MTD and Landlords – the New Timetable
Under the original plans, landlords with rental income (or combined rental and business income) of more than £10,000 would have needed to comply with Making
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Tax Implications of Writing Off a Bad Debt
Companies and self-employed businesses with a turnover exceeding £150,000 a year are obliged to prepare their accounts using the ‘accrual’ basis of calculating profits i.e.
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Corporation Tax Rate Changes – What are Tax Implications?
Most directors know that as of 1 April 2023, companies with taxable profits in excess of £250,000 will pay corporation tax at the main rate
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NIC Position if you are Employed and Self-Employed, Deferment
With different rates and limits of National Insurance contributions (NIC) for the 2022/23 year, anyone who has more than one paid job or who is
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Is the Teacher Tax Rebate Genuine?
It has been observed among the teacher’s sectors that teachers from the primary and secondary levels spend a big chunk of their money on the
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Taxation of Company Vans in 2023/24
A tax charge may arise under the benefit in kind legislation where a company van is available for an employee’s private use. If fuel is
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Basis Period Reform – Preparing For the Transition
As part of the move to Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA), the basis period rules are being reformed. Despite the
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Pension Payments – What Tax Relief is Available?
To encourage pension savings, tax relief is available on contributions made to registered pension schemes. However, there are limits on the contributions that can qualify
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Beat the Reduction in the Additional Rate Tax Threshold
For a brief period it seemed that the days were numbered for the additional rate of tax following the announcement in the ill-fated mini Budget
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Repaying Directors’ Loans – Does the Order Matter?
Directors’ loans can be tricky from a tax perspective. Specific tax charges apply where loans to director shareholders of close companies (broadly those under the
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