NIC for employers to rise
One of the key announcements in the Autumn 2024 Budget was the rise in employer’s National Insurance Contributions(NICs) from 6 April 2025. From that date, …
Extension of MTD (MTD for ITSA)
Under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA), sole traders and unincorporated landlords within its scope will be required to keep …
What will mandatory payrolling look like?
Under mandatory payrolling, employers deal with taxable benefits provided to employees through the payroll, treating the taxable amount of the benefit like additional salary and …
Dispose of your business early to benefit from BADR rates
Business Asset Disposal Relief (BADR) is a valuable relief that reduces the rate of capital gains tax payable on gains made at the disposal of …
Tax-efficient Christmas parties and gifts
Employers looking to spread some seasonal cheer can do so in a tax-efficient manner by taking advantage of the exemptions for annual parties and functions …
Move back into a former home prior to sale to maximise PRR
Where a property has at some point been used as a main residence, certain periods of absence are, in some cases, treated as periods of …
Property Ownership: What Matters and Why
Under English property law, property ownership can be held jointly as joint tenants or tenants in common. The method of ownership can affect tax implications …
Selling House vs. Garden: Why Order Matters
Selling a residence and part of the garden or land separately may be desirable in certain circumstances. Where this is on the cards, it is …
Making Tax Digital – latest update
Nearly ten years ago in March 2015 the then-Chancellor George Osborne announced a government initiative setting out a vision for the ‘end of the tax …
Can you have too much cash?
While having more money in your bank account than is needed may seem ideal, for director shareholders of a company with surplus cash, it could …
VAT – the partial exemption ‘trap’
If a VAT-registered business has taxable income only (including zero-rated sales), it is entitled to full input tax recovery on its expenses, subject to the …
VAT invoice and accounting controls
VAT-registered businesses that use invoice accounting generally account for VAT when invoices are issued and received. HMRC have recently published new Guidelines for Compliance which …
