4 minutes to read For tax efficiency on savings and investments read our fourth guide here, or contact either our Leicester or Loughborough accountants. Savings The Savings Allowance (which applies across the whole of the UK) allows interest of up to £1,000 from savings such as – bank and building society accounts – unit trusts – trust funds to …
Continue reading "Tax planning: Savings and investments"
4 minutes to read As anticipated, Chancellor Jeremy Hunt’s first Budget was heavily focussed on a push for economic growth, by offering tax breaks to stimulate business investment, and address pressures on the UK’s workforce by providing incentives to remain in or return to employment. Whilst few would have been expecting much in the way of tax giveaways, the …
Continue reading "Spring Budget: Our summary"
4 minutes to read Many families look at their household income in the round for budgeting expenditure. This approach is also valuable when it comes to tax and your family, so that the best uses of allowances are made. Tax and your family In the weeks leading to 5 April 2023 consider three points to create the most tax-efficient …
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5 minutes to read The period before the end of the tax year is an important time to review your affairs with your accountant. There’s still time to plan, and make the most of allowances, ahead of your new tax return being issued after the 5 April 2023. Here, in the second of our year-end tax planning reviews, we …
Continue reading "Tax planning: Income tax rates & allowances"
4 minutes to read In all things tax, time is definitely of the essence. Over the next four weeks, we take a look at the tax changes announced in 2022 which may affect your personal affairs, your family and business affairs. Checking your plans for the long term are arranged as tax efficiently as possible is always important, and …
Continue reading "Tax planning: Director-shareholders"
2 minutes to read With the economic environment challenging, the government has announced today (19 December 2022) that self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD). The aim is now to implement the change gradually so that MTD works for everyone: taxpayers, tax agents, software developers, as well as HMRC. The significant …
Continue reading "Making Tax Digital: more time to comply"
4 minutes to read The Chancellor of the Exchequer, Jeremy Hunt delivered his Autumn Statement on 17 November 2022, against a backdrop of record inflation and market instability. This was a Budget of balance, with none of the usual “rabbit out of the hat” announcements. Instead, the emphasis was on financial stability, creating growth and protecting public services. Mr …
Continue reading "Autumn Statement 2022"
12 minutes to read (Updated 1st Nov 2021) Over the course of the Covid-19 pandemic we have seen numerous Government measures designed to help businesses, from the furloughing scheme and deferred VAT payments to subsidised business loans. Many businesses will have made use of some of these schemes, and perhaps also received a (taxable) business rates grant. Nonetheless, many …
Continue reading "Making the most of tax losses"
3 minutes to read Budget 2021: Corporation tax – no big surprises By: Jacquelyn Kimber for AccountingWeb. As expected, it was a fairly quiet Budget as far as corporation tax changes were concerned. An increase in the main rate of corporation tax to 25% from April 2023 was announced in March 2021, alongside the introduction of a “super deduction” at …
Continue reading "Budget 2021: Corporation tax, no big surprises"
< 1 minute to read Government has confirmed the introduction of Making Tax Digital (MTD) for income tax will be deferred until April 2024 at the earliest. MTD for income tax had previously been expected to apply from April 2023. Furthermore MTD for partnerships has been delayed until April 2025. Find out more on the Government website here.
