There has been a significant alteration in divorce laws for England and Wales, with a ‘no fault’ divorce now permitting estranged couples to end their marriage without having to blame each other. But what are the tax implications of this change? Under the new law a simple statement is now sufficient, detailing that the marriage […]
Businesses affected by the pandemic will need to ensure their Recovery Loan Scheme (RLS) applications are submitted and lender approved by 30 June 2022. What is the Recovery Loan Scheme (RLS)? Launched on 6 April 2021, the RLS supports access to finance for UK businesses as they recover and grow following the pandemic. The RLS […]
Amid spiralling living costs, and significant differences between the tax rates on capital gains and income, company share schemes may offer an appealing option both for you and your employees. The measures taken by Chancellor Rishi Sunak to increase personal taxes, such as the increase in National Insurance now in effect, along with freezing allowances […]
If you manufacture or import 10 or more tonnes of plastic packaging within a 12 month period, you may need to register for plastic packaging tax. What is the plastic packaging tax? On 1 April 2022, the UK government enforced a tax applicable to some plastic packaging manufacturing and imports (or packaging for which plastic […]
£17m was collected by HMRC from buy-to-let landlords in the last year, with the Treasury clamping down on the large amount of unpaid tax in the sector. Thousands of landlords are being contacted by HMRC through its Let Property Campaign – an opportunity for landlords who owe tax through letting out residential property, in the […]
Chancellor Rishi Sunak has delivered his Spring Statement against a backdrop of rising fuel, energy and food costs. We’ve summarised the headline announcements below: Other notable points included the Chancellor’s intent to explore ideas around education and training, increasing capital investment and boosting innovation, as well as there being no delay in the NI increase […]
Chancellor Rishi Sunak has suggested SME businesses are not investing enough into Research & Development (R&D) tax credits to make the current system viable. The Chancellor is frustrated that despite spending “huge and rapidly growing sums” on the tax credit scheme, the amount of growth being generated is falling short. The Office for Budget Responsibility […]
During the 2020-21 financial year, 47% of investigations by the Treasury resulted in no money being retrieved, rising from 31% the previous year. HMRC investigations resulting in no additional tax can cause taxpayers a large amount of unnecessary stress, in addition to the time and money spent by those under investigation to fully cooperate with […]
We’ve previously discussed the tax perks for electric vehicles (EVs) more generally here, but what about installing EV charging points at your business premises? Installation costs Your business could claim 100% of the installation costs of an EV charging point. Qualifying expenditure can include the charging point itself and alteration of land for installing the […]
Whether stemming from self-employed individuals or partnerships, we’re seeing an increased appetite from business owners to move their operations to a corporate model. What are the benefits? Whilst tax should never be the main driver of any transaction or restructuring, under the right circumstances there are potential taxable benefits to business owners who might wish […]
