The rate at which a company pays tax is now determined by the level of their taxable profit. Where taxable profit falls between the lower and upper limits, a company pays tax at an effective rate of 26.5%. The limits are reduced for periods of less than 12 months and are dependent on the number […]

Payroll is often one of the largest expenses for employers and plays a vital role in maintaining employee satisfaction, so it is important to ensure all payroll related processes are accurate and compliant. There are a number of ongoing requirements and future changes to payroll legislation to keep in mind. Pension Re-Enrolment – action needed […]

Having a rental property may not be as simple as turning over your old home to letting agents and enjoying stress-free income. Whether the property is UK or overseas sited will have an impact on your reporting requirements and tax liabilities.  Consider how rental properties are taxed abroad and whether relief is available for that […]

You will recall that MTDITSA has been pushed back to 6 April 2024 in order to provide more time for taxpayers and HMRC to make necessary preparations and allow for the continued testing of the pilot. The focus of MTDITSA is currently on self-employed businesses and property owners with annual income above £10,000.  Note that […]

In recent years, there has been an increase in the number of unsubstantiated R&D tax relief claims submitted by companies, prompting concern at HMRC in relation to the level of fraudulent claims being made. HMRC’s response has been twofold. Firstly, HMRC recently announced a pause in some Research & Development Tax Credit payments whilst they […]

Unincorporated businesses generally draw up their accounts to the same date each year, the ‘accounting date’.  Their profit or loss for the tax year is usually the profit or loss for the year to the accounting date, the ‘basis period’. However, the government is looking to align all basis periods for unincorporated businesses with the […]