The 60-Day Rule: What You Need to Know In 2021, HMRC introduced a significant change for UK residents selling property (not your main home). Now, if you sell a property and make a taxable profit, you must: Report the sale to HMRC within 60 days of the completion date. Pay any CGT due within the
Category Archives: Changes to Tax Rates & Thresholds
Changes to Tax Rates & Thresholds, Director’s Pay vs Dividends, HMRC Updates & Changes, Self-Assessment/ Personal Tax
Dividend tax: what is it and how does it impact your business?
As a limited company owner, you’ll most likely pay yourself using a combination of salary and dividends. While it’s often the most tax-efficient way to withdraw money, be careful! Dividends have different tax rules compared to a normal salary. Don’t worry – we’re going to walk through what they mean for your business and how
Changes to Tax Rates & Thresholds, Self-Assessment/ Personal Tax
Understanding Inheritance Tax: A (hopefully) Simple Guide
Unfortunately, Inheritance Tax comes at a time when we are already having to cope with the grief of a lost loved one and having to think about this tax is a major stress to compound this. In addition, it’s a tax where some planning can be done via some simple measures if your loved one
Allowable Limited Company Expenses, Changes to Tax Rates & Thresholds, Corporation Tax, Self-Assessment/ Personal Tax, Tax Planning & Saving Tips
Moving Your Investment Property to a Limited Company: What You Need to Know
Thinking about moving your investment property into a limited company? You’re not alone! Many UK landlords are considering this move and in fact recently some of our clients have been doing just that. Let’s break down the practical stuff and the tax consequences so you can make an informed decision. Practical Stuff 1.Setting
Best Accounting Apps, Changes to Tax Rates & Thresholds, HMRC Updates & Changes, Important News from HMRC, MTD for Income Tax (ITSA), MTD for VAT, Technology & Software for Businesses, Xero Tips & Tricks
What is MTD and how will it affect my business?
What is MTD we hear you ask? No, it’s not “Month to Date”, “Metric Tonnes per Day” or even “Marine Technology Directorate”! We’re talking about Making Tax Digital. The scheme was originally announced by HMRC in 2017, but it’s been years in the making (a bit like Avatar 2!). What’s changing? MTD will require
Changes to Tax Rates & Thresholds, Corporation Tax, HMRC Updates & Changes, Important News from HMRC, Tax Planning & Saving Tips
Corporation Tax – Changes are coming
Corporation Tax MUST be paid on the earnings of a limited company, Corporation Tax is not billed to you. To work out, pay, and submit your taxes, you must do certain things. In last year’s budget announcements (March and October 2021), the Chancellor announced a variety of company tax reforms, some of which are already
Changes to Tax Rates & Thresholds, HMRC Updates & Changes, VAT, VAT Returns, VAT Tips for Small Businesses
Flat Rate VAT has changed….
….Are you aware of the changes? The VAT Flat Rate Scheme simplifies businesses’ record keeping, and makes it easy to work out the VAT they have to pay. However as of 1st April 2017 the scheme changed, as announced by the Chancellor in his Autumn Statement last year. So, how does it work? Normally a