Many of our SME clients want to take some or all of the profits from their business and use them personally. There are ways to reduce the amount of tax you pay on those profits, so that your business is operating as efficiently as possible. Here are five options to consider in how to take […]
January is never the most enjoyable month, as we recover from festive overindulgence and aim to turn over a new leaf. For many people it’s also self-assessment time, as the tax deadline looms on 31 January. It can be bad timing for some people, following Christmas so closely and putting additional pressure on their finances. […]
On Wednesday November 22 Jeremy Hunt presented the Autumn budget. He set out his priorities as to avoid major spending, but to cut taxes and ‘reward hard work’ with numerous changes to business tax and allowances. Mr Hunt announced that the UK economy is set to grow by 0.6% in the current year, according to […]
There are some helpful tax breaks for couples – both those who are married and those in a civil partnership. An important one can be the ability to transfer assets between them without any impact to capital gains tax. Sometimes this can be useful for tax planning. Capital gains – no gain, no loss Married […]
When you sell an asset, such as property, stocks or valuable possessions and you make a profit, Capital Gains Tax (CGT) may apply. In this blog, we look at what Capital Gains Tax is, who needs to pay it and how you can navigate your tax obligations. What is Capital Gains Tax? Capital Gains […]
Inheritance Tax is increasingly important to our clients, led by the rapid rise in property prices over recent decades and the fact that the inheritance tax threshold has remained static since 2009. How much is inheritance tax and will it apply to my estate? Each individual in the UK qualifies for a Nil […]
Have you ever had a suspicious phone call or email claiming to be from HMRC? Unfortunately, the number of fraudsters targeting small business owners, the self-employed and other individuals is rising all the time. According to the National Cyber Security Centre, HMRC was the third most spoofed government body in 2022, behind the NHS and […]
To help address the rising cost of living, many people are finding ways to increase their income with what’s known as a ‘side hustle.’ Perhaps you’re taking in ironing for your neighbours, or delivering food for a local takeaway. You might be employed by a business already and are doing this additional work on the […]
As you may know, everyone must make approximately 35 years of National Insurance contributions to get a full state pension. If your NI record commenced before 6 April 2016, you might need to top up your record. Address National Insurance gaps from the last 17 years Normally you can only top up your NI contributions […]
New HMRC rules mean that you’ll get penalty points if you submit a VAT Return late. We explain how the new system works and how you can avoid a £200 penalty. HMRC has introduced a new penalty system for VAT return periods. The new approach started on 1 January 2023 and applies to payments due […]