Further relaxation of self-assessment thresholds announced

The government has announced changes to the threshold at which some taxpayers need to complete a tax return. What’s the full story?

Mandatory payrolling of employee benefits delayed until 2027

The start date of mandatory payrolling of employee benefits has been delayed from April 2026 to April 2027. What do we know so far?

Multiple agents for MTD ITSA will be permitted

Travel expenses - exempt or not?

You have several employees who travel from home or their workplace in the course of doing their job. Naturally, you meet the cost of their travel but should you be deducting tax and NI from the payments, or are they exempt?

Lending to a relative - avoiding the tax trap

Your daughter needs financial help to get her company started. You’ve agreed that your company will lend her the money. Your accountant says that this will trigger a tax charge. What is the charge and how can you legitimately dodge it?

Could HMRC incorrectly withdraw you from annual accounting?

Your business can only use the annual accounting scheme (AAS) if its annual sales are below certain limits. Is there a risk that HMRC could wrongly instruct you to leave and, if so, what can you do about it?

MONTHLY FOCUS: CGT RELIEF FOR SHARE DISPOSALS

Business asset disposal relief is available where businesses are sold, but can also apply to the disposal of company shares and, in some circumstances, assets used by the company. What are the rules?

MONTHLY FOCUS: THE ENTERPRISE INVESTMENT SCHEME QUALIFYING CONDITIONS

The enterprise investment scheme (EIS) is a generous collection of tax reliefs aimed at encouraging private investment into relatively young companies. In this Focus, we look at the qualifying conditions relating to the investor and the issuing company that must be met in order for a claim for relief to succeed.

MONTHLY FOCUS: PROFIT EXTRACTION FOR 2024/25

The 2024/25 tax year has been a reprieve from the fiddly tinkering which has plagued profit extraction in recent years. There have been no in-year changes to NI rates or corporation tax rates etc. to deal with. As a result, you can focus on your remuneration strategy with more clarity. This is a welcome relief - especially as the 2024 Autumn Budget means 2025/26 will be a different story! This Monthly Focus will help you to form a profit extraction strategy that will keep more of your profit in your bank account and not HMRC’s. 

Does income lose its nature over time?

Following the inheritance tax announcements at the 2024 Autumn Budget, your mother is keen to take advantage of the exemption for gifts out of income to reduce the value of her estate, with a gift to her grandchild. Will this work, and could HMRC argue that gifts from accumulated savings are capital in nature?

The 10% problem with charitable legacies

In 2024, the First-tier Tribunal (FTT) gave judgment in a case where an estate attempted to access the reduced inheritance tax (IHT) rate which applies when funds are donated to charity. What were the problematic points and what can you learn from it?

Year-end tax saving strategies

With the 2023/24 filing deadline out of the way, it’s time to focus on maximising efficiency ahead of the end of the 2024/25 tax year. What strategies are available to individuals and owner managers