News

All of the latest tax and finance information

Self-Assessment – now is the time to get your tax return sorted

Yes, here we are again, the Christmas tradition of dealing with your self-assessment tax return is back for another year, and you need to get everything sorted as soon as you can. The final deadline for filing your self-assessment is January 31, 2023, for the...

CGT – Shares and Cash Consideration

If the company taking over gives you cash and shares you may have to pay Capital Gains Tax on the cash you get. If you get a small amount of cash You don’t pay Capital Gains Tax if both of the following apply: you get less than £3,000 or an amount less than 5% of the...

Tax year end – get your accounts ready before the rush

It’s that time of year again – the shops are playing Christmas music, there are Christmas films starting to appear on the TV, and for many of us, there is a tax deadline looming, whether that is personal or for our business. This is the busiest time of year for...

The UK Government announces more time to prepare for MTD for ITSA Mandation

The UK Government understands businesses and self-employed individuals are currently facing a challenging economic environment, and that the transition to MTD for ITSA for the self-employed and small landlords represents a significant change for taxpayers. That means...

Additional tax rate threshold to be lowered – take advantage with your pension contributions

The 45% additional tax rate was briefly removed by Kwasi Kwarteng, then reinstated by Chancellor Jeremy Hunt, and in the latest twist, Mr Hunt announced that the point at which people would start paying this highest rate of tax would fall from £150,000 to £125,140...

How can a director’s loan account help with a company’s cash flow?

With the cost of living crisis getting deeper, generating cash will be the key to keeping businesses such as the small family company afloat. Borrowing from a bank for commercial purposes is becoming increasingly difficult. If there is a cash flow problem the banks...