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A new VAT penalty system is now in effect A major overhaul of VAT penalties came into effect on 1 January 2023. This new approach changes how penalties are applied, as well as how interest is calculated and paid. In…

The exemption for paying Capital Gains Tax (CGT) is changing. The CGT annual exemption will fall from £12,300 to £6,000 from April 2023, before being cut in half again to £3,000 from April 2024. CGT is what you pay on…

Companies House has gone fully digital after the announcement of the closure of its office in London and all filing being transferred online. It has also permanently shut the public counters in Cardiff, Belfast and Edinburgh. Online services will be…

Chancellor Jeremy Hunt has announced a series of changes to the UK research and development (R&D) tax credit regime, including a cut to the deduction and credit rates for the SME scheme.    The R&D SME scheme enhanced deduction rate…

Planning for the future is essential when running a business and, ideally, you should have a perspective of where you want to be in three to five years. Goals or targets provide a sense of direction, focus, and motivation. But how…

Millions of new taxpayers will be created by the extended freeze on the income tax thresholds.   In the Autumn Statement, the Government froze the thresholds until 2028 – two additional years on its original plans.     The income…

The message from the Chancellor, Jeremy Hunt, in the days before he rose to the despatch box in the House of Commons to deliver the Autumn Statement was clear; he would be outlining billions of pounds of tax rises and…

Investing in property can still provide a strong return, but it needs careful planning to achieve the best outcomes. Just buying new properties without a clear strategy would be risky. While it is true that rates of interest continue to…

If you are an owner of a limited company, taking money out of your business using dividends is a mainstay of effective tax planning, thanks to an additional £2,000 annual allowance and lower rates than apply when taking money in…

Card payments rocketed during the pandemic and that trend has continued since then. According to figures from the British Retail Consortium (BRC), card payments account for four out of every five payments made. But as consumers switch, the soaring cost…