Latest Blogs

Although it has been with us since 1999, IR35 tax rules will probably be unfamiliar to most readers. These anti avoidance rules were introduced to stop workers reducing their taxes by structuring their affairs to get paid via their own personal service company. Where ‘caught’ by IR35, such arrangements would then collect the same amount…

Now that the 5th April 2023 has passed many self-assessment taxpayers will be turning their attention to preparing and submitting their self-assessment personal tax returns for the 2022/23 tax year, which covers the tax year ended 5th April 2023. Although the filing deadline is 31 January 2024 (31 October 2023 for paper returns) it is…

From 6th April 2022 (relevant to 2022/23 tax year) Class 2 voluntary NIC does not have to be paid if taxable profits exceed the Class 2 NIC Small Profits Threshold of £6,725, but do not exceed the Class 4 NIC Lower profits Limit of £11,908.   If your total taxable profit sits in between these…

Now that the 30 April 2023 Annual Tax on Enveloped Dwellings (ATED) filing deadline has passed, it is important to remember that additional returns may need to be submitted to HMRC during the ATED chargeable period, which runs from 1 April 2023 to 31 March 2024. The most common events which cause this are explained…

Whether you are self-employed, run a business, are a property landlord, an investor or have overseas income and gains, mistakes can occur when dealing with your taxes, reporting and making the relevant disclosures to HM Revenue and Customs (HMRC).   Whilst the idea of making mistakes and errors can be worrying and of concern, so…

HMRC implemented the personal tax account back in 2015 with every UK taxpayer having their own personal tax account. However, an ever-larger percentage of the working population are unaware of their tax account and the importance of checking it regularly.     What is a personal tax account and benefits of using it regularly: Your…

With the UK tax system as complicated as ever, there are certain rules which we come across that can very easily give a particularly unexpected (and unpleasant) consequence. Income Tax When either parent has taxable earnings over £50k (after personal pension contributions), entitlement to child benefit is reduced. As higher rate income tax starts at…

ISA’s are the International Standards on Auditing. There are regular changes, revisions and new ISA’s implemented across the audit world. A recent revision to ISA 315 is well talked about, due to the significant changes it brings to audits.   ISA 315 covers ‘Identifying and Assessing the Risks of Material Misstatement’ and the revised ISA…

Wondering ‘Why should I write a business plan?’ Business plans are vital for the future of any small and large companies. They investigate the long-term goals and objectives that you would like to achieve and put these into short term goals to ensure you are reaching your end target.   A good business plan may…

Plan and reflect or reflect and plan? The first few months of the year generally allow for a reflection on the previous year and then planning ahead for the current year, however planning ahead this year looks like it could be even more difficult than normal.   House prices are growing, albeit slowly, mortgage rates…