Tag Archives: Tax

Tax Year End Planning 2021/22

tax year 2022

It’s January and you may have just had the pleasure of paying your tax bill… but have you made use of the tax planning opportunities available to you before the end of the tax year?   Are you making the most of the different types of ISAs available to you […]

Home expenses – tax considerations

Home Expenses

At the start of the pandemic HMRC introduced several tax concessions to provide additional support to employees working from home but what are the tax implications of these additional perks?   In the 2020/21 tax year, as an employee you may have received extra support from your employer to enable […]

The Autumn Budget Statement – Tax Tricks or Treats?

The Autumn Budget Statement – Tax Tricks or Treats?

On Wednesday 27 October the Chancellor of the Exchequer delivered the Autumn Budget Announcement.  In the run up to Halloween we ask whether it delivered tax tricks or treats?   The Autumn Budget Announcement trumpeted a “New Age of Optimism”, but there were ominous signs of tax increases to come.  […]

New Health and Social Care Levy

New Health And Social Care Levy

Boris Johnson launched a new Health and Social Care Levy this week to replenish the country’s finances in the aftermath of COVID-19…   It appears “unprecedented times” translates into unprecedented tax increases which depart from the Conservative party’s commitments to the triple lock on income tax, National Insurance Contributions (NICs) […]

G7 Historic Tax Agreement

G7 tax reform

It is no secret that many governments have struggled to tackle the tax challenges that arise from an increasingly globalised and digital economy.   However, following years of discussion, on 5 June 2021 G7 agreed to back an historic international agreement on a global tax reform, which will push for […]

OTS Report 20 May 2021 – The future of Capital Gains Tax?

capital gains tax

On 20 May 2021 the Office of Tax Simplification published the second part of its review of Capital Gains Tax (CGT). Whilst most taxpayers encounter income tax, National Insurance Contributions (NICs) and VAT every day, the report is concerned that many taxpayers are strikingly unaware of their obligations to report […]

Bad Debt – what are the tax reliefs on bad debt?

bad debt tax

Not many businesses operate without a bit of bad debt, although hopefully it is just the odd one! However, for tax purposes, there are different rules depending on the tax involved. VAT There are detailed instructions for VAT relief on bad debts which is set out in VAT Notice 700/18, […]

Is 2021 the year to get an electric car?

electric car tax

Whether you’re environmentally conscious or just after something practical – the choice of electric car models has skyrocketed over the last year or so. More and more well-known brands have launched their own take on electric cars to try and complete with the market leader – Tesla. Not only is […]

Should I get a company car?

company car

“Should I get a company car?” is probably one of the most asked questions we receive. The fundamental answer revolves around tax efficiency and sustainability.   A company car is a way your company can pay you back for your hard work, but you should also consider the purpose and values of […]

Transfer of Shares – tax issues to consider

shares transfer

The dawning of a new tax year commonly sees a flurry of share transfers as business owners seek to ensure their extractions of profits are tax-efficient.  However, transfers of shares between family members and employees can hold lots of hidden tax charges. Here are three of the main types of […]