Aren’t all accountants qualified? This may sound like a very odd question but we come across a number of new clients who, when asked, always say their previous accountant is qualified without giving it a second thought. On investigation this is not always the case as the word ‘accountant’ is not a legal term. You […]
Category Archives: Blog
We were recently approached to advise on the capital gains tax position of a share disposal. Background Mr A had paid a minimal sum for a 5% shareholding when he first started to work for a new startup company, some 20 years ago. The company had grown in value over the last 20 years but […]
Whilst company directors hung their heads in their hands following the increase in corporation tax rates up to 25% (marginal rate 26.5% for profits between £50,000 and £250,000), we looked at what would be the most tax efficient salary for 2023/24. We will break this down into companies with taxable profits up to £50,000 and […]
Twists and turns When the Chancellor of the Exchequer makes a fiscal statement to Parliament – whether it is called a Budget, a mini-Budget or an Autumn Statement – the headlines are in the speech and the details are in the Treasury Red Book that is published on the internet when he sits down. In […]
From the 1st January 2023 the VAT penalty system is changing to a points based system. There are two trigger points for this: Late filing of a VAT return, and Late payment of the VAT liability As most traders use quarterly filing then we will cover this. Late filing of the VAT return To get […]
Dawn of a new era? In his first Budget speech as Chancellor, Kwasi Kwarteng said that ‘we need a new approach for a new era, focused on growth’. He would build this around three priorities: reforming the supply side of the economy, maintaining a responsible approach to public finances, and cutting taxes to boost growth. […]
The Government has announced that Capital Gains Tax (CGT) rules for divorcing couples will change on 6th April 2023. Currently, if a couple transfers assets between them any time after the tax year in which they separated, there may be a tax to pay. The new rules will give couples three tax years from the […]
If you have made a claim about being mis-sold aPayment Protection Insurance (PPI) policy and also received an interest payment then you may be able to get a tax refund.This is because the interest payment is paid net of basic rate tax and for a basic rate taxpayer you are allowed to earn £1,000 of […]
Having passed my AAT level 3 in January of this year, I was excited but also nervous to start my level 4 course as I knew that it would require a lot of hard work and dedication, as this level involves a lot more study hours than previous levels. I have now sat and passed […]