The Chancellor, Jeremy Hunt, made a statement on our economy last week. The Autumn Statement 2023 unveiled the current government’s tax and spending plans. The statement also focused on the growth of the British Economy over the coming years. The UK Economic Outlook The Chancellor expressed a strong desire to prioritise the expansion […]
Category Archives: Tax Planning
15
Nov
Nov
In the field of the rental business, whether an expense is tax deductible will very much depend on what it is. However, the ability to deduct expenses in a property business depends on the status of your rental business. So, what do we mean by the status of the business? Well, when it comes to […]
09
Aug
Aug
Capital gains tax (CGT) is a complicated area of tax and one that a lot of people don’t come across often unless you are a regular investor. So, what is capital gains tax and how to pay less? When individuals or trusts sell or gift an asset, they typically pay taxes on any profit or […]
14
Jun
Jun
The Basis Period Reform was originally planned to coincide with Making Tax Digital (MTD), but despite MTD being postponed, HM Revenue & Customs (HMRC) will still implement the Basis Period Reform. This will have an impact on self-employed individuals and partnerships. If you run a partnership or are self-employed, the Basis Period Reforms will impact […]
26
Apr
Apr
Like many other taxes, inheritance tax (IHT) allowances have been frozen over the last few years. This means that more people are now paying IHT. Recent data from HMRC has revealed that IHT collected between April 2022 and February 2023 totalled £6.4bn, this is £900m higher than the same period last year. So, what can you […]
20
Mar
Mar
After presenting a Budget-in-all-but name with the Autumn Statement, the Spring Budget was delivered against the backdrop of a day of widespread industrial action. The run-up to the event appeared deliberately downplayed, save for a late flurry of leaks highlighting a focus on childcare at one end of the scale and pensions at the other. […]
08
Mar
Mar
This is a common question when thinking about completing your Tax Return. Can I do it myself or do I really need an Accountant to file a Tax Return. Well, the simple answer is it depends. It depends whether you have the time, whether your time would be better spent elsewhere, and how complex your […]
HM Revenue & Customs, Tax Advice, Tax Planning, Tax Tips
Do you want to transfer the ownership of your investments to your spouse to save tax?
08
Feb
Feb
Have you been thinking that if you could just transfer some of your investment income to your spouse then you will have a lower tax liability? If so, you are not the only one. This is a common question when we prepare client’s tax returns. Having just completed the tax season and nearing the end […]
Capital Allowances, Employee Benefits, P11d, Personal Tax, Tax Planning
The Tax Benefits of an Electric Car
18
Jan
Jan
The company car is becoming more popular again mainly because of electric cars. Once again it is potentially an exciting tax perk and an important part of any remuneration planning. In our updated blog we revisit the tax benefits of an electric car. Of course, nobody these days questions the environmental benefits of running an […]
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, […]