Last year, we saw an increase in corporation tax, a lowered additional income tax threshold, a freeze on personal allowance, decreased tax-free dividends, and a reduced tax-free allowance on capital gains. In short, a lot can change – and that’s without adding a general election to the mix.Continue reading
Category Archives: Tax News
Understanding Inheritance Tax and the implications for your finances
Inheritance Tax (IHT) can be a sensitive and uncertain topic when discussing with loved ones, but it is something that cannot and should not be avoided.
How SMEs should prepare for and handle tax investigations
Between the 2020/21 and 2022/23 tax years, there was a 21 per cent rise in tax investigations into SMEs, highlighting the fact that HM Revenue & Customs (HMRC) has ramped up its interest in this area.
Is your business ready for the new tax year?
Getting the tax year off to a good start will help you to optimise your overall financial position. But you need to plan ahead.
Supreme Court rules roof replacement company must pay £2.5 million VAT bill
A roof replacement company has been hit with a £2.5 million tax bill after a ruling that the insulated roof panels it supplied did not qualify for a VAT-reduced rating.
Self-Assessment taxpayers warned of next payment deadline
Taxpayers have been reminded that a penalty deadline for unpaid Self-Assessment tax is imminent.
Thousands file tax returns on Christmas Day
More than 22,000 taxpayers went online over Christmas Eve, Christmas Day and Boxing Day to complete their Self-Assessment tax return.
Corporation Tax rise axed as Chancellor aims for growth
Chancellor Kwasi Kwarteng’s mini-Budget has scrapped a planned rise in Corporation Tax as part of a wide-ranging raft of tax-cutting measures announced last week.