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The £100,000 threshold for Self-Assessment change for taxpayers taxed through PAYE only, increased from £100,000 to £150,000 with effect from 6 April 2023. However, the Self-Assessment for 2022-23 tax returns...

The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This...

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and be subject to Income Tax. However, if certain conditions are met, the...

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The...

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...

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on: 31 January during the tax year e.g.,...

There is more to being appointed a company director than accepting the title. According to Companies House directors formal, statutory duties and responsibilities include: filing an annual confirmation statement; filing...

In most cases, a supply of goods or services for VAT purposes is deemed to have taken place in return for consideration. This is usually payment in money but can...

There are a number of reasons why you might need to complete a Self-Assessment return for the first time. This includes if you are self-employed, have an annual income over...

The Cycle to Work scheme was introduced over 20 years ago to help promote the use of environmentally friendly modes of transport. The scheme allows employers to provide bicycles and...

Simple Assessment is a method by which HMRC can assess where additional Income Tax is due by a taxpayer. A Simple Assessment letter is usually issued to taxpayers with reasonable...

A reduced rate of Inheritance Tax (IHT) of 36% (reduced from 40%) applies where 10% or more of a deceased’s net estate is left to charity. The lower rate applies...

There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs. Class 2 NICs are paid...

Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the...

Recognising the need to maintain access to cash withdrawal facilities, the government is stepping in to set out a new access standard in the UK. The vast majority of people...

There are special rules to help ensure that goods sent from abroad are taxed appropriately. The aim is to not disadvantage UK businesses supplying goods in the UK, for example,...

The VAT treatment of motoring expenses is relevant to any business that incurs VAT on motor expenses. We have covered below some important points to be aware of concerning the...

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding...

If you are an employee that needs to buy substantial equipment to use as part of your employment you may be able to claim tax relief. In most cases you...

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 – held by the...

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The...

If there is a particular type of customer that is ideally placed to benefit from the goods or services you sell it makes sense to target any marketing activity in...

Landlords have a legal obligation to keep their rented property in good condition, and any gas or electrical systems must meet specified safety standards. There are different rules for making...

1 September 2023 – Due date for corporation tax due for the year ended 30 November 2022. 19 September 2023 – PAYE and NIC deductions due for month ended 5...

The bankruptcy process applies to people living in England, Wales or Northern Ireland. There is a separate process known as sequestration in Scotland. Bankruptcy is a form of insolvency and...

There are a number of online tools available to help find information about a property in England or Wales, even if you do not own it. The service is available...

The Bank of England’s Monetary Policy Committee (MPC) met on 2 August 2023 and voted 6-3 in favour of raising interest rates by 25 basis points to 5.25% in a...

There are four options for the VAT treatment of road fuel costs. Treat all of the VAT as input tax because 100% is used for business purposes. This option only...

There is an online tool that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at www.gov.uk/check-additional-income-tax. This could include...

Charities in Scotland are regulated by an independent body. This body is called the Office of the Scottish Charity Regulator (OSCR). The OSCR is the regulator and registrar for over...