Self-assessment tax returns
Have you submitted yours? What are the benefits of submitting early? […]
Personal tax changes for 2022/23
The key personal taxes and tax changes you need to know starting from 6 April 2022. Download Article (PDF)
How to extract profits out of your company
How to extract profit from your limited company in a tax efficient way. Download Article (PDF)
Making Tax Digital for income tax
From April 2024, sole traders and unincorporated landlords with business or property income of £10,000 or more, will be required to join Making Tax Digital (MTD). This means that those affected must use MTD-compliant digital software (such as Xero) to [...]
Residence & domicile after Brexit
For most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident. Anyone domiciled and resident in the UK will need [...]
2020/21 income tax returns & SEISS
If your unincorporated business was adversely affected by the pandemic and had annual trading profits of £50,000 or less, you would’ve been eligible to obtain the first three taxable grants via the SEISS in 2020/21. These need to be included [...]
Basis period rules in line for reform
Sole traders and partnerships could be about to see significant changes to the ways in which they are taxed. The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses allocate trading profits to [...]
Business costs you can reclaim
If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses. By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us [...]
Personal Tax Planning For 2021/22
If there's one thing to take away from the Spring Budget 2021, it's taking charge of your personal finances. This is going to be increasingly important over the next five years. So, what's changing for the new tax year? Not [...]
Complying With Tax Obligations Amid COVID-19 Disruption
It's not often that HMRC makes exceptions to its tax deadlines or late-filing penalties, but the past year has, as in so many ways, been different. Between optional deadline deferrals, new payment schemes and temporary reliefs, keeping on top of [...]