Another deferral to the mandatory implementation of Making Tax Digital for Income Tax Self Assessment (MTD ITSA)

Making Tax Digital for Income Tax Self Assessment

Understanding that self-employed individuals and landlords are currently facing a challenging economic environment, and the transition to Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) represents a significant change to taxpayers and HMRC for how self-employment and property income is reported, the government is giving a longer period to prepare for MTD. The mandatory use of […]

A Brief summary of “Fiscal Event” delivered by the Chancellor

Houses of Parliament

Here is a brief summary of today’s “Fiscal Event” delivered by the Chancellor. Business Support and Growth The Chancellor has stated that growth is not as high as it should be and “This has made it harder to pay for public services requiring taxes to rise, in turn higher taxes on capital and higher taxes on […]

Capital Investment in Solar Energy Finally Makes Financial Sense

Solar Panels on roof of commercial building

The increase in energy prices has prompted more and more businesses to consider whether it makes sense to invest in solar panels. The practicalities are simple enough. All that is required is to determine whether there is sufficient roof space on the commercial premises to start generating solar energy. Owing to advancements in solar technology […]

R&D Tax Relief reforms. What do they mean for your company?

Research & Development

Coming on the heels of the introduction of HMRC’s R&D taskforce, It comes as no surprise that the recently published draft R&D legislation includes many provisions to tackle abuse of the system. HMRC is all too aware that some unscrupulous individuals have set themselves up as R&D specialists without any actual knowledge of the rules […]

The Case For Keeping Corporation Tax Low

View of the city of London from inside another building

We have so far seen the majority of candidates for the leadership of the Conservative Party and the next Prime Minister of the UK offering to cut taxes. Talk about tax cuts is inevitable when there is a leadership contest or a General Election. High on the list of taxes talked about currently by candidates […]

Capital Allowance Super-Deduction – Incentive For Investment

Investment in manufacturing

In March 2021 Chancellor, Rishi Sunak, announced a new Super-deduction and a First Year Allowance as a way of encouraging businesses to invest in new plant and machinery as well as long life and integral features, helping to further grow investment in the UK. What are the Super Deduction and First Year Allowances? The Super-deduction […]

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 […]

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 […]

Spring Statement 2022: What it means for the cost of living crisis

Houses Of Parliament

Having previously announced financial assistance to help with the growing cost of living crisis by way of, £150 reduction in council tax (for eligible households) and £200 towards energy bills (albeit repayable over 4 years), totalling £350 for households up and down the country. The Chancellor of the Exchequer announced further measures in his spring […]

Making Tax Digital for VAT comes to effect on 1st April 2022

Making Tax Digital

From 1st April 2019 most VAT registered businesses with a taxable turnover above the threshold of £85,000 were required to sign up to “Making Tax Digital” (MTD). This requirement to sign up to MTD is extended from 1st April 2022, to cover all VAT registered businesses whether or not their taxable turnover is over £85,000. […]