What is capital gains tax and why do we pay it?
Capital Gains Tax (CGT) is often a misunderstood topic. It is an important tax to be aware of, as it affects both individuals and businesses and some common types of transactions. We’ll delve into the history of CGT in the UK, explain when HMRC collects CGT, and provide an overview...Read More
What are payments on account and why am I due to pay them?
If you’re self-employed and submitting your Self Assessment tax return, you may not have realised that you might need to make an additional payment called a payments on account (POA). Payments on account are payments made in advance towards your next year’s tax liability. How payments on account (POA) works?...Read More
Can’t file your personal tax return on time? Find out about late-filing penalties and grounds for appeal
Tax season can be a stressful time for many – if you’re among those who find themselves unable to file on time, know that you are not alone and others have been in the same situation. In this blog post we will discuss your options if you find yourself unable...Read More
Some Tax Reliefs Available in the UK That You May Not Know About
The self-assessment tax deadline is quickly approaching and you may be wondering if there is any way to reduce the amount of tax you owe to HMRC. Fortunately, there are several allowances and deductions available that you may be eligible to claim. In this blog, we will explore a few...Read More
Self Assessment Deadlines: What happens if I haven’t registered?
You found out you have to do a self assessment but the deadline to register has passed. What happens when you don’t register for Self Assessment in time? Can HMRC immediately start charging you penalties? If you became self-employed, made sizeable gains on shares or cryptoassets, became an LLP member...Read More
What is the High Income Child Benefit Tax Charge and does it apply to me?
The High Income Child Benefit Charge (HICBC) is a tax charge that is applied to individuals in the UK who received child benefit and have an income above a certain threshold. The charge is calculated based on the difference between the individual’s income and the threshold, as well as the...Read More
Are bank incentives increasing your tax bill?
In recent times, you may have heard of incentives to switch your bank account to a new bank provider and receive a cash bonus up to £175 (Dec 2022). Great news, get cash for pretty much nothing, as the new bank provider will switch over all your direct debits for...Read More
Planning for success(ion)? Identifying your successors is only one piece of a long-term exit strategy
HBO is revered for its authentic portrayals of times and places throughout history, from Band of Brothers’ harrowing journey woven through the events of World War II, to the crime-ridden streets of ‘90s Baltimore in The Wire. Yet it feels like none of its series based in reality (sorry, Game...Read More
Working from home allowance, can you claim the tax relief?
When the Covid-19 pandemic first struck, government guidelines were introduced encouraging people to work from home where possible. Many people found themselves fashioning new home offices into any spare space they had available. As a result of spending more time at home, household costs inevitably increased, and consequently the government...Read More
Citizen or Subject? HMRC’s compulsion to call everyone a ‘customer’ is misguided, and should worry you
HMRC is obsessed with the word customer. Their annual report for the year ended March 2022 mentions the word more than four hundred times, describing (gleefully, we anthropomorphise) how the organisation is split into four core customer-focussed groups. In good keeping with the grave case of “customerphilia” from which it...Read More
Electric vehicles (EV) vs ICE running cost per mile, which is better?
About a year ago, we wrote a blog titled – Is it worth going for an electric vehicle now and should you buy the car through your business but since then the petrol costs have been through the roof and we decided it was time to write an update to...Read More
The impact of the UK’s rising childcare costs on women’s careers and what tax relief is available
The average cost of childcare in the UK has been steadily rising and many families have found themselves having to plan their budget carefully to cover the required fees. According to a report by the Day Nurseries, the average cost of sending a child under two years old to a...Read More