Category Archives: Tax Tips

Tax deductible expenses for your property business

vacant property

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 […]

Why should you understand your PAYE code?

paye tax

Does it matter if you don’t know exactly what is in your “Pay As You Earn” (PAYE) code? After all HM Revenue & Customs have all the information and they will issue the right code which your employer will apply.  So why should you understand your PAYE code? It is common for taxpayers to be […]

What is capital gains tax and how to pay less?

how to pay less CGT

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 […]

HMRC plans to increase the number of tax investigations

hmrc inquiry

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 […]

How can you incorporate your property business in a tax-efficient way?

investment property

Landlords are currently facing a challenging landscape, causing many to reconsider their decision to remain in the industry. If you plan to continue as a landlord, you may now be considering incorporating your property business.  This could deliver some financial and tax advantages. But how can you incorporate your property business in a tax-efficient way? […]

Managing Inheritance Tax – What if you can’t afford to pay the tax

iht planning

In our previous blog managing Inheritance Tax (IHT) we looked at how IHT works and what steps you can take to minimise your liability. However, if you look at the latest government data, it shows the number of people paying IHT is rising year on year. Last year some 41,000 people were liable to IHT […]

Do you have a growth strategy?

business growth

You might have a great product or service to sell but without a business growth strategy to help, it may not grow at all! To grow you need to have a well-documented and clearly defined growth strategy. A growth strategy starts with identifying and accessing opportunities within your market. The strategy addresses how your company […]

Managing Inheritance Tax

iht planning

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 […]

Changes to R&D tax relief schemes

research & development

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. […]