Latest Business Tax

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…

Employment Related Securities (‘ERS’) are securities that are acquired in connection with an employment. The ERS legislation aims to tax as employment income any value received by reason of an office or employment on the acquisition, holding or disposal of shares and other securities.   The term securities is broad and includes shares, debentures, loan…

With the Capital Gains Tax changes that were bought in during the Autumn Budget (30th October 2024) the government announced anti-forestalling measures to stop taxpayers pre-empting the increase in Capital Gains Tax by using unconditional contracts to use the previous lower rates of Capital Gains Tax.   These changes will cover all asset disposal types…

The 2024 Autumn Budget made several announcements in relation to Capital Gains Tax (CGT) all of which were re-affirmed in the 2025 Spring Statement. Most of these are due to commence from 6th April 2025 and here is a reminder of the changes.   Business Asset Disposal Relief: Business Asset Disposal Relief, previously known under…