News

Are you prepared for changes to the income tax basis?
12 July 2022

Unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April each year from 2024/25. This is a significant change to taxation, which removes the basis period rules and prevents the creation of further overlap relief in a new system...
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Survey shows taxpayers are still unprepared for Making Tax Digital switchover
12 July 2022

A new survey on Making Tax Digital (MTD) shows taxpayers have an alarming lack of readiness and enthusiasm for the changeover and a lack of awareness that MTD for Income Tax begins in less than two years. HM Revenue & Customs (HMRC) commissioned pollsters Ipsos to undertake new research...
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The benefits of taking on an apprentice
12 July 2022

With the current labour shortage affecting pretty much all areas of the economy, taking on an apprentice could reap rewards for many businesses. There are many reasons why hiring an apprentice can benefit your business, but for hard-pressed employers, with a limited budget, the financial incentives offered by the Government...
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Be prepared if you decide to adopt a working from home policy
12 July 2022

There seems little doubt now that the working from home phenomenon has become established. With a laptop, a phone and an internet connection, many tasks can be performed as adequately at home or elsewhere, as in an office. While returning to the office is a must for many, the recent rail strikes and surge in fuel prices...
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How to minimise Inheritance Tax bills as house prices surge
12 July 2022

More and more people are being drawn into paying Inheritance Tax (IHT), as the price of property soars. This is because former Chancellor Rishi Sunak froze the nil rate thresholds for paying the tax at £325,000 until 2026, while the value of homes has rocketed, potentially drawing more people into paying the tax.
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‘Umbrella’ contracts firm loses £11m tribunal case against HMRC
12 July 2022

A company has lost an £11 million dispute with the taxman over whether contract construction workers were entitled to claim travel costs tax-free. As many as 600,000 temporary workers in the UK are thought to be employed by umbrella companies, used by recruitment agencies and companies to cut temporary payroll costs.
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Britons lose millions in penalty charges as they cash in LISAs
12 July 2022

Thousands of Britons facing a cost-of-living crunch have been withdrawing funds from their Lifetime ISA (LISA) accounts and getting hit with significant penalty charges. According to HM Revenue & Customs (HMRC), a record 77,500 LISA savers were issued over £33 million worth of early withdrawal charges in 2021/22.
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How hard-pressed SMEs can obtain business support
22 June 2022

Small businesses are the lifeblood of the UK economy, but with rapid inflation and other economic headwinds making trade difficult, they can struggle to access support. There is a wide range of important tax reliefs available to SMEs, which could provide some much-needed financial assistance.
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Be prepared for changes to VAT penalties and VAT interest charges
22 June 2022

Changes to charges and penalties applied to late submission of VAT returns will kick in from January next year. For the VAT period starting on or after 1 January 2023, new penalties will replace the default surcharge for returns submitted or paid late.
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Penalties for misuse of Coronavirus Job Retention Scheme
22 June 2022

New legislation allows HM Revenue & Customs (HMRC) to recover Coronavirus Job Retention Scheme (CJRS) grants that have been overclaimed. Those who fall foul of the legislation could face interest charges, financial penalties and even be named and shamed.
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