Tax Advice

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 […]

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

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

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

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

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.

Allowing employees to participate in the equity of the company can be a tax efficient way to align the interest of the employee with that of the business owner. The tax implications of granting employees’ shares will need to be considered and is often forgotten as a very important factor which can affect both the

Choosing an accountant is a big decision for individuals and businesses alike. However, it’s not uncommon for people to change accountants at some point in their financial journey. Here are seven of the most common reasons why people switch to a new accountant.  1. Outgrowing the Old Ways As businesses and individuals grow, their financial

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