We’re often asked for advice on whether or not to buy an investment property via a limited company. The answer, as always, is that it depends on the circumstances. There are pros and cons to either approach, as we explain in this month’s blog. The options You can either buy property personally or through […]
Not all tax-free allowances disappear at the end of the tax year, which can help save you money. We explore those that do, and those that don’t. Tax allowances that you can carry forward Your pension allowance You can pay 100% of your annual income into your pension up to a maximum of […]
For businesses with profits over £50,000, corporation tax rose on 1 April 2023. If you’re looking to find ways to reduce your tax liabilities this year, here are some helpful options to consider. How much corporation tax do you have to pay? If you own a limited company, you’ll need to pay corporation tax on […]
If you run a business that pays tax via self-assessment, a new HMRC reform will probably affect you. Called the Basis Period Reform, it could impact how you report your profits to HMRC for the 2023/24 tax year onwards. You might even end up paying more tax than you need to. Why is the […]
On Wednesday 6 March 2024 Jeremy Hunt presented the Spring budget. He explained that while interest rates remain high to bring down inflation, his budget would help families manage the higher cost of living with permanent cuts in taxation. He described it as a ‘budget for long term growth.’ Mr Hunt announced that inflation is […]
HMRC uses some clever tactics to keep an eye on UK taxpayers and their activities, by making the most of the data available. Here we look at some of the ways HMRC gathers information – and why it’s so important to make sure you keep your tax affairs in order. General information powers HMRC […]
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 […]