There are many ways to reduce or eliminate the inheritance tax payable on your estate without using trusts. But for some, especially if you are very wealthy, they may not […]
The UK is likely to be in the deepest economic recession since records began, after gross domestic product (GDP) contracted by 5.8% in March 2020. Figures from the Office for […]
HMRC has relaxed rules that usually restrict reimbursement for spending on office equipment for the rest of 2020/21. This should help employees avoid receiving a tax bill relating to working […]
UK businesses have claimed more than £22 billion in Government loans and guarantees to support their cashflow during the coronavirus crisis. That includes more than £14.18bn in 464,393 bounce-back loans […]
The VAT capital goods scheme affects input VAT recovery relating to high-value capital assets. Input VAT is a tax incurred on most purchases made by VAT-registered firms, and they can […]
With redundancies on the rise due to the coronavirus, is it time you understood how termination payments work in 2020? Beyond the human tragedy of COVID-19 is an economic one. […]
HMRC has deferred rolling out the second phase of Making Tax Digital (MTD) for 12 months due to the coronavirus. Phase one of MTD kicked in for VAT return periods […]
What to consider during the COVID-19 lockdown. Coronavirus has many people reflecting on their own mortality. So if you have more time on your hands during the lockdown, planning your […]
HMRC intends to contact millions of people eligible for the self-employed income support scheme by the middle this month. Those workers who have lost profits due to COVID-19 will be […]
Can employees reclaim any expenses? On Monday 16 March 2020, Prime Minister Boris Johnson told the public to work from home where possible in an attempt to contain the ongoing […]
The amount of capital gains tax small business owners can potentially save when they sell their business has been cut by 90% for 2020/21. Entrepreneurs’ relief allows people to pay […]
The point at which tapering of the annual pension allowance kicks in will increase by £90,000 for both threshold income and adjusted income in 2020/21. The move, which was announced […]
The Government left it to the very last minute to announce its tax plans for 2020/21. Fortunately, Chancellor Rishi Sunak had few surprises up his sleeve in last month’s Spring […]
It’s hard to believe that Rishi Sunak has only been the Chancellor since Valentine’s Day, given what he’s had to deal with in a matter of weeks since. On the […]
The Treasury is to raise the National Insurance threshold for 2020/21, saving the average employee around £104. According to legislation approved in Parliament back on 30 January 2020, the £8,632 […]
The Government is to press ahead with extending the off-payroll rules to the private sector next month, following the publication of a controversial report. From April 2020, every medium and […]
Since the launch of Bitcoin in 2009, cryptocurrencies have grown steadily into the public consciousness, and the taxman’s too. Once the realm of geeks and hackers, cryptocurrencies are becoming more […]
Back in 2012, less than half of private-sector employees in the UK had a pension scheme. Today, that figure is 85% and this huge increase is due to the successful […]
The hourly national living wage rate for over-25s will increase from £8.21 to £8.72 for 2020/21. The Low Pay Commission published recommendations for the new rates, which kick in from […]
Helping you plan for your retirement is one of our core services, ensuring you are prepared when the time comes to call it a day. With medical advances enabling more […]
Most company directors and their staff see an audit as a compliance burden or a box ticking exercise, but actually there are various benefits to be gained from the process. […]
Offering a company car as a benefit can be a valuable and attractive perk to any valued employee. Unfortunately, it is not necessarily a tax-free perk and it may be […]
High earners could face large tax bills if they fail to declare pension contributions on their 2018/19 tax returns, according to a report. When completing self-assessment, taxpayers are asked if […]
You’ve got a business idea, you’ve got the skills, the concept, the motivation and maybe even someone that’s keen to pay for your services, but where do you start? What […]
The new government intends to announce the 2020/21 tax rates, bands and allowances in a full Budget on Wednesday 11th March 2020. Prime Minister Boris Johnson secured a handsome majority […]
The UK tax system is complicated but research and development (R&D) tax credits can be especially tricky to understand. That’s partly because what counts as R&D, and what amounts to […]
Plans to increase probate fees that were due to take effect earlier this year have been abandoned. Families currently pay a flat fee of up to £215 to obtain the […]
Extending off-payroll rules to the private sector in April 2020 should be delayed by a year, a tax group has said. Chancellor Sajid Javid intended to deliver his first Budget […]
So you’ve got a business idea, and you think it might be a runner. But then again, just as you’ve geared yourself up to commit, all sorts of midnight worries […]
With only two months left until the 31 January deadline for online returns, self-assessment is very much on our minds. There’s a first flurry of activity around the deadline for […]
Business groups want more support to help employers meet the Chancellor’s pledge to raise the national living wage to £10.50 an hour by 2024. Chancellor Sajid Javid announced his intention […]
Fraud costs the UK around £190 billion a year, with businesses bearing almost three quarters – £140bn – of those losses. This worrying picture is backed up by the 2019 […]
More than 28,100 estates were liable for death duties in 2016/17 – a new high for the number of estates charged. The latest figure represented a 15% rise on the […]
From 6 April 2020, HMRC is proposing three significant changes which will potentially increase the capital gains tax paid on the disposal of any residential property by an individual. These […]
New figures show self-assessment taxpayers owe HMRC more than £1.6 billion in late payments on 2017/18 tax bills. The deadline for 2017/18 submissions came and went on 31 January 2019, […]
Large and medium-sized organisations have just six months left to prepare for changes to off-payroll working rules, which are due to extend to the private sector next spring. From 6 […]
As the global financial crisis began to bite in 2008, central banks in several nations took action, attempting to shock the world economy back to life by slashing base interest […]
A major change to the way VAT is collected in the building and construction industry has been delayed until 1 October 2020. The domestic reverse charge VAT for construction services […]
For most people living in the UK, the question of what income and gains should be included on their tax return is an easily answered question because they are both […]
Are Jaffa Cakes biscuits or, as the name implies, cakes? This question is one of the most famous examples of the kind of debate that happens frequently in the world […]
The Government is being urged to stop its crackdown on the buy-to-let market, following evidence showing the negative effects of a string of tax changes. The Intermediary Mortgage Lenders’ Association […]
All of us dream of the day we can retire, saying goodbye to the alarm clock and commute, filling our days with sun-soaked beach holidays, leisurely rounds of golf, or […]
Few sectors have such an impact in the UK as the construction industry. It not only provides the fabric of our nation – the places where we live and work […]
Most people making gifts of money or assets are unaware of inheritance tax rules that might apply to them. HMRC polled 2,090 people and found that only 25% of those […]
Businesses that flout their workplace pension duties face being subjected to random spot-checks by the Pensions Regulator. Employers that provide details to HMRC are having that data cross-referenced by the […]
The tapered annual pension allowance for high net-worth individuals was in the headlines again recently. Concerns were raised that its impact on doctors within the NHS pension scheme is prompting […]
Accountants, as a breed, are fans of efficiency. We tend to appreciate optimised systems and abhor waste, whether it’s time, effort or resources being frittered away. The concept of efficiency […]
The Government is facing calls to announce a stamp duty holiday for homeowners who seek to downsize. Saga polled 2,000 people over the age of 50 and found that 73% […]
When you supply goods and services, you expect to be paid, and promptly, but Britain has a deeply embedded culture of late payments. Indeed, for some businesses, delaying payment is […]
Working from home offers all kinds of benefits, from the opportunity to create the perfect environment in which you can be most productive, to the improvements to work-life balance that […]
More than a million VAT-registered businesses have now been mandated into the Government’s Making Tax Digital (MTD) programme, which came into force on 1 April 2019. Under the scheme, businesses […]
It has been a challenging and eventful three years for UK businesses with a series of high-profile incidents highlighting how situations can change suddenly and often without warning. From the […]
Changes to probate fees – due to take effect last month – have been delayed as Parliament wrangles to resolve the Brexit stalemate. Bereaved families currently pay a flat fee […]
If you’re in charge of running a charity, you will know how it differs from operating a business and how its motives and goals vary. Non-profit organisations are treated very […]
The Government is considering introducing a new stamp duty surcharge, which is designed to clamp down on overseas wealth being used to buy homes in England. Ministers have expressed concerns […]
Affluent families in England and Wales face paying probate charges of up to £6,000 from this month after ministers confirmed it as a fee rather than a tax. Families have […]
What you need to know for 2019/20. With the Brexit process rumbling on, Making Tax Digital finally coming into force, and Easter around the corner, now is the time to […]
MTD zero-hour is here. The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in […]
The Government has launched a new website service to help businesses prepare for the UK’s exit from the EU. ‘Prepare your business for leaving the EU’ is an online […]
If there’s one thing accountants love, it’s identifying obscure tax reliefs to which you may be entitled and using them to reduce your tax bills. Tax reliefs, or tax breaks […]
Most employers in the UK will see minimum contributions towards their workers’ occupational pension schemes rise from 2% to 3% next month. Businesses are legally obliged to automatically enrol all […]
Preparing businesses for leaving the EU As the clock continues to tick down to the 29 March 2019, when the UK is scheduled to officially leave the EU at 11pm, […]
The first batch of VAT-registered businesses have less than a month to go until they enter into the Government’s Making Tax Digital (MTD) regime. All VAT-registered businesses turning over more […]
From April 2019, some estates in England and Wales could be required to pay almost £6,000 for a service that currently costs less than 4% of that amount. This is […]
It’s a fact – humans are bad at assessing risk. We’re terrified of things that rarely happen (plane crashes, power station meltdowns) but relatively blasé about things that are statistically […]
Around 1.4 million businesses in the UK employed members of staff in 2018, and all of them shared one thing in common: the legal requirement to run payroll. This task […]
National insurance contributions (NICs) are set aside to pay the state pension and other benefits, but due to the UK’s ageing population the National Insurance Fund is under increasing strain, […]
Individuals set to benefit from an increase to the higher-rate threshold in 2019 will only see half of the tax reduction expected, as a result of a Budget measure not […]
The annual investment allowance is set to temporarily increase from £200,000 to £1 million, allowing businesses to gain more tax relief on their investments. This will take effect from 1 […]
Most people don’t like to think about their own mortality, but planning for the future is important to ensure your property, money and possessions are distributed the way you intend. […]
These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold. Limiting your ambition in […]
As communities around the UK geared up to take part in Mitzvah Day 2018 – the country’ s biggest multi faith day of social action – here at Sobell Rhodes […]
Britain is a nation of fearless entrepreneurs, but the likes of Richard Branson and James Dyson didn’t go from rags to riches instantly. Branson needed a £300 loan to get […]
People run businesses for a variety of reasons from passion to pride, but making a living is high up the list for most people. How do you go about drawing […]
Introduction Going into Budget 2018, between leaks and political instability, few expected Chancellor Philip Hammond would have surprises left to spring. How wrong we were. Under pressure to support No […]
Personal allowance The personal allowance increases from £11,850 to £12,500 from 6 April 2019. The allowance will also remain at this level for the 2020/21 tax year. Basic-rate band The […]
Corporation tax The main rate of corporation tax remains at 19% for 2019/20. The intention to cut the rate of corporation tax to 17% in 2020/21 was reiterated. Annual investment […]
As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the […]
If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – […]
On 21st September 2018 we came into the office wearing our Jeans in order to raise money and awareness for Genetic Disorders UK. We are proud to have been able […]
First-time buyers in England, Northern Ireland – and for a short time in Wales – were the biggest winners in the most recent shake-up to affect property taxes in Autumn […]
Whether you’re a buy-to-let landlord, a shareholder, an art dealer or you fall somewhere in between, the chances are you will be familiar with paying capital gains tax (CGT). CGT […]
Millions of married couples and civil partners in the UK are eligible for the marriage allowance, but take-up has remained subdued since the tax break came into force on 6 […]
Although the Making Tax Digital (MTD) regime has suffered several setbacks and delays, MTD for VAT remains on course to take effect from its planned implementation date of 1 April […]
You’ve built your business from the ground up and decided it’s time to start planning your departure, but how can you guarantee that you pass it on to the right […]
Smaller employers may require more support in operating workplace pension schemes through auto-enrolment, statistics from the Department for Work and Pensions show. Both small employers (defined as those with 5 […]
After years of hard work and careful saving, you might be looking forward to spending the wealth you’ve built up on a comfortable, relaxing retirement. On the other hand, you […]
Most employers are currently getting their houses in order when it comes to reporting employee benefits and expenses ahead of the 6 July 2018 deadline. At the end of the […]
Many employees need to travel as part of their job for various reasons, whether it’s acquiring new customers, working with current ones or attending conferences and events. The system of […]
A number of selected small businesses have begun submitting tax returns under HMRC’s Making Tax Digital (MTD) pilot scheme. The Revenue asked for businesses to step forward and trial the […]
Despite year-on-year tax rises, company cars remain a popular benefit. While the tax cost of expensive high-emission cars can be eye-watering, by choosing carefully it’s possible to enjoy the convenience […]
Nobody wants the taxman to take more than his fair share, and planning your finances early on can ensure you adopt the most tax-efficient strategy for the months and years […]
Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new […]
With a new tax year almost upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company. There’s no denying […]
Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards. Whether that’s in the form of the Christmas party or […]
A total of 745,588 people run the risk of being fined by HMRC after missing the deadline to submit their self-assessment tax return. About one in 15 taxpayers failed to […]
Vulnerable and elderly people are being told they owe large amounts of tax which they can only pay off through digital vouchers and gift cards. HMRC has issued a warning […]
The overwhelming majority of business owners and landlords remain in the dark over making tax digital (MTD), government research shows. Ipsos Mori polled 2,900 small businesses and landlords on behalf […]
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