Summary The Autumn Statement on 17 November 2022 contained several significant tax announcements. This was not presented as full Budget, and the full schedule of tax rates and allowances was not released, which we are used to receiving on such…

Making Tax Digital – should your business change its year-end now? Making Tax Digital for Income Tax (MTD ITSA) is due to start on 6 April 2024 with the first year being 2024/25. In preparation, the rules that determine which…

The tax rules for entertaining businesses are clear. Whether payment for lunch with a customer or tickets for a sporting event — whatever the reason, with few exceptions, any cost incurred for entertaining is not an allowable expense for tax…

The children are gone and there is an unoccupied ‘spare’ room. Apart from using the room as extra storage, renting it out is another option that can enable use of the space as well as bringing in some extra cash….

Q. I live in a semi-detached property and am in the process of purchasing my neighbor’s property with the intention of converting the two houses into one. Therefore, the new property will be our main residence alongside our existing property…

Introduction to the Mini Budget Summary We knew that the new Prime Minister Liz Truss wanted to cut income tax rates at some time in her tenure because we had been told so repeatedly. What we did not expect was…

Claims for repayment of tax are usually made via submission of a tax return, e.g. a self-assessment repayment claim is by completion of the section on page TR7. Whether as an individual or a company the time limit for amending…

Whatever the reason for becoming a landlord, expenses will be incurred relating to that property at some time or another. Unfortunately, just because a payment has been made does not necessarily mean it is allowable for tax. Even if the…

Most businesses know that once the tax turnover for a business exceeds the VAT registration threshold (currently £85,000 a year), or it is expected to do so within the next 30 days, VAT registration is compulsory. Some businesses are not…

Q. My company does not have a credit card and therefore I use my own personal credit card to pay for some expenses – particularly any purchases made online as a credit card gives an extra layer of protection. I…