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What happens if you miss the late filing deadline for company accounts | Late Filling Penalties

The directors are responsible for filing their company’s accounts and ensuring they’re filed before the filing deadline. Understanding your role and how late filing could affect your company is important.  

20 Dec 2023 Read more
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Cash Basis for Sole Traders | Should I use cash basis for my tax return?

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The cash basis scheme allows qualifying businesses to use the cash basis when recording income and expenditure. However, this cash basis scheme is not appropriate for all small businesses.

20 Dec 2023 Read more
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What is the National Insurance Contributions Rate for 2024?| How Employed and Self Employed can Calculate their Annual Gain?

In the  recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions for both employees and self-employed people.  

20 Dec 2023 Read more
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Tax Diary January 2024

Tax Diary January 2024

12 Dec 2023 Read more
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The Autumn Statement Key Updates | What was announced?

The Chancellor of the Exchequer (Jeremy Hunt) delivered his autumn statement today with it having been widely predicted that tax cuts of some kind would be announced, with National Insurance and Inheritance Tax specifically being mentioned.

22 Nov 2023 Read more
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Paying Tax by Direct Debit to HMRC | Can I pay my self-assessment tax return by Direct Debit?

One of the many ways payments can be made to HMRC is by using a direct debit. The direct debit can be set up online. 

16 Nov 2023 Read more
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Taxable Gains on Gifts | What is the Gift Relief on the Transfer of Property?

Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. Gift Hold-Over Relief means that any gain on the asset is 'held-over' until the recipient of the gift sells or disposes of them. This is done by reducing the acquisition cost by the amount of the held over gain for the acquirer.

16 Nov 2023 Read more
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Tax Diary December

Key dates for your tax diary in December 2023.

16 Nov 2023 Read more
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What is the trust income tax rate for 2023/24? | Trusts and Income Tax

A trust is created when assets, usually referred to as the trust property, are placed under the control of a trustee for the benefit of another, usually referred to as the beneficiary. The person transferring assets to the trust is known as the settlor.

16 Nov 2023 Read more
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What is the Economic Crime and Corporate Transparency Bill? | Companies House proposed measures and implementation.

The measures set out in the Economic Crime and Corporate Transparency Bill give Companies House new and enhanced powers to improve the quality and reliability of their data.

16 Nov 2023 Read more
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Tax Diary November 2023

Key dates for your tax diary in November 2023.

18 Oct 2023 Read more
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Replacement of domestic items relief | Tax Relief For Replacement Of Domestic Items

The difference between the replacement of domestic items relief and wear and tear relief. The replacement of domestic items relief was introduced as a replacement to the previous legislation known as wear and tear relief. The critical difference between the old Wear and tear relief and the new replacement of domestic items relief is that the older system was only available for furnished lettings. The new legislation is not as restrictive as the prior relief, with the further relief available for all properties.  

12 Oct 2023 Read more
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