their total...

The Chancellor has promised to take immediate action to fix the foundations of the economy, rebuild Britain and make every part of the country​ better off. In her first speech...

The Information Commissioner’s Office has a simple guide that explains what you need to do in the 72 hours following a data breach. The seven step approach advocated is set...

It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end of its financial year, a...

As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14 years in opposition. Labour have swept into power with their...

As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should...

HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant information....