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 [...]
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 [...]
Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives and objectives. HMRC treats non-profit organisations and charities very differently to businesses, offering some unique tax breaks in the process. [...]
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 [...]
Back in March 2021, the Chancellor confirmed that the inheritance tax thresholds are to remain frozen at their 2021/22 levels "up to and including 2025/26". This will net the Treasury an extra £985m in total. At the heart of this [...]
Despite the recent challenges related to the pandemic, 407,510 new businesses were formed during 2020. Businesses that were able to fit their goods and services to the current circumstances or by moving their operations online, have been the ones to [...]
By April 2021 there were 2,333 buy-to-let mortgage products on offer - more than at any point since the start of the pandemic. Also, in the three months to 31 May 2021, the average interest rates for residential landlords had [...]
For five years from 6 April 2010, providing a zero-emission electric company car was tax-free to the employee but this failed to generate any big take-up, potentially due to the lack of car choice and supporting infrastructure. However, electric cars [...]
VAT is a business tax on the supply of goods and services. It is charged at varying rates depending on what is being supplied, who it is being supplied to and where it is being supplied to. But with Brexit, [...]
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 [...]
