Latest Thinking

Fraudsters are continuing to target taxpayers with scam emails, texts and calls following the deadline for submission of Self-Assessment returns for 2020-21. In fact, over the last year, HMRC received...

A wasting asset is an asset which has a predictable life of 50 years or less. HMRC’s guidance is clear that when you dispose of an asset, you are required...

The Cycle to Work scheme was introduced over 20 years ago to help promote the use of healthy ways to commute to work using an environmentally friendly mode of transport....

In the recent Spring Statement, a significant increase in the National Insurance Threshold from £9,880 to £12,570 was announced. This increase will see the alignment of the Primary Threshold (PT)...

A partnership is a relatively simple way for two or more legal persons to set up and run a business together with a view to profit. Partnerships can take many...

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts during the current 2021-22 tax year that will end on 5 April 2022. You...

The UK’s Digital Services Tax (DST) came into operation on 1 April 2020. This tax is designed to ensure that the major social media, search engine and online retailers are...

If you are thinking about purchasing a company car through a limited company, there are many issues that need to be considered. In this short article we will point out...

A reminder that the temporary extension to the eligible carry back period for trading losses applies for company accounting periods ending between 1 April 2020 and 31 March 2022 and...

A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such as land, money and shares which form part of the...

The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing cost of living crisis. The Chancellor also stressed that, apart...

Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and property in England and Northern Ireland. It is also payable...

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the...

The government has been working for a number of years to combat the problem of large businesses abusing their position by making late payments to small businesses. There is a...

The Welsh government has announced that it is increasing the maximum amount that local authorities can charge as a council tax premium on second homes and long-term empty properties from...

There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading...

1 April 2022 – Due date for Corporation Tax due for the year ended 30 June 2021. 19 April 2022 – PAYE and NIC deductions due for month ended 5...

When a couple separate or divorce it is unlikely that they are thinking about any tax implications. However, apart from the emotional stress, there are also tax issues that can...

Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and property in England and Northern Ireland. Wales and Scotland set...

A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that the business is required to make an apportionment between the...

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that...

There are a number of tax reliefs available for self-employed taxpayers that make a trading loss. This includes a partners’ share of partnership trading losses. There may also be restrictions...

We would like to remind our readers that the increases in National Insurance Contributions (NIC) of 1.25% – first announced last year – will take effect from April 2022. These...

The Coronavirus Statutory Sick Pay Rebate Scheme has allowed small and medium-sized businesses and employers reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The online service...

The government has published its latest guidance on COVID restrictions and specifically on the new phase we have entered of ‘Living with COVID-19’. This has effectively moved the country into...

Capital allowances are the deductions which allow businesses to secure tax relief for certain capital expenditure. HM Treasury has published a factsheet on the super-deduction offering companies a 130% first-year...

The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT system by means of sophisticated fraud. The domestic reverse charge...

If you are an employee, you may be able to claim tax relief for using your own vehicle, be it a car, van, motorcycle or bike. There is generally no...

The settlement legislation seeks to ensure that where a settlor has retained an interest in property in a settlement that the income arising is treated as the settlor’s income for...

The MTD for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became mandated to keep their records digitally and provide their...