News

The UK recycles a very small proportion of the plastics that are used in packaging each year. The plastic that is not recycled either ends up in landfill or is exported. The UK government wants to increase the amount that is recycled and so on 1 April 2022 a plastics tax on plastic packaging containing […]

Whilst Self-Assessment individuals routinely provide their tax advisers with details of their income and chargeable gains, they may omit to provide other information which can assist with the reporting requirements and potentially provide tax relief. Child Benefit: If you or your partner claim child benefit you may be required to report this income on your […]

Purchasing electric cars for the use of directors and employees can be a great tax saving opportunity as well as a step towards helping our environment. Capital Allowances Where an electric car is purchased either outright or via a Hire Purchase agreement, the capital allowances available to the company are much higher than those usually […]

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 […]