Capital allowances: Full Expensing vs AIA vs Writing-Down Allowances
Capital allowances allow businesses to claim tax relief on money invested in assets like machinery, equipment, or certain vehicles used commercially. …
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Right to work checks – Financial risks and compliance steps for business owners
Right to work checks form an important part of business risk management, particularly now that the Government has increased the financial penalties fo…
Too many businesses falling into VAT traps
VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash…
900,000 sole traders pulled into MTD for ITSA
The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year. This …
Labour introduces harsher penalties for late taxpayers
The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for I…
Should you submit your tax return at the start of this tax year?
Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively. The earlier you file a re…
Why capital allowances should be top of your to-do list this April
The new financial year will see many of the proposed changes announced in the Autumn Budget enacted, impacting businesses across the country. These ch…
Change to dividend reporting to affect thousands of owner-managed businesses
From 6 April 2025, many directors will need to report dividend income in much more detail in their Self-Assessment tax return. This change will affect…
A delicate balancing act
In her first Budget in October 2024, Rachel Reeves promised that there would only be one ‘fiscal event’ each year – she would not make significa…
HMRC sends letters as next phase of MTD edges closer
From April 2026, the way you report your income tax will change. HM Revenue & Customs (HMRC) is introducing Making Tax Digital (MTD) for Income Ta…