Is the UK officially in recession?

Is the UK officially in recession?

Is the UK officially in recession? As the economic landscape continues to evolve, recent data released by the UK’s Office for National Statistics (ONS) prompts a crucial question: Is the UK officially in recession? Today’s announcement sheds light on the current state of the nation’s economy, providing insights into key indicators and trends that shape…

Valentine's Day Tax tips

Valentine’s day Tax tips

Valentine’s Day – Tax tips Managing taxes efficiently as a couple can lead to significant savings and financial stability. Understanding the intricacies of the UK tax system and employing effective strategies can help couples maximize their allowances and minimize their tax liabilities. Understanding your tax status is crucial for determining how much tax you’re liable…

HMRC warns taxpayers to settle tax on share sale

HMRC warns taxpayers to settle tax on share sale Overview Taxpayers are cautioned to address any outstanding tax liabilities related to capital gains on share sales that were omitted from self-assessment tax returns. Failure to settle these liabilities promptly may result in HM Revenue & Customs (HMRC) initiating enquiries into taxpayers’ affairs. Letter Campaign HMRC…

HMRC warning on undeclared dividends

HMRC warning on undeclared dividends

HMRC warning on undeclared dividends Introduction The HM Revenue & Customs (HMRC) has initiated a campaign targeting company directors suspected of earning dividends without declaring their taxable income. This concerted effort aims to ensure compliance with tax obligations and address potential instances of dividend income underreporting, based on depleted reserves shown in accounts submitted to…

R&D Tax Relief: What's changing from 1st April 2024

R&D Tax Relief: What’s changing from 1st April 2024

R&D Tax Relief: What’s changing from 1st April 2024 Let’s delve into the forthcoming alterations in the pipeline, shedding light on the intricacies of the restructured and amalgamated research and development (R&D) tax framework.   Research and development (R&D) tax relief has emerged as a significant driver of innovation within UK businesses, with HMRC reporting…

HMRC targets crypto traders

HMRC targets crypto traders

HMRC targets crypto traders Increased Scrutiny on Crypto Traders The HM Revenue & Customs (HMRC) has escalated its efforts to regulate cryptocurrency transactions, with a surge in tax investigations targeting crypto traders and investors. Individuals are receiving letters from HMRC, alerting them to ongoing investigations into potential non-payment of taxes. Enquiry Letters and Information Requests…

Autumn Statement 2023

Autumn statement 2023 – All you need to know

On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits. Income tax Income tax rates…

HMRC Advisory Fuel Rates AFR for company cars

HMRC Advisory Fuel rates AFR from 1 September 2023

Advisory Fuel Rates (AFR) for company car users from 1st September 2023 Table of Contents Overview of Advisory Fuel Rates (AFR) HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2023, increasing the rate for electric cars The advisory fuel rates that apply from 1 September 2023…

Tax filing deadline

Tax filing deadline September to December 2023

Tax filing deadline: September to December 2023 In our handy guide to tax filing deadlines, we provide an at-a-glance guide of filing/submission obligations and payment deadlines.      September 2023  1 September Corporation tax due for accounting periods ended 30 November 2022 where not payable by instalments HMRC reviews advisory fuel rates for company cars 7…

Best Business Bank Account

Best business bank accounts comparison and overview

Best Business Bank AccountsOverview & comparison Table of Contents How to Open a Business Bank Account in the UK A business bank account is an essential requirement for any company operating in the United Kingdom. It separates personal and business finances, facilitates smooth financial transactions, and enables businesses to build a positive credit history. It…

gaps in national insurance for state pension

gaps in national insurance for state pension

Gaps in national insurance for state pension What’s the fuss about gaps in national insurance for state pension? The government has announced that taxpayers now have an additional period of nearly 2 years, until 5 April 2025, to rectify gaps in their National Insurance record for state pension starting from April 2006. This extension allows…