Tax
How can the Marriage Allowance save you money?
Nov 09, 2023
There are many financial and legal benefits to being married or in a civil partnership, but one of the most overlooked reasons is the potential for tax relief. This is because, thanks to the Marriage Allowance, where one partner earns below ...
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BOO-st your tax planning this Halloween
Oct 31, 2023
When it comes to tax planning, timing is everything. The end of the financial year might seem like the obvious period to get your accounts in order, but why risk a tax season rush? Halloween is near the mid-point of the tax ...
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The impact of Capital Gains Tax in estate planning
Oct 19, 2023
Capital Gains Tax (CGT) is one of those terms that often elicits a groan from private clients, but understanding its intricacies can be incredibly beneficial in the long run. CGT has, after all, a significant influence on your estate planning and ...
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What business owners need to know about meeting PAYE deadlines
Oct 17, 2023
Among the long list of financial responsibilities that you must handle as a business owner is ensuring PAYE are made on time. In October 2023, the electronic payment deadline for your PAYE tax bill falls on Sunday, 22 October. To ...
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Secure your financial future – Plan ahead and send Self-Assessment returns early
Oct 10, 2023
Recent data from HM Revenue and Customs (HMRC) reveals a significant trend - an increasing number of UK taxpayers are filing their Self-Assessment tax returns within the first week of the new tax year. In fact, the number of early filers ...
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Planning for Inheritance Tax challenges as penalties surge in 2022/23 tax year
Sep 05, 2023
While Inheritance Tax (IHT) is a topic that many find uncomfortable to discuss, it is an unavoidable aspect of estate planning. With HM Revenue & Customs (HMRC) collecting a significant £2.28 million in IHT penalties in the last tax year, it ...
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How to save £2,000 in taxes on your childcare costs
Aug 31, 2023
A Government scheme could help parents save up to £2,000 on their childcare costs through tax reliefs aimed at working parents. The reliefs come in the form of a Tax-free Childcare account, from which you directly pay for your childcare needs. With ...
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What tax implications can come with depreciation?
Aug 15, 2023
For business owners, understanding depreciation is not just about accounting practices but also about handling their taxes efficiently. Depreciation represents the reduction in the value of an asset over time, primarily due to wear and tear. Businesses use various methods to calculate ...
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Staying up to date with MTD for ITSA
Aug 10, 2023
In December 2022, the plans for Making Tax Digital for Income Tax Self-Assessment changed again, as the Government announced that instead, MTD ITSA would be introduced in mandatory phases from 6 April 2026, as opposed to 2024. What are the phases? Self-employed ...
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Capital Gains Tax for SMEs – Recent trends and compliance
Aug 08, 2023
Collections of Capital Gains Tax (CGT) reached a record £16.7 billion in the last tax year, a notable increase from the preceding year's £14.3 billion. CGT has always been a significant consideration for small and medium-sized enterprises (SMEs) who should note ...
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