Tax Advice

Making Tax Digital For Self Assessment

Making Tax Digital for Income Tax Self-Assessment (MTDITSA)

MTDITSA is coming! But what is it? Who will it affect? When is it happening? Below you will find answers to these pressing questions, providing some insight into what will soon become a mandatory HMRC requirement. What is MTDITSA? Making Tax digital for Income Tax Self-Assessment is a new way of reporting income and expenses […]

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Annual Tax on Enveloped Dwellings

Demystifying Annual Tax on Enveloped Dwellings (ATED): Your Comprehensive Guide

ATED is a tax that applies to high value residential properties held in certain corporate structures, such as companies. The purpose of ATED is to discourage the use of corporate structures to avoid other property related taxes. ATED Key Points Explained Applicability. ATED applies to dwellings (typically residential properties) valued over £500,000, that are owned

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Basis Period Reform Tax Changes

Understanding Basis Period Reform: Your Complete Guide to Income Tax Changes

Introduction With effect from 2023/2024 tax year, the basis period for annual accounts will change for self-employed traders, partners in trading partnerships and other unincorporated bodies with trading income, such as trading trusts and estates. Currently, the legislation adopts the Current Year Basis (CYB) rule which taxes the profits of the 12-month accounting period ending

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Maximising Your Pension

Building Wealth for Tomorrow: A Complete Guide to Maximising Your Pension

We have seen an increase in corporation tax this year from 19% to 25% and so there is no better time to consider your pension arrangements to take advantage of the tax relief available on such expenditure. Pensions play a crucial role in securing financial stability during retirement, offering individuals a source of income after

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Cycle to Work Scheme 2023 Explained

A Complete Guide to the Cycle To Work Scheme 2023

The Cycle to Work Scheme is a government-backed scheme designed to encourage employees to, quite literally, get on their bike and cycle to work. The scheme allows employees to hire a bike, and any necessary cycling equipment, through their employer to help promote a healthier lifestyle and reduce environmental impact. No doubt you are thinking

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Shareholder Exit Options for Businesses

A Complete Guide to Navigating Shareholder Exit Options

Investing in a company can be really rewarding but unfortunately circumstances change, and shareholders may find themselves needing an exit strategy. Luckily, shareholders do have several options to consider when looking to sell their ownership in a company. Below we have provided a brief overview of common exit options available to shareholders in the UK.

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Pension Reforms 2023

A Complete Guide to Pension Reforms – April 2023

The recent increase in corporation tax rates has left many business owners contemplating ways to minimise their taxable profits. One potential solution worth considering is making pension contributions. Not only can this help you plan for your own retirement, but it can also reduce your corporation tax liability. However, to make well-informed decisions about your

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