Your quick guide to paying tax on your pensions
Making sure you’re paying the right amount of tax can be taxing! If you receive a State Pension or other type of pension, then you may still need to pay tax on it. Without the pay-as-you-earn (PAYE) structure of the workplace, you may find it hard to know when and Read more…
Funded and thriving: Understanding financing
Financial initiatives to support business growth are continually being announced by the Government, local authorities, individuals and private-sector companies. Funding from private companies often aims to nurture specific industries, particularly high-growth sectors like technology, sustainable manufacturing and healthcare. They might target general growth or specific projects, such as the development Read more…
Exiting the slow lane – Sustaining growth in uncertain times
Recent years have held a lot of uncertainty for small and medium-sized enterprises (SMEs) and independent businesses. While there are signs of recovery, SMEs have seen slow growth in recent months. However, with employment increasing at a faster pace than in large firms, there is a variety of ways in Read more…
How to deal with the rising impact of Inheritance Tax on family homes
Inheritance tax (IHT) can be a sore subject for some taxpayers, especially when it comes to passing on the family home to the next generation. Often referred to as a “death tax” it cannot be ignored if you intend to leave considerable wealth to your beneficiaries. Recent developments indicate that Read more…
Watt’s up with HMRC? Understanding the new electric car charging rules
The recent update to HM Revenue & Customs’ (HMRC) Employment Income Manual is a significant development for businesses and employees utilising company cars, particularly electric vehicles (EVs). The revised guidance now aligns with existing legislation, specifically, Section 239 of the Income Tax (Earnings and Pensions) Act 2003, which states that Read more…
Brexit’s next chapter: EU announces new Green Tax and VAT rules
The recent survey by the British Chambers of Commerce (BCC) reveals a concerning lack of preparedness among UK small and medium-sized enterprises (SMEs) for ongoing EU regulations and tax changes. A staggering 80 per cent of SMEs surveyed are unaware of the reporting requirements for the EU’s new Green Tax, Read more…
Almost 50 per cent of businesses forget vital R&D forms
Research and development (R&D) tax relief claims are a vital way to offset your business costs against profits and promote technological innovation and advances. However, filling in the mountain of paperwork associated with R&D claims can be tedious and time-consuming – and has only gotten more so with recent changes. Read more…
What’s on the horizon for taxation?
Businesses are holding their breath as the upcoming Autumn Statement threatens to change the tax landscape of the UK. Chancellor of the Exchequer, Jeremy Hunt, announced that he will present the Statement to Parliament on 22 November 2023. The cost-of-living crisis is becoming a serious political issue ahead of an Read more…
HMRC targets overseas taxpayers
HM Revenue & Customs (HMRC) has continued to run campaigns to ensure that overseas workers, registered in the UK, are paying the correct taxation rates. Taxpayers that have overseas assets and income may still be obligated to pay UK tax rates under certain circumstances. The first step HMRC will take Read more…
