It’s old news now that Rachel Reeves has long had her eyes on inheritance tax (IHT) as an area for reform. The announcements in the last Budget have sharpened the focus by removing reliefs for businesses, including farmers and bringing your pension savings into your Estate when you die. So, are you ready for the […]
Category Archives: HM Revenue & Customs
Business Tips, HM Revenue & Customs, Personal Tax, Tax Tips
When Is an Asset Business or Personal? HMRC’s View and the Tax Consequences
10
Sep
Sep
Determining if assets or property are used for business or personal purposes can significantly affect taxation levels. HM Revenue and Customs (HMRC) is often sceptical of claims where assets appear capable of private use, from cars to horses, and even motorbikes. The consequences of getting it wrong can be costly. So, let’s clarify when an […]
HM Revenue & Customs, Personal Tax
What is the McCloud Remedy? Understanding the Changes to Public Service Pensions
23
Jul
Jul
In 2015, the UK government introduced major reforms to most public service pension schemes, including the NHS pension scheme. These reforms aimed to make pensions more sustainable and affordable for the future. However, one key aspect of the changes sparked legal challenges; age-based protections that were granted to older members, but not to younger ones. […]
30
Apr
Apr
Directors loan account, what is it? A director’s loan account (DLA) records transactions between the director and the company. It is a record of either money lent to the company or borrowed from the company. The tax treatment of these transactions depends on whether you have lent money to the company or are borrowing from […]
23
Apr
Apr
It’s easy for small businesses to overlook the implications of Making Tax Digital (MTD), especially since it has been delayed a few times over recent years. However, we can confirm that MTD is coming, and the countdown has already begun! Staying informed about these changes can be challenging, but we are here to support you […]
Corporation Tax, HM Revenue & Customs, Landlords, partnerships, VAT Compliance
HMRC plans to increase the number of tax investigations
26
Feb
Feb
While she was the shadow chancellor, Rachel Reeves announced a policy to invest more in tax compliance, with an investment of approximately £555 million. This funding was to ensure that HM Revenue and Customs (HMRC) had the resources to recruit more inspectors. Fast forward to the Autumn Budget, Ms Reeves unveiled further details. The Labour […]
HM Revenue & Customs, Personal Tax, self employed, Tax Advice, Tax Planning, Tax Tips
Year-end tax planning
15
Jan
Jan
The end of the tax year is fast approaching, making it an ideal time to remind everyone about important steps for year-end tax planning. Before we proceed, let’s take a moment to review the changes that will be happening in the next couple of years. During the last Budget, a few changes were announced that […]
Employee Benefits, HM Revenue & Customs, P11d, Personal Tax, Tax Advice
Benefits your employees actually want
03
Dec
Dec
Good employers have been offering workplace benefits for a long time. There are many reasons for doing so, with one of the main ones being that a strong employee benefits package attracts the right talent. However, how can you determine which benefits your employees actually want? You might not have considered how providing benefits to […]
20
Nov
Nov
A recent publication from HM Revenue and Customs (HMRC) and extensive discussion in the tax and property press have again brought tax avoidance schemes into the spotlight. As a taxpayer, it’s important to be aware of the whole picture when it comes to of tax avoidance schemes. You also need to know what to do […]
Business Tips, capital gains tax, HM Revenue & Customs, Personal Tax, Tax Tips
Further details of the Budget
31
Oct
Oct
Yesterday, we received the first Labour Budget in fourteen years, which was significant! It included substantial tax increases. There is a lot to consider, so we can begin by examining the details of the Budget. However, before we jump to the nitty gritty, here’s a summary of how the Budget affects you depending on who […]