Beneficiaries could see inherited pensions taxed as new proposals by HMRC are published

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Beneficiaries could see inherited pensions taxed as new proposals by HMRC are published

Jul 27, 2023

Currently, if someone dies before the age of 75, their pension can be drawn out by beneficiaries’ tax-free, as it is exempt from Inheritance Tax and Income Tax if it is under the Lifetime Allowance (LTA). But HM Revenue & Customs ...

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Blog, Business, Tax

HM Revenue & Customs pledge £5.5 million to support customers

Jul 25, 2023

HM Revenue & Customs (HMRC) has recently stated that they will pledge £5.5 million to organisations who are in the voluntary and community sectors to help support customers organise their taxes. The last voluntary or community sector organisation (VCS) grant was ...

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Blog, Tax

An overview of the Construction Industry Scheme and what it means for your business

Jul 05, 2023

The Construction Industry Scheme (CIS) is a Government initiative that allows contractors in the construction industry to deduct money from a subcontractor’s payments and pass it on to HM Revenue & Customs (HMRC). These deductions count as advance payments towards a ...

Blog, Business accounting, Tax

Corporation Tax: Upcoming filing deadlines and reminder about recent amendments

Jun 06, 2023

Recent changes HM Revenue & Customs (HMRC) made to the rate of Corporation Tax mainly affected larger businesses in the UK. As of April 2023, companies that generate a profit of more than £250,000 during their accounting period will pay a ...

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Blog, Tax

Landlords should bring UK tax affairs up to date before Renters Reform Bill is enforced in law

May 23, 2023

The Government is looking to introduce the Renters Reform Bill, which if made law, will be the biggest shake-up to housing laws in forty years. Whilst the Bill will have implications for the 11 million renters in the UK, landlords have ...

Blog, Business accounting, Tax

Embracing the future: AI and automation in cloud accounting

Mar 17, 2023

Artificial Intelligence (AI) is becoming increasingly advanced so, as a business owner, you need to get on board or you might get left behind. Cloud accounting has revolutionised how you manage your business’s finances in terms of collaboration, data accuracy, and ...

Blog, Budget, General news, Tax, VAT

Spring Budget 2023

Mar 15, 2023

Just a few days short of the third anniversary of the first Covid lockdown, Chancellor Jeremy Hunt rose to the Despatch Box to deliver the first full Budget to have taken place in 504 days and the first unaffected by ...

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Blog, Business Advice, SMEs, Tax

Are you handling your records effectively?

Mar 02, 2023

Effective financial record keeping is crucial for any business owner to maintain compliance with tax regulations and gain a clear understanding of their financial status. Although you may already have established bookkeeping practices, it is crucial to periodically review and update ...

Blog, HMRC, Tax

Self-Assessment taxpayers warned of next payment deadline

Mar 01, 2023

Taxpayers have been reminded that a penalty deadline for unpaid Self-Assessment tax is imminent. HM Revenue & Customs (HMRC) will automatically add a penalty to your tax bill equal to five per cent of the Self-Assessment tax you owe for 2021/22 ...

Blog, Tax, VAT

The VAT filing deadline is approaching: How to get prepared

Feb 23, 2023

It’s important to stay up to date with the latest regulations and requirements related to taxes, including Value Added Tax (VAT) to avoid penalties. HM Revenue & Customs (HMRC) recently reminded businesses about new VAT penalties and interest payments ahead of ...

Tax