Making Tax Digital for income tax

The Making Tax Digital for income tax (MTD ITSA) programme has been surrounded by delays and complications since its inception in 2015, with the result that the question on the minds of many taxpayers has probably been ‘will this ever come in at all?’ rather than ‘does this apply to me and what should I […]

Financial and tax advisory services in sale of Fuel10K to Premier Foods

Premier Foods plc, one of the UK’s largest food producers of some of the UK’s most well-known food brands, has acquired Fuel10K, a protein enriched breakfast brand with a portfolio of granola, oats and drinks products. The £34 million deal represents a significant increase in Premier Food’s presence in the breakfast foods space, building on […]

Philanthropy and charitable donations

We often think of philanthropy in the context of ultra-high-net-worth individuals with high profile charities, but in reality the spectrum is much broader – and so are the tax breaks. In this article we take a look at the various tax-efficient gifting options available in the UK. One-off and regular donations Most people will have […]

Statutory Residence Test and exceptional circumstances

An individual’s tax residence status in the UK is determined by the Statutory Residence Test (SRT), the application of which is heavily reliant on the number of days spent in the UK during the tax year (more information regarding the UK Statutory Residence Test is available). A day is generally counted as a ‘UK day’ […]

Influencers: a guide to becoming a business owner

We previously published an article which looked at the VAT complexities for businesses that use online influencers for marketing purposes. We now turn our attention to influencers themselves and how their transition into modern-day entrepreneurs/business owners requires careful planning and key early decision-making. Influencers and content creators continue to evolve from promoting other brands through […]

Basis period reform

In our first Professional Practices and Financial Services podcast we discuss basis period reform. With effect from the 2023-24 tax year, there are changes to the tax reporting rules which will impact businesses such as partnerships and the partners within these firms. Our episode looks at areas including: What is the basis period reform, who […]

Gifting by grandparents – school fees

In this podcast, we examine how grandparents can help to fund school fees and note the relevant tax implications. In particular, we explore inheritance tax and what qualifies as a potentially exempt transfer (PET), while also looking at the use of trusts and the main things to consider. We additionally highlight some general top tips. […]

Gifting money to grandchildren

Many grandparents considering their succession planning options will wish to give financial support to their grandchildren. In this article we discuss some of your options for lifetime gifting, along with their headline tax implications with a particular focus on inheritance tax (IHT). If your grandchildren are under the age of 18, the tax implications of […]

Divorce and tax

In this podcast, Leonora Stevens, Mike Hodges and Jason Lane discuss the relevant tax matters and considerations when going through a divorce. This includes looking at the type of divorce, and how the tax year of separation can impact the transferring of assets such as properties and investment portfolios. We also examine common tax complexities […]

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 […]