RESOURCES

Tax

Save National Insurance by paying your staff’s pensions by Salary Sacrifice

National Insurance is increasing from April 2022 From April this year, most people and businesses will pay 2.5% higher National Insurance contributions. This table illustrates how contributions stand at present and how they will look after 1st April 2022, at the start of the new tax year. Employee’s NI Employer’s NI Currently 12.00% 13.80% From […]

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How Much is Inheritance Tax in the UK?

What’s the inheritance tax rate? The simple answer to the question is 40%. But – it would be a huge and potentially expensive mistake to believe that this is where the Inheritance Tax story ends. Far from it. In fact, Inheritance Tax is one of the most complex aspects of UK tax legislation. Get it […]

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Tax Planning Ideas for 2022

Tax Planning The end of the current tax year is approaching fast. But just because several weeks will pass before we embark on the new 2022-23 tax year doesn’t mean we can afford to be complacent. Leaving tax planning until April 1st could cost you money. Planning, by definition, means devising a strategy in advance. […]

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Are UK Tax Cuts by 2024 Really a Possibility?

Are Potential UK Tax Cuts by 2024 likely? Surprisingly, news has emerged in recent weeks about discussions the UK Chancellor, Rishi Sunak, has held with Treasury advisers to reduce taxes. We say ‘surprisingly’ because the discussions come just a few months after the Chancellor has committed to increase National Insurance and the tax on dividends. […]

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HMRC gives personal taxpayers more time to pay UK tax

Summary of the new deadlines for the Self-Assessment Tax Return On 6 January 2022, HMRC has announced that late filing and late payment penalties for Self-Assessment taxpayers are delayed – giving them extra time to complete the Tax Return 20/21, to ease COVID-19 pressures. The last wave of COVID-19 has affected agents and taxpayers behaviours […]

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HMRC and your Cryptocurrency Assets

The UK Government is sending out letters to ask about cryptocurrency gains Many people mistakenly believe that their cryptocurrency dealings can be hidden from the UK tax authorities. In fact, HMRC gets data on crypto investors through data requests to UK-based cryptocurrency exchanges. So, if you are a UK taxpayer with dealings in cryptocurrencies you […]

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Self-employed – Tax return deadlines

Do you know the tax deadlines for self-employed people? Are you self-employed? Are you a Partner in a business? Then you need to be aware of the key tax deadlines. Missing them could result in penalties and prove to be expensive. In today’s article, we check out some of the deadlines and identify why they’re […]

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R&D Tax Relief for small and medium companies

R&D Tax Relief for small and medium companies Research and Development (R&D) relief is aimed at helping companies that work on innovative projects in science and technology. SME R&D relief allows companies to either: Enhanced expenditure Deduct an extra 130% of their qualifying costs from their yearly profit, as well as the normal 100% deduction, to make […]

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