In order that we can help predict your taxable profits and tax liabilities we need up to date profit figures and projections. One of the advantages of keeping your business accounts in a computerised form, ideally on the Cloud, is that we can review your latest financial position and help you prepare more reliable profit…
Category Archives: Tax
11
Oct
Oct
The Treasury has announced that the Office of Budget Responsibility (OBR) will produce a report on the state of the UK Economy in time for the Chancellor Jeremy Hunt to present his Autumn Statement on Wednesday 22 November. Last year the Chancellor announced a number of significant changes, reversing many of the proposals in the…
10
May
May
As well as moving more and more employer returns online HMRC have announced that they will be phasing out paper self-assessment tax returns and encouraging individuals to file online. Individuals under the age of 70 within self-assessment will no longer receive a paper form through the post or be able to download a form from…
24
Mar
Mar
As well as charging interest on tax paid late, HMRC may also levy a penalty where there is an error in a tax return. These penalties may be judged as careless or deliberate and the level of penalty will also depend upon whether or not; the taxpayer has been upfront, making unprompted disclosures to correct…
27
Feb
Feb
It is not always appreciated that donations made under Gift Aid aren’t just good for the recipient charity or community amateur sports club. They can also be a useful planning tool for the donor – and even generate tax refunds for some taxpayers. Gift Aid benefits donors, too Gift Aid donations work to your advantage…
27
Feb
Feb
Some people see accounts as a necessary formality and under appreciate how much information is contained in their accounts. More importantly how their accounts can help them to improve their business and increase profits. Why are accounts useful? Accounts are useful quite simply because they let you know how your business is doing. You can…
26
Feb
Feb
A phased reduction in the capital gains tax (CGT) annual exemption is on the horizon. Currently £12,300, the exemption falls to £6,000 from6 April 2023. A further reduction takes effect from 6 April 2024, when it drops to £3,000. The move is expected to raise an additional £25 million in tax revenue in 2023/24 alone,…
25
Feb
Feb
Savings Interest of up to £1,000 from savings such as bank and building society accounts, unit trusts, and trust funds, can be sheltered from tax by the Savings Allowance. Availability of the allowance depends on your tax band. The allowance applies across the UK. Scottish taxpayers therefore need to assess their savings position based on…
24
Feb
Feb
Looking at household income in the round, and planning to make optimal use of all allowances available is likely to create the most tax-efficient solutions. You and your spouse The income of each spouse is taxed separately, with each party being entitled to a personal allowance. Capital gains are also taxed separately, each party having…
23
Feb
Feb
A review of planning possibilities in the light of the Autumn Statement, and the Budgets in Wales and Scotland. Key points to note are: the personal allowance (PA) is frozen at £12,570 until 5 April 2028 across the UK the basic rate band is frozen at £37,700 for the same period (England, Wales and Northern…
