News

MPs support move to crackdown on unqualified accountants
21 September 2022

The Government could move to crack down on anyone providing accountancy services who is not professionally qualified. As the law stands there is no requirement for these individuals, who can set up and start advising clients, to have professional qualifications.
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Furnished Holiday Lets – What tax reliefs are available?
21 September 2022

The UK has seen a boom in the ownership of Furnished Holiday Lets thanks to the increase in staycations. As the summer holidays draw to a close many of us may be considering purchasing a holiday let to boost our income, but there are some very specific tax reliefs to consider when doing so.
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Back to Basics on Business Mileage
18 August 2022

Ask anyone who either uses their vehicle for business reasons, or puts fuel in a company car, and you will soon realise business mileage can be a confusing topic. It’s important to know that if you fall into either of these two categories, you might be able to claim tax relief for business mileage.
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HMRC set to modernise direct debit system for employer PAYE
18 August 2022

HM Revenue & Customs (HMRC) has announced plans to offer a recurring direct debit to employers as part of their wider payment modernisation programme. At present, employers can only set up a direct debit to collect a single payment. The launch of this service, slated for mid-September this year...
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Calls for Government to tackle late payments to small businesses
18 August 2022

A new study has revealed the cashflow struggles faced by small businesses across the UK, resulting in calls for Government action. The research, conducted by Xero Small Business Insights and Accenture, discovered that the average UK small business experienced a “cash flow crunch” for more than four months every year.
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I can’t pay my tax bill – what should I do?
18 August 2022

With fluctuating incomes and the costs of living hitting businesses and individuals alike, people who have never previously had any issue with paying tax bills on time may have found themselves passing the 31 July payment on account deadline without being able to pay what they owe.
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COVID business loans scheme extended for two years
18 August 2022

The Recovery Loan Scheme, which helped businesses throughout the pandemic, has been extended for a further two years. Launched on 6 April 2021, the Recovery Loan Scheme (RLS) was one of several finance schemes available to struggling businesses. It provided financial support to businesses across the UK...
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Group companies – Considerations ahead of the Corporation Tax rise
18 August 2022

Corporation Tax (CT) rates are set to rise in the UK from 1 April 2023. From this date, the main rate of CT will increase to 25 per cent for all companies with taxable profits over £250,000. There will also be a small profits rate for companies with taxable profits of £50,000 or less of 19 per cent, while businesses...
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Are you prepared for changes to the income tax basis?
12 July 2022

Unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April each year from 2024/25. This is a significant change to taxation, which removes the basis period rules and prevents the creation of further overlap relief in a new system...
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Survey shows taxpayers are still unprepared for Making Tax Digital switchover
12 July 2022

A new survey on Making Tax Digital (MTD) shows taxpayers have an alarming lack of readiness and enthusiasm for the changeover and a lack of awareness that MTD for Income Tax begins in less than two years. HM Revenue & Customs (HMRC) commissioned pollsters Ipsos to undertake new research...
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