Latest Thinking

A new press release by HMRC has highlighted the fact that 3,275 taxpayers took the time to file their tax return online on Christmas Day with a further 10,311 taxpayers...

The VAT One Stop Shop is an EU wide scheme that allows a VAT registered business to register in only one single EU Member State. The scheme was extended with...

Under current rules, you can claim tax relief for your private pension contributions. The annual allowance for tax relief on pensions is £40,000 for the current tax year. There is...

If you do not already have a National Insurance number you will normally need to apply for one if you are planning to work in the UK, claim benefits, apply...

The Customs Declaration Service (CDS) is a customs IT platform designed to modernise the process for completing customs declarations for businesses that import or export goods from the UK. A...

The Mortgage Guarantee Scheme was set to end on 31 December 2022. In a last-minute announcement from HM Treasury, it was confirmed that the scheme will now be extended for...

1 January 2023 – Due date for Corporation Tax due for the year ended 31 March 2022. 19 January 2023 – PAYE and NIC deductions due for month ended 5...

Most employers and employees are aware of the additional costs of providing company cars and the tax implications they create. However, for many employees the attraction of having a company...

A new VAT penalty regime will affect all VAT registered businesses from 1 January 2023. The changes will apply to the late submission and / or late payments of VAT...

If you have been in the same job for two or more years and are made redundant you will usually be entitled to redundancy pay. The legal minimum that you...

The vehicle benefit charges for 2023-24 have been announced. Where employees are provided with fuel for their own private use by their employers, the car fuel benefit charge is also...

The Chancellor of the Exchequer, Jeremy Hunt has confirmed, in a written statement, that the next UK Budget will take place on Wednesday, 15 March 2023. This will technically be...

The deadline date to file your 2021-22 Self-Assessment tax return is fast approaching. Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return but over 2.3...

A statement was made by the Financial Secretary to the Treasury on 19 December 2022. It confirmed that the roll-out of Making Tax Digital for Income Tax, due to commence...

If you inherit property, you are usually not liable to pay tax on the inheritance you receive. This is because any Inheritance Tax (IHT) due should be paid out of...

The Chancellor, Jeremy Hunt, recently hosted a meeting at 11 Downing Street to discuss what help may be available to support homeowners who encounter problems paying their mortgage. The meeting...

An updated briefing which looks at how HMRC deals with wealthy individuals has been published. The briefing looks at helping wealthy individuals to comply with their tax obligations and also...

Tax relief may be available for post-cessation expenses of a trade. In order to be an allowable post-cessation expense, the trade must have ceased, and the expense must have been...

The rent-a-room scheme is designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current...

A new press release from HMRC has revealed that more than 50,000 taxpayers have used the HMRC app to make Self-Assessment tax payments since February 2022. Payments can be made...

Have you considered any last-minute planning options if your company has a 31 December 2022 year-end date? It is not too late to consider your options. For example: Expenditure on...

A salary sacrifice scheme lets employees swap cash salary for non-cash benefits, saving tax and National Insurance. But earnings must not fall below the National Minimum Wage, and life events...

There are special rules that determine the recoverability of pre-trading VAT costs. Pre-trading VAT costs describe VAT that was incurred before a business registered for VAT and is known as...

Time is running out to claim the super-deduction offering 130% first-year tax relief. The deduction is available to companies until March 2023. The super-deduction was designed to help incorporated businesses...

A defined contribution pension (sometimes referred to as a money purchase pension scheme) is a type of pension scheme where the pension pot is based on how much money is...

The planned increases in Corporation Tax (CT) rates from April 2023 are now proceeding as originally announced. The Corporation Tax main rate will increase to 25% from 1 April 2023...

Don’t forget to take advantage of tax-free trivial benefits. If you are an employer and looking to give your employees a small token of appreciation then your best option is...

Companies that are dormant or qualify as a small company or ‘micro-entity’ can choose to send a simpler set of accounts known as abridged accounts to Companies House and do...

The Scottish rate of income (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. This means that Scottish taxpayers who also have savings and...

The Department for Digital, Culture, Media & Sport (DCMS) has published a new press release to confirm that they have been working together with internet service providers to deliver low-cost...