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If you miss the deadline for filing your self-assessment tax return (31 January for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another penalty is incurred (the higher of £300 or 5% of […]

When you die, your executors or relatives need to sort out your affairs. This stressful task can be made easier if you leave a clear and up-to-date Will that has been drafted with tax in mind. They may also need to pay inheritance tax (IHT) if the net value of your assets, including your home […]

The end of the accounting period for your business is a key point for tax planning. You can save or delay tax by advancing the acquisition of assets to before the end of your accounting period. This permits you to claim the capital allowances associated with those assets earlier. If you trade through a company, […]

Companies can take advantage of an extended carry back period for trading losses arising in accounting periods that end between 1 April 2020 and 31 March 2022. The trading losses from these periods can be carried back to set against total profits of accounting periods ending in the previous three years. There are two £2 […]

As the Christmas period approaches employers may want to reward their employees’ hard efforts through gifts and entertainment such as Christmas parties.  If structured properly, these rewards can be exempt from tax. Gifts which qualify as trivial benefits Seasonal gifts may include a Christmas hamper, a bottle of wine, a spa voucher, or tickets to […]

Climate change is a hot topic and is likely to become the most important issue of the 21st century. Electric Vehicles (EVs) are at the forefront of most de-carbonisation strategies. Currently, EVs are prohibitively expensive for all but the wealthiest individuals. This is why we expect there to be a rise in the number of […]