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What is the filing deadline for share scheme operators?

There are a number of government approved share schemes which offer tax advantages to employees. The approved schemes are Share Incentive Plans (SIPs), Save As You Earn (SAYE) schemes, Company Share Option Plans (CSOPs) and Enterprise Management Incentive (EMI) schemes.

14 Jun 2023 Read more
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What Are The CGT Implications When Selling Your Home?

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence relief.

14 Jun 2023 Read more
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What Professional bodies are entitled to tax relief?

HMRC's Latest Update: Noteworthy Additions and Modifications to Approved Professional Bodies ListMany professionals such as accountants, lawyers and health professionals are required to make a subscription to a professional body or learned society. HMRC has recently published an updated list of the organisations that they will accept as valid professional bodies.

14 Jun 2023 Read more
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What Are The Inheritance Tax Thresholds For 2023/24?

Inheritance tax (IHT) is commonly collected on a person’s estate when they die but can also be payable during a person’s lifetime on certain trusts and gifts. The rate of IHT currently payable is 40% on death and 20% on lifetime gifts. IHT is payable at a reduced rate on certain assets if a taxpayer leaves 10% or more of the 'net value' to charity of their estate.

14 Jun 2023 Read more
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QuickBooks Desktop Access Stops on 30 June 2023

If you are currently using QuickBooks Desktop, then you have less than one month to make the switch to QuickBooks online or a different financial management software (FMS) solution

12 Jun 2023 Read more
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Switching to QuickBooks Online from QuickBooks Desktop

QuickBooks have announced that QuickBooks Desktop will be discontinued in the UK. This will mean that there will not be a 2022 edition and they will be ending their full support for the product on 31 January 2023.

17 May 2023 Read more
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Pension Changes from 6 April 2023

The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. The old £40,000 cap on annual pension contributions has been increased by 50% to £60,000, with effect from 6 April 2023. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of Income Tax and is subject to the increased underlying limits. Taxpayers will continue to be able to carry forward unused annual allowances the last three tax years if they have made pension savings in those years.

15 May 2023 Read more
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Understanding Private Residence Relief and Letting Relief

In general, there is no Capital Gains Tax (CGT) due on the disposal of a property which has been used as the owner’s main residence throught the period of ownership. This relief from CGT is commonly known as 'private residence relief'. However, where all or part of the home has been rented out the entitlement to relief may be affected. Homeowners that let all or part of their house may not benefit from the full private residence relief, but may benefit from letting relief.

12 May 2023 Read more
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What is the deadline for submitting my p11D & P11D (b) Forms for 2022/23

The deadline for submitting the 2022-23 forms P11D, P11D(b) and P9D is 6 July 2023. The forms can be submitted using commercial software or via HMRC’s PAYE online service. Employees must also be provided with a copy of the information relating to them on these forms by the same date. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) unless the employer is including such benefits through their payroll.

11 May 2023 Read more
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What are the rules for Corporation tax with Large and Very Large companies.

A large company with taxable profits between £1.5m and £20m is required to pay Corporation Tax in 4 equal instalments. These instalments are payable in months 7, 10, 13 and 16 following the start of the relevant accounting period. The actual payments are due 6 months and 13 days after the start of the accounting period, then 9 months and 13 days, then 12 months and 13 days and finally 15 months and 13 days after the start of the accounting period.

8 May 2023 Read more
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What are the Tax-free allowance's on trading and property income?

A reminder that there are two separate annual £1,000 tax allowances for property and trading income. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each.

2 May 2023 Read more
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What miscellaneous benefits can I offer Tax-Free?

The list of miscellaneous company benefits that can be provided tax-free to employees is quite short. However, some of the benefits that can be provided include the following:

14 Apr 2023 Read more
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