Tag Archives: Tax

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 […]

Tax Day Highlights

Tax Day Highlights

After the excitement of the Budget and the issue of the Finance Bill, 23rd March was billed as “Tax Day” with the government issuing a raft of consultations and policies. In the end, the day was – correctly – overshadowed by the anniversary of the first Covid-19 lockdown, but as […]

Tapered annual allowance – will high earners contribute more?

annual allowance

The 2020 Budget increased the scope for many high earners to make a bigger pension contribution in the tax year ending 5 April 2021. The annual allowance income limit was increased to £200,000, significantly reducing the number of people affected by the tapered annual allowance. The availability of a full […]

Tax reliefs and tax advice opportunities

more money for my business

With a little glowing light at the end this long tunnel, we want to bring hope and open your eyes to tax advice options that until now you might not have considered for your business. More options than you realise. You’re probably feeling like you’ve exhausted all of the support, […]