
Gift Aid - Carrying back relief
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…

Simple Assessment - Don't pay twice
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…

Moving to MTD for VAT
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…

CGT - Tax Free Gains 2023-24
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…

Record keeping for Dividends
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…

Extracting Profits- Optimal salary level
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…

Tax Planning for Individuals 2023-24
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…

Corporation tax increases-1st April 2023
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…

Tax Relief for R&D - April 2023 Changes
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…

What is an Associated Company?
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,…



