Recent Government estimates suggest that as much as £1.8 billion is lost every year due to tax avoidance schemes. That money, designated to fund schools,… Read More »Beware tax avoidance scheme promoters – HMRC cracks down with new powers
Business owners who pay themselves through a combination of salary and dividends should revisit their remuneration strategy this tax year. With Income Tax thresholds frozen… Read More »Is your remuneration strategy still tax-efficient in 2025/26?
Capital allowances allow businesses to claim tax relief on money invested in assets like machinery, equipment, or certain vehicles used commercially. There are a variety… Read More »Capital allowances: Full Expensing vs AIA vs Writing-Down Allowances
VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems,… Read More »Too many businesses falling into VAT traps
The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year. This… Read More »900,000 sole traders pulled into MTD for ITSA
The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). With the Government… Read More »Labour introduces harsher penalties for late taxpayers
Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively. The earlier you… Read More »Should you submit your tax return at the start of this tax year?
The new financial year will see many of the proposed changes announced in the Autumn Budget enacted, impacting businesses across the country. These changes will… Read More »Why capital allowances should be top of your to-do list this April
From 6 April 2025, many directors will need to report dividend income in much more detail in their Self-Assessment tax return. This change will affect… Read More »Change to dividend reporting to affect thousands of owner-managed businesses
Taxpayers who fail to pay their income tax under self-assessment on time will face higher penalties from April 2025. As announced in the latest Spring… Read More »Spring Statement: Late Payment Penalties to Rise to 10%
