Industry News Archives - Page 6 of 16

12th July 202323rd August 2023

Tax treatment of software and design costs

2 minutes to readWhat does a business owner need to know about the treatment of ‘digital expenses’ and their potential tax consequences? Whether you are at the planning stage, or an established business, it is worth speaking to one of our experts to check you are making the most of the digital investments you are making. Background First, …

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30th June 202317th January 2024

VAT payment plans – how to qualify

< 1 minute to readWould your VAT-registered business qualify for a payment plan? As a start, it would need to owe less than £20,000. Our VAT expert outlines the full qualifications for the ‘Self-serve time to pay for VAT’ service from HMRC below. Also known as time to pay agreements, the online VAT payment plan is available if a …

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19th June 202320th June 2023

Gaps in NIC records? New extension to 5 April 2025

< 1 minute to readOn 12 June 23, the government announced a further extension for those wishing to make retrospective payments to their National Insurance record. The new deadline for those wishing to fill gaps in their National Insurance Contributions (NIC), for the period from April 2006 to April 2016, is being put back to 5 April 2025. The …

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15th May 202324th May 2023

Sole trader or partnership? Trading profits tax reform

4 minutes to readThe procedure for assessing when trading profits are taxed is changing radically. The change is called basis period reform. Essentially, means there’s a different time period underpinning the tax assessment. Using the new tax year basis, tax calculations will apportion accounting profits to the tax year (unless the accounting year ends between 31 March and …

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9th May 202316th August 2023

Benefit in kind: online reporting

< 1 minute to readIf a benefit in kind has been paid to employees, employers must submit forms P11D and P11Db online by 6 July 2023. HMRC charge penalties on a monthly basis and issue penalty notices each quarter, until a return is filed. Note also that online reporting of these forms came into force on 6 April 2023, …

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17th April 202314th August 2023

2023-2024 Tax cards

< 1 minute to readOur latest tax cards are a concise summary of the tax rates, allowances and bands for the tax year 2023-2024. Useful to refer to if you want to check – Income Tax Income Tax reliefs Individual Savings Accounts Capital Gains Tax Inheritance Tax Car, van and fuel benefits National Insurance Tax reliefs for individuals Follow …

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1st March 202325th April 2023

Tax planning: Savings and investments

4 minutes to readFor 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 …

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28th February 202320th March 2023

Spring Budget: Our summary

4 minutes to readAs 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 …

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21st February 202320th March 2023

Tax planning: Tax and your family

4 minutes to readMany 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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15th February 202320th March 2023

Tax planning: Income tax rates & allowances

5 minutes to readThe 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 …

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