Category: Tax

With the UK approaching a pivotal general election this July, a new manifesto is calling on all political parties to implement policies designed to ignite entrepreneurship and drive economic growth.

The Association of Accounting Technicians (AAT) has responded to HMRC’s long-awaited consultation on “Raising standards in the tax advice market”, which closes for submissions today. HMRC has asked the industry and consumers for their views on how best to tackle what it calls significant levels of substandard tax advice in the market wherein a “minority of practitioners who are incompetent, unprofessional or unscrupulous who continue to operate, harming their clients and the public finances”

The UK tax year, often referred to as the financial year, starts on the 6th April and ends on the 5th April the following year. The end of the tax year is an important deadline for all taxpayers, marking the cutoff for various tax-related relief, payments, and actions.

Investors navigating the complex landscape of wealth management often seek avenues that not only offer lucrative returns but also come with attractive tax benefits. Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EISs) emerge as compelling options, intertwining attractive tax benefits with portfolio diversification. In this piece, we'll delve into the intricacies of these investment vehicles, shedding light on their structures, benefits, and potential risks.

From April 2024, changes to R&D tax relief announced in the 2023 Budget mean that the existing R&D Expenditure Credit (RDEC) and the SME R&D schemes will be merged into a new simplified R&D tax relief incentive.

Significant changes are on the horizon for IR35, set to take effect on April 6th. This new policy, known as ‘IR35 offset’, aims to prevent double taxation by empowering HMRC to offset tax and NI contributions already paid by contractors, fostering fairer sharing of tax liabilities throughout the supply chain.

As another tax year draws to a close, investors may be wondering how they can make their investments work harder for them.

While there have been hints of tax cuts, many are still predicting the Autumn Statement to be quite a bland affair as the Government readies itself for a General Election next year, perhaps with more promises for the future than actual action. However, there are still many changes that could be introduced, or re-introduced, that would help boost the economy and put money back into the pockets of ordinary people.

Nobody likes paying too much in taxes, including cryptocurrency investors. Different crypto transactions produce different tax consequences, and how long you own a digital currency usually matters.

Milton Keynes-based asset finance brokerage Approved Finance Group has announced the launch of Approved Tax Limited (ATL), its new division designed to support SMEs with innovative funding solutions.

With figures from Aviva showing that one in five adults in the UK has taken on a side hustle since March 2020, it is important to be aware of how these income drivers impact your tax charges.

We are now in the new tax year, meaning it’s crucial that everyone is aware of how any of the new changes may impact them, especially in light of the cost of living crisis, where financial planning has become more important than ever.

With the tax year-end fast approaching, are you thinking about how to best maximise your tax efficiency? From ISAs to pensions, VCTs to EISs, there are plenty of ways to make your money work harder.

The tax burden is at its highest since 1949, increasingly weighing on higher earners. And it’s about to get worse. Come 6th April, more people will be dragged into the higher and top rates of tax, whilst those already caught will see their tax bills rise. As a result, more and more investors are turning to tax-efficient investment schemes, such as Venture Capital Trusts (VCTs), resulting in over £2bn of inflows last tax-year.

With the end of the 2022/2023 financial year on 5 April nearly upon us, the experts at Perrys Chartered Accountants have put together a checklist of tax reliefs to make the most of before it’s too late.

One of the UK’s leading tax incentive and innovation management advisers, RDI Solutions’ (RDI) industry specialists manage over £120 million of tax incentives annually for a broad range of UK-based clients, including some of the world’s biggest brands.

Love, romance and … taxes. It’s not the first thing that springs to mind when considering the perfect Valentine’s gift for your partner, but if you’re married, in a civil partnership, or even planning to get down on one knee, then there’s a range of tax reliefs available that you should be aware of.

Forthcoming tax increases, rising interest rates and the cost of living crisis mean many business owners are feeling the pressure on their profits. Here, Donna McCreadie at Perrys Chartered Accountants provides her top tips for making sure your business is running as tax efficiently as possible.