by Ruth Clark | Jun 7, 2022 | HMRC
Beneficiaries or legatees from either a trust or a death estate may be paid income during the tax year by the trustees or the personal representatives (PRs). Unless directly mandated to the taxpayer, these amounts will generally have already been taxed on the trustees...
by Ruth Clark | May 16, 2022 | Business, HMRC, Uncategorised
The government is increasing dividend tax by 1.25%, and this will have an impact on shareholders, not least those of family and owner-managed companies. The reaction to this announcement might be to withdraw as much as possible before 6 April 2022 to reduce their...
by Ruth Clark | May 16, 2022 | HMRC
Unincorporated businesses – including sole traders, trusts and those businesses working as partnerships, and anyone else that pays tax on trading income – face a major change that will affect the way and the time they are taxed on their profits. The so-called Basis...
by Ruth Clark | May 16, 2022 | HMRC
Anyone filing VAT returns from April 1, 2022, has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase. All businesses registered for VAT – even if they have turnover below the threshold – must file their returns this way from now on....
by Ruth Clark | May 16, 2022 | Business, HMRC, Tax
Entrepreneurs’ Relief (ER) was renamed Business Asset Disposal Relief (BADR) by Finance Act 2020. Many business owners are familiar with business asset disposal relief (BADR), which offers individuals a capital gains tax rate of 10% on net chargeable gains, up...
by Ruth Clark | May 9, 2022 | Business, HMRC
Using up personal allowances is not the only reason you should see your accountant at the start of the tax year; it is also the best time to get a health and wealth check for your business too. The end of the tax year is the busiest time for your business and your...
