This author has yet to write their bio.Meanwhile lets just say that we are proud Lizzie Robinson contributed a whooping 268 entries.
The Gift Aid scheme allows the charity to reclaim 25p for every £1 that you donate. In addition, you are able to benefit from tax relief on your donation at your marginal rate of tax. You can opt to carry back relief on donations made in the current year to the previous tax year. Key […]
HMRC has issued paper copies of Simple Assessments where these had previously been issued digitally. If you have already paid the amount shown on the digital assessment, you do not need to pay again on receipt of a paper assessment. Key dates Tax payable under a Simple Assessment is due on the 31st of January […]
Under the Annual Accounting Scheme for VAT, VAT-registered businesses make advance payments towards their VAT bill based on their last return and submit one VAT return a year rather than quarterly returns. If you have not already done so, you will soon need to start complying with Making Tax Digital (MTD) for VAT and using […]
There are certain assets that you can sell without paying CGT. They include: The sale of any chargeable asset, like shares or a second home, if the overall gains in the current tax year do not exceed £6,000 (2022-23 – £12,300). Any gains on assets you gift to your spouse, as long as you were […]
A dividend is a distribution made from a company’s retained profits. The dividend must be properly declared. Dividend payments to shareholders must be accompanied by a dividend voucher. Key dates The effective date of payment of a dividend is the date that the dividend becomes unconditional. This note explains the record-keeping requirements in relation to […]
Directors of personal and family companies will need to extract profits from their company if they wish to use them for their personal use. It will generally be tax efficient to pay a small salary and to extract further profits as dividends. Key dates The 2023/24 tax year runs from 6 April 2023 to 5 […]
Fiscal drag – freezing tax allowances As announced in the Autumn Statement 2022, most of the personal tax and NIC rates and allowances are to be frozen at current levels for a further two years until April 2028. This does mean that most pay increases in the next six years will be taxable. If these […]
If you operate your business through a limited company, for example, as either a personal or family company, you will pay corporation tax on your profits. Currently, the rate of corporation tax that is payable is the same regardless of the level of your profits. For the financial year 2022 (i.e., the year from 1 […]
Companies that undertake research and development (R&D) may be able to benefit from targeted tax reliefs. There are two schemes – the SME R&D tax credits scheme and, for larger companies, the Research and Development Expenditure Credit (RDEC). The rate of relief changed from 1 April 2023. Key dates From 1 April 2023, the additional […]
If you are within the scope of corporation tax, you may be aware that the rules are changing from 1 April 2023. From that date, a company will pay corporation tax at the small profits rate of 19% if its profits are below the lower profits limit, whereas a company will pay corporation tax at […]
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