27 July 2021

Payment on Account – What is it and how does it work?

If you’re new to the world of self-employment, knowing when to pay HMRC as well as how much you need to pay can sometimes be difficult. So, we’ve put together a quick guide to help you keep on top of this and maybe even help you save some money next time you pay in.
13 July 2021

Tax Planning for Higher Rate Taxpayers earning over £100,000

Tax planning for high earners and those earning over £100,000. From contributing to pensions to investing in startups, here are some top tax tips to follow.
3 June 2021

Tax Benefits of Electric Company Cars

The latest tax rules introduced by the government mean that switching to an electric company car is no longer just about reducing the climate impact, but provides a significant tax benefits for both employer and employee. From April 2021, fully electric company cars attract a Benefit in Kind rate of just 1%, rising to 2% from April 2022. This means, a Tesla Model 3 Standard Range Plus with a purchase price of £80,000 would have a benefit rate of just 1% in 2021-22, equating to an annual taxable benefit of just £800.
1 June 2021

Super-Deduction – What is it and how does it work?

Between 1 April 2021 and 31 March 2023, companies can claim a super-deduction in the form of first year relief of 130% on qualifying plant and machinery additions. This means a company spending £100,000 on qualifying assets would have £130,000 deducted against its taxable profits, resulting in a tax saving of £24,700 per £100,000 of expenditure.
20 May 2021

What would you do with an extra £102,000?

£102,000 – that’s the average amount we’ve secured in R&D tax relief for our clients. R&D tax relief is one of the best tax reliefs available to both loss-making and profit-making companies.
25 March 2021

Changes to IR35 from April 2021

Changes in IR35 rules from 2021 will mean employees, but through their own Personal Service Company (PSC), pay the same Income Tax and National Insurance contributions as other employees. From April 2021, businesses will have the responsibility of deciding whether the employment taxes and National Insurance contributions should be deducted.
9 March 2021

SME R&D Tax Credit & the new PAYE Cap

HMRC have introduced a restriction for the amount of R&D tax credit received by SMEs in a year. Effective from 1 April 2021, the cap is set at £20,000 plus three times the company’s total PAYE and NIC liability for SMEs claiming R&D tax credits.
25 February 2021

HMRC’s Worldwide Disclosure Facility and its link to Italy

HMRC have began issuing "nudge letters" to UK residents with a financial connection to Italy and potential tax liabilities on overseas income or gains, prompting them to make a disclosure under the Worldwide Disclosure Facility (WDF).
16 December 2020

HMRC Collects £34m in Penalties after Resuming Tax Investigations