Not all tax breaks 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 with data to keep an eye on UK taxpayers, their activities and any undeclared income. 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 can legally request […]
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 tax efficiently as possible. Here are five options to consider in how to […]
January is never the most enjoyable month, as we recover from festive overindulgence and aim to turn over a new leaf. Many people also start worrynig about the self-assessment deadline which looms on 31 January. It can be bad timing for some people, following Christmas so closely and putting additional pressure on their finances. But […]
On Wednesday November 22 Jeremy Hunt presented the Autumn budget 2023. 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 […]
There are some helpful tax breaks for spouses and 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 […]
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 […]