Latest blogs for Specialisms

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…

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…

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…

It’s commonly known that, following changes introduced gradually from 2017/18, the method by which finance interest is relieved has changed dramatically. No longer can interest be deducted in full when calculating rental profits; instead, relief is provided by way of a 20% tax reducer.   With the recent increases in loan interest rates and the…

Are you building a new home in which you will live?   Perhaps converting an existing building into a home?   You may be able to get the VAT back – you don’t even need to be VAT registered!   When you purchase a brand new house from a property developer you will not be…

As HMRC have experienced an increase in the number of SME Research & Development (R&D) tax relief claims being made by companies, so have they witnessed a number of fraudulent claims being made. To tackle this abuse, HMRC have established a tax credit compliance team to deal with R&D enquiries.   If a company receives…

As the online application process for the 2023 Basic Payment Scheme opens tomorrow, and the application process for Countryside Stewardship (Higher Tier) is already open, please find a summary of the key dates for agricultural subsidies below. Basic Payment Scheme: 14th March 2023 – applications open 15th May 2023 – applications close 9th June 2023…

With many businesses seeing a return to pre-pandemic trading levels, now is an ideal time to review your SME’s VAT status.   Businesses must compulsorily register for VAT where ‘VAT-able’ supplies (which is usually, but not always, your turnover), on a rolling 12 month basis, exceeds £85,000. Voluntary registration, however, can take place with turnover below this…

What is the Annual Allowance (AA) The AA is the maximum that can be saved into all of your pension pots in any one tax year before incurring a tax charge. For the current 2022/23 tax year the annual allowance is set at £40,000. Every tax year your annual allowance is compared to your pension…

The ever-changing farming industry is one that provides a multitude of complexities for accountants and tax advisers, not only from the day to day aspects of the business, but also with the historical family arrangements to the issues of ownership and succession.   With the forthcoming changes to subsidies both in terms of the conditions…