A couple of years ago we were discussing if contracting was dead in the water. The introduction of IR35 reforms in April 2017 and April 2021 had raised questions. The issue of IR35 so to speak. These reforms transferred the responsibility of determining IR35 status from contractors to clients, causing a significant compliance burden. It […]
Category Archives: Corporation Tax
04
Oct
Oct
As accountants, we have become accustomed to seeing situations where our clients combine their business and personal expenses. Our role is often (especially when we are doing the bookkeeping) to sift through these expenses and explain the duality of purpose to our clients. So, what is duality of purpose? Simply explained duality of purpose is […]
Corporation Tax, HM Revenue & Customs, Personal Tax, self employed, Tax Tips
HMRC plans to increase the number of tax investigations
02
Aug
Aug
Last week, HMRC released its annual report, which is worth a read. It covers topics such as tax revenue, decrease in tax gaps, shortcomings in customer service and efforts to ensure accurate tax payment. The CEO’s review discusses investment in compliance officers and emphasis on tackling fraud. As a result, HMRC plans to increase the […]
Business Tips, Corporation Tax, Employee Benefits, Payroll, Personal Tax
The best ways to take money out of your company.
23
May
May
What are the best ways to take money out of your company? This is the most common question asked by many clients. You choose to operate your business as a limited company for various reasons. One of the top reasons is normally so that you can have protection under “limited liability” and the other is […]
19
Apr
Apr
In the Chancellor’s Spring 2023 Budget , Jeremy Hunt confirmed changes to the two Research and Development (R&D) schemes currently in operation. These changes came into effect from 1 April 2023 and are being brought in to help tackle a significant amount of fraud being perpetrated through the R&D schemes, particularly the scheme for SME’s. […]
Corporation Tax, HM Revenue & Customs, Tax Advice, Tax Tips
Changes to Research & Development tax credit schemes
11
Jan
Jan
Changes to R&D tax relief schemes In the Chancellor’s Spring 2023 Budget ,Jeremy Hunt confirmed changes to the two Research and Development (R&D) schemes currently in operation. The main changes relate to the changes to the rates of relief available. These changes came into effect from 1 April 2023 and are being brought in to […]
23
Nov
Nov
Operating through a Limited Company is the most common way to work in the UK if you are working for yourself. This is because it is relatively cheap and easy to set up. It is also perceived to be the most tax advantageous way of operating. But the tax advantages are increasingly being reduced. So, […]
Corporation Tax, HM Revenue & Customs, National Insurance, News, Payroll, Tax Planning, Tax Tips
The Mini Budget 2022 – Revisited
19
Oct
Oct
Have you kept up with all the changes in the mini budget? From the time of the initial announcements on 23rd September we were in fact expecting more announcements but not the type that came over the last two weeks. The mini budget 2022 has been revisited properly this week by the new Chancellor Jeremy […]
Capital Allowances, Corporation Tax, Exporting, Importing, National Insurance, Personal Tax
Deeper dive into the “mini budget”
28
Sep
Sep
In an unusual move, yesterday the International Monetary Fund (IMF) openly criticised the UK government’s mini budget . The IMF have concerns that the proposals delivered by Kwasi Kwarteng are likely to make the UK a more unfair society and add to the existing inflationary pressures. The markets have lost faith in the pound during […]
Business Tips, Capital Allowances, Corporation Tax, HM Revenue & Customs, National Insurance, Personal Tax, Tax Planning
Mini Budget 2022
26
Sep
Sep
The new Chancellor Kwasi Kwarteng revealed his first budget on Friday 23rd September. Whilst many of us were expecting some tax breaks nobody had predicted the biggest tax cutting budget since 1972. The tax cuts and other incentives in the budget are directed towards growing the UK economy. The government is targeting a 2.5% growth […]
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