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 […]
Anyone whose business comes under the Revenue’s microscope is usually in for a roller-coaster ride. HMRC has upped its game in recent years when it comes to probing businesses or […]
Incorporating charitable giving into your tax planning strategy can be a useful way to reduce both your income tax and the inheritance tax (IHT) that will eventually become payable on […]
Audits may be a thing of the past, but certain annual reports still apply. If you’re a business owner, you may be familiar with the process of submitting your accounts […]
What is a forensic accountant’s role in divorce proceedings? A forensic accountant has a number of functions. If they are the single joint expert (SJE) in the context of […]
For self-employed people, company directors and those receiving other sources of income, it’s the time of the year to send your self-assessment tax return. Self-assessment is the process used by […]
As communities around the UK geared up to take part in Mitzvah Day 2017 – the country’s biggest multi faith day of social action – here at Sobell Rhodes we […]
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok thanks!Read more