Our Blog
News and tax updates to keep you informed.
Get a business health check at the start of the tax year
Using up personal allowances is not the only reason you should see your accountant at the start of the tax year, it is also the best time to get a health and wealth check for your business too. The end of the tax year is the busiest time for your business and your...
Payments on account due July 31
Some taxpayers must pay a tax more than once a year, and if this is you then you are facing a second tax bill before July 31. Those exempt from making a payment on account in July include those who had a self-assessment tax bill of less than £1,000 for the previous tax...
Use up your tax allowances early in the tax year
If you are one of those people who is always racing to use up your tax allowances, such as Individual Savings Accounts (ISAs) at the last minute before the end of April 5, then you are not alone. But you could be making a big mistake. When it comes to mopping up tax...
Basis Period Reform – what it is and how it could affect you
Unincorporated businesses – including sole traders, trusts and those businesses working as partnerships, and anyone else that pays tax on trading income – face a major change that will affect the way and the time they are taxed on their profits. The so-called Basis Period...
MTD D-Day has arrived – here’s how to make sure you comply
Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase. All businesses registered for VAT – even if they have turnover below the threshold – must file their returns this way from now...
Spring Statement round-up
The Chancellor’s Spring Statement on March 23 was limited on giveaways, but there were some measures designed to help people struggling with the highest rates of inflation in 30 years. The Office for Budget Responsibility (OBR) has forecast that inflation will average 7.4%...
Bank of England (BoE) base rate rises to 0.75% – what it means for consumers and businesses
The Bank of England (BoE) base rate rose to 0.75% in March in response to Consumer Prices Index (CPI) inflation rising to 5.5% - almost triple the BoE’s target of 2%. Inflation is set to continue rising throughout the year (see Spring Statement round-up) with the Russian...
Strong Customer Authentication (SCA) rules – what they mean for businesses and consumers
You may have already noticed when you are buying things online that you are now being asked to confirm your purchase in more than one way to improve security, and this is the result of the new Strong Customer Authentication (SCA) regulations which came into effect on 14...