Tax reliefs business owners can claim amidst record Corporation Tax payments
HM Revenue and Customs (HMRC) recently reported a record-breaking increase in Corporation Tax receipts for the 2022/23 tax year.
Category Tax
How to save £2,000 in taxes on your childcare costs
A Government scheme could help parents save up to £2,000 on their childcare costs through tax reliefs aimed at working parents.
Navigating estate planning and Inheritance Tax: what you need to know
HM Revenue & Customs (HMRC) recently announced that Inheritance Tax (IHT) receipts were up by £200 million between April to July 2023, making this a record high.
Staying up to date with MTD for ITSA
In December 2022, the plans for Making Tax Digital for Income Tax Self-Assessment changed again, as the Government announced that instead, MTD ITSA would be introduced in mandatory phases from 6 April 2026, as opposed to 2024.
Understanding tax obligations for charities
Knowing your charity’s obligations to HM Revenue & Customs (HMRC) is important, as you will have different requirements to standard businesses.
Beneficiaries could see inherited pensions taxed as new proposals by HMRC are published
Currently, if someone dies before the age of 75, their pension can be drawn out by beneficiaries’ tax-free, as it is exempt from Inheritance Tax and Income Tax if it is under the Lifetime Allowance (LTA).
Research and Development Tax Relief Changes
The Government has recently updated some elements of the Research and Development (R&D) tax relief application process.
Exit strategies – What should you consider for when the time comes?
Exiting a business is a significant milestone for any entrepreneur or business owner.
Are you aware of the Government’s Marriage Allowance?
As of February 2023, HM Revenue & Customs (HMRC) estimated that over two million people are unaware of the Marriage Allowance tax relief which could save them up to £252 a year.
The importance for businesses of avoiding tax fraud
HM Revenue & Customs (HMRC) recently announced that it plans to boost its use of Code of Practice 9 (COP9), a legal mechanism used to handle suspected tax fraud cases.