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  • Inheritance tax 2Tuesday 28th November 2023

    Inheritance tax planning tips

    With inheritance tax receipts to HMRC set to reach new levels this financial year, now more than ever are families needing to plan for their future. Inheritance tax could take a large proportion of your wealth – 40% of everything above £325,000 - and stop your family members ...

  • Company profitsWednesday 1st November 2023

    It's important to have up to date profit forecasts for tax

    In order that we can help predict your taxable profits and tax liabilities we need up to date profit figures and projections. One of the advantages of keeping your business accounts in a computerised form, ideally on the Cloud, is that we can review your latest financial position and help you ...

  • Family allowanceTuesday 26th September 2023

    Child benefit may create a tax charge for those with high income

    Parents and carers need to be aware that if either of the couple have ‘adjusted net income’ in excess of £50,000 then the one with the higher income will potentially be charged to tax on some or all of the child benefit and will need to request a self-assessment tax return to ...

  • online taxTuesday 29th August 2023

    Check what your tax code means

    HMRC have released a new online tool to help taxpayers understand what their tax code means. Tax codes are used by HMRC to tell an employer how much income tax to withhold through the “Pay as you earn” (PAYE) system. A person’s tax code can change from time to time, based on ...

  • VAT 3Wednesday 19th July 2023

    Should small businesses still use the VAT Flat Rate scheme?

    The VAT Flat Rate scheme was introduced in 2002 to simplify VAT reporting for small traders, reducing the time taken to calculate VAT and prepare returns compared to normal VAT accounting. The thresholds for using (£150,000 pa) and exiting the scheme (£230,000 pa) have not changed since ...

  • National insuranceTuesday 27th June 2023

    Deadline for topping up NI contributions extended again to 5 April 2025

    With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate as a result of ...

  • Employee benefits 2Tuesday 30th May 2023

    2022/23 P11D forms to be submitted online

    The deadline for filing the P11Dforms to report benefits in kind in respect of directors and employees for 2022/23 is 6 July 2023. Note, however, that the original and amended reports must now be made online and paper returns will be rejected. Forms P11D and P11D(b) returns must be ...

  • Inheritance taxWednesday 26th April 2023

    Managing inheritance tax

    Like many other taxes, inheritance tax (or IHT) allowances have been frozen. This sounds generous of the chancellor at a time when the government is strapped for cash. But it actually means that we are paying more. Data from HMRC has revealed that Inheritance tax collected between April 2022 and ...

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