Latest blogs for Services

In working out what income you will need in retirement, there are many factors to take into consideration. You are not only having to look ahead 20, 30, maybe 40 years into the future, you are also having to look at your outgoings in the here and now and having to work out what you…

VAT registered businesses with turnover exceeding £85k have been required to keep digital records and file VAT returns through making tax digital (MTD) compatible software for more than three years. All remaining VAT registered business have been moving across to this system since 1 April 2022.   HMRC have now announced the old VAT portal…

For around the last 20 years or so, the tax treatment of company cars has continually become less attractive. The value of the benefits in kind, taxable on the employee, has increased quicker than inflation, and the capital allowance tax deduction, for the business, has become more and more diluted. As part of its plans…

For many SME owner-managed businesses, the tax optimum director remuneration structure for many years has been one of a low salary accompanied by high dividends. This allows Companies to take advantage of low dividend tax rates and, in many cases, no employers national insurance to be paid by the company (if paid at the Secondary…

  Due to Bank of England increasing interest rates, the Department for Education (DfE), in conjunction with the Student Loans Company, have confirmed changes to interest rates & repayment thresholds.   Plan 1 Type Student Loan (those who started study before 1-Sep-12)   From 1 Sept 22 the interest rate will increase from 1.5% to…

While one government-backed Recovery Loan Scheme (RLS) ends, another opens.   The previous RLS closed on 30th June 2022, but to follow this the government have introduced a new RLS scheme to support businesses through the out-turn of the pandemic, expected to be accessible after 1st August 2022.   The New Recovery Loan Scheme Government…

  1st September 2022 – This deadline may apply to you!   If you hold property or investments on behalf of another person, HMRC may consider this as a reportable trust arrangement. This may mean that you need to register on the Trust Registration Service (TRS) before 1st September 2022.   New legislation now in…

For many years employers have been able to set up a Direct Debit (DD) with HMRC to make a single one-off payment. Recurring DD’s have not been allowed. From early Autumn, HMRC are expecting to launch a new Payments Strategy enabling employers to establish a DD that will recur monthly.   Employers will need their…

  Tax planning is not often at the top of the to-do list when a couple are separating, however, the timing of asset transfers can make a huge difference for tax purposes.   The rules as things stand   Married couples and civil partners can transfer chargeable assets between them without incurring capital gains tax…

Where an individual shareholder wishes to exit (through retirement or due to different views on how the business should be run) a multi-shareholder unquoted company, for cash consideration, a purchase of own shares (PoS) is often a good solution. By the company funding this share buy-back, this cost is not  from ‘after personal tax’ monies…