Could corporation tax changes impact your business?

Planned corporation tax changes may not be as headline-grabbing as changes to income tax, yet the new rules are expected to have an effect on many businesses. It is worth considering how your business might be impacted by the changes announced by the Chancellor in recent Budgets. In this article, we cover some of the […]

Celebrate the Jubilee in style, but beware of the potential tax pitfalls

Many rural businesses may well have plans to make their land, farm or estate available for a Jubilee celebration or other summer event. Such activities, whether a modest gathering or major public event such as a festival, can provide a valuable additional income stream for the business, but there are various potential tax pitfalls to […]

Basis period reform will impact business income tax self-assessment

In the 2021 Autumn Budget, the government confirmed their plans for basis period reform which will change the rules that decide when income is taxed for businesses, including the self-employed, partnerships and trusts. The tax year runs to 5 April every year, and for those who draw up their accounts to this date or to […]

Tax Tables 2022-23

Our 2022-23 tax tables feature rates and allowances for the following: Income tax Personal allowances Individual Savings Accounts (ISAs) Capital gains tax (CGT) VAT Corporation tax Inheritance tax (IHT) National Insurance Contributions Annual Tax on Enveloped Dwellings (ATED) Stamp taxes Pension schemes Remittance Basis Charge (RBC) Venture Capital Trusts (VCTs) Enterprise Investment Scheme (EIS) and […]

Gifting assets | The tax considerations

In our latest Private Wealth Podcast, Leonora Stevens and Mike Hodges discuss the key tax considerations when gifting assets (excluding property).

The tax implications of passing assets to the next generation

For many, inheritance tax (IHT) is a growing concern and passing assets tax efficiently to the next generation can be a primary objective. This article considers the tax implications of gifting assets (excluding property) to the next generation to help mitigate exposure to IHT. Gifting cash Cash can be gifted tax-efficiently with no immediate tax […]

VAT Update – April 2022

In our April VAT update, we comment on VAT recovery for a partially exempt business and the use of the standard method override; a case that considered whether a flapjack was a cake or confectionary; and we remind businesses that the reduced rate of VAT in the hospitality sector has now ended.

Annual Tax on Enveloped Dwellings (ATED)

Dwellings within the scope of Annual Tax on Enveloped Dwellings (ATED) will be revalued at 1 April 2022 for ATED periods from 1 April 2023 onwards. Suitable valuations should be obtained in advance of 1 April 2023. What is ATED? ATED is a tax that applies to companies, partnerships (with at least one corporate member), […]

The Academies Accounts Direction 2021 to 2022

At the end of March 2022, the ESFA issued the 2022 Academies Accounts Direction, which sets out the financial reporting requirements for academy trust accounts for the year ended 31 August 2022. They also issued updated model accounts and a separate document for external auditors, the: ‘Framework and guide for external auditors and reporting accountants […]

Rewilding – tax treatment

In order for land to qualify for Agricultural Property Relief it needs to be used for the purposes of ‘agricultural production’, along with other requirements. When land is taken out of agricultural production for environmental schemes there is a real risk that in many cases this will mean that the landowner will lose the availability […]