HMRC Tax Receipts 2021/22 – A quick breakdown and summary

HMRC Tax Receipts 2021/22

Latest HMRC tax receipts show that the UK Government has collected £718.2bn in the fiscal year 2021-22. This is an increase of 23% compared to 2020-21 where tax receipts collected was £584.5bn and an increase of 13% compared to 2019-20 (pre-pandemic) levels where tax receipts were £633.4bn. These are staggering figures, so soon after lockdown […]

Business Valuations: How to value your business

Business Valuations

Article written by George Bradley – Friend Partnership Limited Picture the scene. It is a Thursday evening. Peter Jones has just shot down an entrepreneur’s “ridiculous” valuation of their business. Whether you are going on Dragons Den, or are planning to sell your business, calculating a valuation can be a difficult and technical process. Firstly, […]

Spring Statement 2022 – Full In Depth Look

Spring Statement 2022

The Chancellor presented two Budgets in 2021 in which he set out a great many details of the tax rates and rules that will apply until April 2026. The 2022 Spring Statement was expected to review the economic situation and adjust forecasts. It was not supposed to include anything significant about tax. Of course, things […]

Managing your staff’s soapbox

Denise Friend & Sarah Evans OBE

What businesses should learn from the Eton teacher and his YouTube lesson As an employer or a manager, do you want to be surrounded by staff who have only ever been exposed to ideas exactly like yours?  Or do you want colleagues who have heard lots of different life views, can robustly defend their own […]

The EU Settlement Scheme – what employers need to know

Europe

With the end of free movement looming, individuals who are citizens of the EU, the EEA or Switzerland will have to apply to the UK Home Office’s EU Settlement Scheme if they wish to retain their residence rights after 31 December 2020. Here are some key facts for employers compiled by our Tax Partner, David […]

Corporate Criminal Offences

Tax evasion

The Criminal Finances Act 2017, which came into force on 30 September 2017, introduces criminal liability where companies fail to adopt appropriate systems and procedures designed to prevent an individual (defined in the legislation as an “associated person”) who acts for or on behalf of the business from criminally facilitating tax evasion. This applies to […]

Cross Border VAT after Brexit- are you prepared?

EU Flags

The UK will leave the EU VAT and Customs regime on the 31 December 2020 and this will involve some fundamental changes to the way UK businesses conduct trade within the EU. Movements of goods to the EU Currently, if a UK business supplies goods to another VAT registered  business within the EU, then it […]

Chancellor Sunak’s Winter Economy Plan: the main points

Glass and Nature

The Chancellor has shelved the idea of an Autumn Budget and today (24 September 2020) gave details of further support to help preserve viable jobs and provide help for businesses and individuals affected by the measures taken by the government to try to fight coronavirus. David Gillies, tax partner at Friend Partnership explains the main […]

Capital allowances – timing is key to take advantage of new £1m allowance

Money

Businesses wanting to take advantage of the £1million Annual Investment Allowance must plan their capital expenditure carefully. In his 29 October Budget, Chancellor Hammond announced an increase in the Annual Investment Allowance (‘AIA’) from £200,000 to £1million with effect for expenditure incurred on or after 1 January 2019. The new limit is in place for […]