The prospect of Making Tax Digital (MTD) for businesses can be a scary one. There is much in the news about the administrative burden that this could become on sole traders, companies and landlords alike.
So what exactly is MTD for businesses, and where are we with progress?
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Now that the Christmas and New Year celebrations have drawn to a close, it’s time to start thinking about less exciting things - like tax.
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There are many ways to reward employees in a tax efficient way, and even though some of these can be complex, such as share option schemes, there are other ways of providing tax efficient or tax-free benefits which are very simple and often overlooked.
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We are fast approaching 31 July, which marks the date when the second payment on account for those taxed through self-assessment becomes due.
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Have you come across Research and Development relief (R&D) before? If you own or run a company, this relief could be hugely advantageous to you.
HMRC are really keen right now to help companies in developing new and exciting products; these range from anything to developing mobile phone apps to creating a new part for a bike; if the product is new and innovative, it could be eligible for this relief.
Continue ReadingWith the summer behind us, and the arrival of autumn's shorter days, we've started thinking and planning ahead.
Christmas is on the horizon and so also, inevitably, is the 31 January midnight deadline for filing your online Self Assessment tax return for the tax year ending 5 April 2017.
Continue ReadingThere is a variety of tax reliefs available to small companies which are advocated by HMRC and can be used to save tax through clear and authorised methods. One such scheme is Research and Development (R&D) tax relief. This is a government incentive designed to encourage innovation by UK businesses. R&D tax relief can be equivalent to up to 33p for every £1 spent on qualifying expenditure.
Continue ReadingWhat Is IR35? There is a lot of information about IR35 and urban myths of which many aren’t true.
Continue ReadingFrom 6 April 2016, there have been a number of changes in the way that savings income, including interest and dividends, is taxed. As with all tax changes, there will be new opportunities for taxpayers to reduce their tax burden by ensuring that their affairs are structured efficiently. The changes have been billed as a simplification which would lift many taxpayers out of self-assessment. However, whilst the changes will bring simplification for some, they will also mean that others need to complete a tax return, where they did not before.
Continue ReadingBuy to let landlords of UK residential properties have been bombarded with tax changes in the last year.
In the past, letting residential property (even by individuals) was treated as a ‘property business’ for the purposes of calculating the taxable profit. Therefore, on normal business tax rules, interest paid on a loan used to purchase a property which is let, was deducted from the rental income received in the property business. For individuals who are landlords, the Government has changed this longstanding rule.
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