Latest Business Tax

In many situations a tax planning review may identify opportunities to minimise the tax you are liable to pay on a transaction or situation.   These ’opportunities’ will relate to:   1. Do not make the transaction/action If being reviewed in advance, don’t do something that triggers a tax charge (eg extracting money from a…

HMRC’s Connect Tool Raises £4.6bn in Just One Year as Tax Investigations Surge HMRC’s powerful data analysis tool, Connect, has raised an additional £4.6bn in the 2024/25 tax year alone. This translates to a 35% jump on its previous annual average of £3.4bn, according to data released under a Freedom of Information request by Pinsent…

With a Budget expected in a few months, and the expectation that taxes will need to rise, it appears to have been leaked that the Government are considering charging landlords NIC on their net rental profits. This has brought into focus the possibility of incorporating a property business, to counter this. Along with this potential…

Thinking of employing young workers over the summer? Here’s what you need to know…   In the UK, a young person is defined as anyone under the age of 18. This would include employees on an apprenticeship, or someone you employ for work experience.   Legally, children under the age of 13 are prohibited from…

Over recent years HMRC have sharpened their appetite to collect more tax through the 25 year old IR35 legislation. These rules seek to tax individuals who provide their personal services through their own limited company as if they were directly engaged as an employee of the end client.   If IR35 applies, this stops tax…

Most businesses and personal taxpayers should by now have noticed HMRC’s rollout of Making Tax Digital (MTD). Different colours of Government have tinkered with the timing of the introduction of this new tax administration system, but not the direction of travel.     The launch is working its way through the taxes, starting a few…

Many people choose to donate to charity for a range of reasons, often influenced by personal experiences or the impact of someone they know. While tax benefits are rarely the primary motivation, there are several reliefs and considerations to keep in mind.   My recent article, for the Suffolk Community Foundation, highlights some of the…

Following Rachel Reeves’ recent Spring Statement, it is clear the government will be cracking down harder on tax advisors, unveiling a 6- week consultation to give HMRC more power to tackle those facilitating non-compliance. Proposals are set to increase scrutiny and issue fines of up to £3,000 a day on UK firms if HMRC suspect…

As I am sure we are all aware, HMRC are able to open investigations into the accuracy of tax returns, VAT returns, payroll, etc. via targeted, or random tax enquiries. With an ever increasing budget deficit we fully expect HMRC to raise more enquiries in the coming years to increase tax revenues.   How Can…

The UK government’s Making Tax Digital (MTD) initiative aims to modernise the tax system by requiring individuals and businesses to maintain digital records and submit regular updates to HM Revenue & Customs (HMRC). Initially, MTD for Income Tax Self-Assessment (ITSA) was set to apply to sole traders and landlords with income over £50,000 from April…