On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, partially through public spending …
Abolition of Basis Periods Along with the impending introduction of Making Tax Digital (MTD) for unincorporated businesses and landlords the government made a significant announcement on 20 July that they would abolish basis periods for unincorporated businesses for the 2023/24 tax year to simplify MTD reporting. That change would apply to sole traders, partnerships, as …
Abolition of basis periods and new tax year end? Read More »
Many small businesses in the UK are set up as Limited Companies. There are many benefits to this approach and some legal and accounting concepts that owners need to understand. A Limited Company is a separate legal entity to the owners. As such, the money in the company’s bank account does not directly belong to …
The “off-payroll” IR35 working rules that apply to certain workers supplying their services to clients via their own personal service companies start from 6 April 2021. These rules were already been in place in the public sector but now apply to the private sector as well. Under this new regime end user businesses will be …
With only a week to go there is still time to save some tax with some end of year tax planning. Here are some ideas: Use your spouse’s personal allowance If your spouse is a lower rate or non-taxpayer, it’s possible for them to transfer 20% of their unused personal allowance to their spouse …
Last Minute End Of Year Tax Planning For Individuals Read More »
When your year end is approaching it’s important to take the opportunity to think about any actions you need to take to manage your tax bill. Many of these actions actually need the transactions to be carried out before the end date and can’t be backdated. Some of these actions have cash flow and balance …
INTRODUCTION The Chancellor’s second real budget on the 3rd of March made some important business announcements to try and mitigate the effects of the pandemic and also to start rebuilding the nation’s finances for the future. Below we list some of the most important announcements that will affect individuals and small businesses in Scotland. The …
We often get asked whether buying residential letting property through a Limited Company is a good idea. The answer to that is…. It depends! In order to give decent advice we would need to know the circumstances of the person doing the buying and their long term intentions. However what we can do here …
Pros And Cons Of Buying A Property Through A Limited Company Read More »
Reuters have reported that the Airbnb UK accounts for the year to 31 December 2019 include a statement that the company will share data with HMRC about the property income of hosts (those who let out property) on its UK platform in the years 2017/18 and 2018/19. See the original article here. The Airbnb data …
We are pleased to announce a new partnership with one of the leading R&D tax credit Companies. There are no upfront costs for clients and the work is carried out for a fee in proportion to the tax rebate received. Click here for more details of our service: https://www.sutherlandblack.co.uk/r-and-d-service/ You would be surprised at what …
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