Category Archives: Tax

Clarity on the implications of basis period reform

tax basis reform

As the tax season approaches you may be confused over the changes with the tax basis period reform, particularly if you have a financial year that doesn’t align with the standard 31 March or 5 April.   There has been some misunderstanding regarding whether businesses can distribute excess profits if […]

What happens if you don’t file your tax return before 31st January?

What happens if you don’t file your tax return on time? You should have filed your 2023 Personal Tax Return and Partnership Tax Returns by 31 January 2024. If you did not file on time HMRC will charge an automatic £100 penalty to individuals. For a late submission of a […]

Understanding HMRC Letters Regarding Company Capital Allowances / Annual Investment Allowance

HM Revenue & Customs (HMRC) has initiated a correspondence campaign, sending letters to companies regarding their capital allowance claims, specifically the Annual Investment Allowance. These letters, while potentially raising concerns, shouldn’t necessarily spark alarm. Let’s delve into what these letters entail and how companies should respond.   Understanding the Purpose […]

Staff entertaining expenses dentists need to get their teeth into

dental blog

We know that our dental clients like a party, as do we, but do you know the staff expenses tax implications of entertaining and Christmas bonuses? An annual Christmas party, or a meal and drinks out with your staff is enough to trigger a tax charge if the limits are […]

Navigating the Complexities of Business Tax

Running A Limited Company Guide

Taxation is a critical aspect of running a business, and understanding its complexities is essential for limited company owners. Our comprehensive guide ‘Running a Limited Company: A practical guide for business owners’, provides a breakdown of key business tax considerations, including dividend tax, VAT, National Insurance Contributions (NICs), Corporation Tax, […]

Navigating the tax treatment of Furnished Holiday Lets

holiday let

Let’s delve into the fascinating realm of the UK tax treatment of Furnished Holiday Lets (FHLs). If you’ve ever dreamt of turning your cozy cottage or charming apartment into a holiday retreat, you’re in the right place. Here we will untangle the complexities of tax rules and discover how FHLs […]

Zero and low emission vehicle tax

zero emissions

With the UK Government being committed to ending the sale of new petrol and diesel vehicles by the end of 2035 the current tax regime for cars is naturally favourable for zero and low emission vehicles. A summary of the main low emission vehicle tax benefits is provided below.   […]

HMRC Impending Changes for Gig Workers

gig economy

What Is A Gig Economy The dictionary definition of “Gig Economy” or gig workers is “A way of working that is based on people having temporary jobs or doing separate pieces of work, each paid separately, rather than working for an employer.”   The Role Of Digital Platforms In The […]

Registering with HMRC, Budgeting, Insurance and Expenses

Running A Limited Company Guide

Running a successful business involves fulfilling various obligations and effectively managing key aspects of your operations. In our comprehensive guide ‘Running a Limited Company: A practical guide for business owners’, we delve into the importance of registering with HMRC, managing your budget, understanding insurance options, and staying on top of […]