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Filtered By Category: Taxation

Oct 5 2022

Income Tax Basis Period Reform – call to action!

Categories: ProfessionsTaxation

From the 2024/25 tax year, all business profits subject to income tax will be assessed on profits arising in the tax year rather than profits in the accounting period ending in the tax year. Don’t be fooled into assuming 2024/25 is far enough away to put this on the back burner. The change actually commences more

Sep 26 2022

Our Emergency Mini-Budget Summary 2022

Categories: Taxation

The “Emergency Mini-Budget” promised for Friday 22 September 2022 was anything but mini, with a number of radical announcements delivered by the new Chancellor, Kwasi Kwarteng. A headline measure was the reduction in the basic rate of Income Tax to 19% with effect from 6 April 2023 together with the more surprising removal of the more

Sep 23 2022

Mini-Budget Announcements

Categories: Taxation

This morning, the new Chancellor, Kwasi Kwarteng, held his first fiscal event which is being called a ‘mini-budget’. As part of his announcement, he repeated details already announced earlier this week and unveiled the new Government’s plans to boost the growth of the economy. We’ve highlighted the main points announced today, which we will follow more

Sep 22 2022

Recovering VAT from Residential Property Refurbishments

Categories: Property & ConstructionTaxation

In most cases, VAT incurred on the refurbishment of residential property is not recoverable. However, there are some instances where it may be possible to reclaim some of the VAT. In this article, we will look at residential properties that are purchased, renovated and then either let out or sold. Generally, property costs for maintaining, more

Aug 3 2022

10 ways to help with the cost of living

Categories: Property & ConstructionTaxation

The cost of living crisis is putting additional strain on businesses and households that are already feeling the aftereffects from the various challenges over the past few years. We have identified some areas below that could help reduce costs and potentially save you money. Remuneration Planning Are you paying yourself tax efficiently? For example, those more

Apr 13 2022

Charities still have to pay their taxes

Categories: CharitiesTaxation

Paying tax is often a shock to smaller charities – after all, their profits all go back into funding the good work they do! Nonetheless, charities are taxed on trading income the same as any other organisation unless planning arrangements are put in place. Of course, deciding what income comes from trading is a complex more

Apr 12 2022

Would an Employee Ownership Trust benefit your children’s nursery?

Categories: HealthcareTaxation

An Employee Ownership Trust (EOT), when a business is partly or entirely owned by the workforce, can be used to help secure the future of a company. Despite becoming increasingly popular in recent years, there are very few children’s nurseries who have taken advantage of this share option scheme. The first childcare business in Scotland more