Tag Archives: tax

Big tax bills for the self-employed in 2022/23

tax bill

In our previous blog we mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses will be apportioned to tax years where the period of account does not coincide…

Personal Tax Compliance and Planning Assistant (part time considered)

We are looking to recruit an experienced personal tax compliance and planning assistant to join our growing team in Carlisle. This is a great opportunity for someone who believes there’s more to tax than tax returns! We’ve earned a reputation for honesty, integrity and fairness and we’re committed to serving our local community. The role…

Capital Gains Entrepreneurs’ Relief Changes

The Chancellor announced in his 2018 Budget that the minimum qualifying period for CGT entrepreneurs’ relief will be increased from 12 months to 24 months for disposals on or after 6 April 2019. There are further changes affecting shareholdings in personal companies. In addition to the individual holding 5% or more of the ordinary share…

Time to declare offshore income gains and assets warns HMRC

HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. New legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax, or inheritance tax. Some…

Trust Taxation

We are still awaiting the promised consultation on the taxation of trusts announced in the Autumn 2017 Budget. However, in the meantime HMRC have updated their guidance on how different types of trust income are taxed, what management expenses and reliefs can be deducted, and understanding the tax pool. Please contact us if you are…

Revised advisory fuel rates from 1 June 2018

Company Owned Vehicles HM Revenue and Customs have announced revised tax free advisory fuel rates from  1 June 2018 which may be paid for business journeys in a car owned by the business.   Rates for the previous quarter are shown in brackets. Engine size Petrol Diesel LPG 1,400 cc or less  11p (11p)   7p…

Property and trading allowances and how to claim them

Two new £1,000 allowances have been introduced for the 2017/18 tax year, these are designed to take out anyone earning £1,000 of property income or self-employed income from the need to complete a tax return. For those earning over £1,000 of property or self-employed/trading income you have a choice as to whether you deduct the…

Revised advisory fuel rates from 1 March 2018

Company Owned Vehicles HM Revenue and Customs have announced revised tax free advisory fuel rates from  1 March 2018 which may be paid for business journeys in a car owned by the business.   Rates for the previous quarter are shown in brackets. Engine size Petrol Diesel LPG 1,400 cc or less 11p (11p) 7p (7p)…