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Taxman targets cryptoassets for Capital Gains Tax

As the old saying goes, in this world, nothing is certain except death and taxes.So, it was inevitable that HM Revenue & Customs (HMRC) would turn its attention to cryptocurrencies.This is an area of which we hear plenty about, but few know much about, except...

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Struggling to pay your taxes? Seek help now

By the end of July, millions of people across the UK who complete an annual self-assessment tax return will be required to pay their second payment on account.Under the payment on account system, taxpayers must effectively make advanced payments towards their Self-Assessment tax bill, which...

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Tax after Coronavirus: The Government’s response

The House of Commons Treasury Select Committee released a new report called ‘Tax After Coronavirus’ earlier this year, calling for landmark changes to the United Kingdom’s tax system to coincide with the effect of the pandemic. Packed with recommendations for the Government to consider, the 80-page...

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Do small or medium-sized businesses need an audit?

The laws around audits are complex and while many of the UK’s largest businesses are required by law to complete regular audits, many smaller and medium-sized firms may not have to.However, just because there isn’t a legal requirement to complete an audit doesn’t mean that...

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Help to Grow: Management scheme now open

The Government’s landmark Help to Grow: Management scheme is now open for applications.The initiative offers businesses free or subsidised training to level up in the wake of the coronavirus pandemic.Here’s what you need to know.What is the Help to Grow: Management scheme?The initiative will offer...

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Pension savers hit hard by lifetime allowance taxation

Pension savers have been hit hard by tax charges, according to the latest Government figures.The amount of tax charged for people breaching the lifetime allowance (LTA) and annual allowance (AA) limits rose to an eye-watering £283m for the tax year 2018 to 2019.The Lifetime Allowance is...

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Have you claimed from the SEISS scheme? Make sure to record it on your next tax return

Beneficiaries of grants from the Self-Employment Income Support Scheme (SEISS) are being reminded that they must include income from the scheme on their next tax returns to HM Revenue & Customs (HMRC), as it is subject to Income Tax and National Insurance.This scheme was set...

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Going green – The benefits of electric company cars

Company cars have remained a popular employee benefit for many years to retain and reward hard-working employees.Given the complexity of the tax regulations and incentives surrounding company cars in more recent years, companies and employees are finding them less enticing.However, the new rules surrounding electric...

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UK Export Finance records “record” year thanks to success of General Export Facility

UK Export Finance has recorded a “record” year thanks to the success of the General Export Facility (GEF), it has been revealed.The figures, published by the Government’s export credit agency, also show that more than 100,000 jobs were supported throughout the coronavirus pandemic through export...

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The P11D deadline – Are you ready?

If you run a business, you might provide benefits, or non-exempt expenses, to some or all of your employees. If you do, it is important to be aware of the annual P11D form that needs to be completed and sent to HM Revenue & Customs (HMRC)...

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Leaving your business in capable hands – Succession planning for the next generation

Many individuals who have spent their livelihoods building, running, and maintaining a successful business, often intend to pass on their accomplishments to a family member. close relative or trusted employee.The process of succession planning is one all businesses will eventually face, and it will not...

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Outsourcing a Financial Director: How this can boost your business

The COVID-19 pandemic has pushed many firms and small businesses to cut back on staffing and reduce their hours.Because of this, the skills shortage has left many practices in a difficult position, and some cannot afford a full-time Financial Director at their current stage of...

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Sunshine, football and good news for business

Businesses in the UK, hit by months of lockdown, can see light at the end of the tunnel, with good news on the jobs front and an economic boost from the good weather and European football.The jobs market is "showing signs of recovery", official figures...

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What is RTI for Payroll?

Whether you employ one worker or one thousand, Real Time Information (RTI) for payroll helps businesses stay on top of compliance and ensures employees pay the correct amount of tax.But despite launching in 2013, some businesses still do not fully understand how to use the...

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Workplace childcare vouchers – get the best out this scheme during COVID-19

As many employees began working from home during the height of the coronavirus pandemic, they used less paid childcare, as many before school clubs and nurseries were closed.Therefore, employees who use the childcare voucher scheme will most likely have unspent vouchers in their related accounts...

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