by Paul Whyatt | Nov 5, 2021 | Personal Tax, Taxation
Making tax digital for income tax self-assessment (MTD ITSA) will replace the self-assessment tax return for unincorporated businesses from April 2024 for sole traders and from April 2025 for most partnerships. The MTD ITSA regulations will require you to keep records...
by Paul Whyatt | Nov 5, 2021 | Personal Tax, Taxation
Child benefit is not taxable but sometimes needs to be declared on tax returns. Since 2013, the high income child benefit charge (HICBC) claws back some or all of the child benefit paid to families where the highest earner in the family has total income of £50,000 or...
by Paul Whyatt | Nov 5, 2021 | Personal Tax, Taxation
If you sell a UK residential property subject to capital gains tax (CGT), you must report the gain and pay the tax within 30 days of the completion date of the deal. The report generally has to be done online through a UK property account which needs to be activated...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Business Start-up, Taxation
Research and development tax reliefs can be very generous for small companies, giving a deduction of 230% of qualifying costs. However, the categories of expenditure which qualify for R&D relief were defined over 20 years ago and do not include costs of a typical...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Taxation
In the March 2021 Budget, the Chancellor announced a superdeduction scheme that provides a 130% deduction for the cost of new plant or equipment if it is purchased by a company before 1 April 2023. Expenditure on other new assets, such as fixtures and integral...
by Paul Whyatt | Nov 5, 2021 | Business Advice, Taxation
The national living wage (NLW) will rise to £9.50 per hour for pay periods starting on and after 1 April 2022 along with the other national minimum wage rates. Since 6 April 2021, the NLW rate has applied to workers aged 23 and over. The apprentice rate will rise...
