Our Blog
News and tax updates to keep you informed.
Make sure your business is ready for MTD
Sole traders and companies who have not yet finalised their plans to comply with Making Tax Digital are in the last chance saloon this month. The very latest date you have to comply with MTD for paying VAT is August 7, this is also the latest date on which you will need to...
Super deduction, can your business claim?
Qualifying for a super deduction, which is a temporary allowance you do not want to miss, can be an option if your business has spent money on plant and machinery and it is subject to corporation tax. Qualifying purchases will need to have been made between April 1, 2021,...
Claiming everything you are entitled to from the taxman?
As former US President Benjamin Franklin said, Tax is something that is a certainty in life, but there are lots of ways you can reduce the amount of tax you have to pay by claiming for expenses you may not realise you could. If you are self-employed or own businesses you...
National Insurance contribution levels change in July
The changes in National Insurance contribution (NICs) levels are coming into force at the beginning of July. It will mean that 30m people should save around £330 each, according to the Government. The amount you can earn before you start paying NICs will increase from July...
End of bulk appeals for tax fines in May
If you are unlucky enough to be fined for a late filing, then the way in which any appeal can be made changed as of May 7. Prior to this, HMRC had temporarily reintroduced the ability to bulk appeal late filing penalties for income tax in 2020 and 2021. But from now...
Currency exchange – why it can pay to not rely on your bank
International trading is something many businesses are involved in, whether it’s because you are selling your goods or services abroad or buying raw materials in from overseas to help with manufacturing. Either way, exposing yourself and your business to currency risk is a...
Where is the best place to hold your tax money?
Putting aside the tax money due each time you have an invoice paid is sensible planning, but is that money working as hard for you as it could be? Many current accounts are paying no interest whatsoever, and when it comes to savings accounts, you would still be struggling...
Deal with your tax return early and help with your cashflow
There is a tendency for many of us to leave our tax returns until the last minute. It’s human nature to want to delay dealing with something we find uncomfortable. However, if you get your tax return for the 2021/22 tax year completed sooner rather than later, you will...