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HMRC has revealed that every year lots of simple errors are made in tax returns concerning capital gains tax which results in the taxpayer suffering additional tax, interest and penalties. Here are some common mistakes, and how to avoid them. 1. Using the correct annual exempt amount When calculating how much capital gains tax you […]

The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. An earlier deadline of 30 December 2024 applies if you owe £3,000 or less and wish to pay the tax that you owe through an adjustment to your PAYE code. While these dates are some way off, there can be

Are you looking forward to a holiday but worried about managing your clients during your time off? Balancing work and a well-deserved break can be challenging, but it doesn’t have to be stressful. Follow this step-by-step guide to manage client expectations and ensure you can fully enjoy your holiday without any lingering work concerns. You

Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to whichthis is possible depending on the rate at which you pay tax; not all routes are open to all. Personal allowance If you do not fully use your personal allowance elsewhere, any balance not otherwise used canbe set against

While Summer may seem like the perfect time to take it easy, especially if your business is prone to seasonal changes and this is your slow month, savvy business owners know it’s a golden opportunity to reflect, optimise, and prepare for the busier months ahead!  Here’s how you can make the most of the quieter

If you were given an amazing opportunity to buy shares in the company you work for through a management buyout (MBO), would you understand all the tax implications? You could be taking full control or owning a significant stake, allowing you to benefit directly from the company’s future success – but what does this mean

Do you feel like you’re constantly running with your business tasks, but getting nowhere? Like you’re working hard but not necessarily getting anywhere fast? It’s time we revive and embrace a seemingly forgotten mantra: work smarter, not harder.  Lazy efficiency is about doing more, with less effort. Harnessing technology and innovative processes can reduce time

Under the Economic Crime and Corporate Transparency Act, there are new rules for registered office addresses.  Companies must now have an ‘appropriate address’ as their registered office at all times. An appropriate address is one where: This means you cannot use a PO Box as your registered office address. You can still use a third-party

The Check your state pension forecast tool from HMRC and the Department for Work and Pensions (DWP) has been enhanced to make it a fully end-to-end solution where taxpayers can check their pension forecast and make voluntary payments. This allows the majority of taxpayers under state pension age to view gaps in their national insurance (NI) record

For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only are taxed charged at a higher rate, but taxpayers also have a shorter window in which to report the gain and pay the corresponding tax over to HMRC.  In the 2024 Spring Budget, the Chancellor announced that the higher rate