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Welcome to our Blog. Your one stop shop to keep up to date with all the latest goings on!!

In light of the influx of government support measures introduced in response to the COVID-19 pandemic, HMRC is in the process of issuing notices to self assessment taxpayers, reminding them to ensure that they have the correct information in order to complete their tax return. This year, in addition to the regular self assessment disclosures, taxpayers will also have to declar ...

The deadlines for filing and paying CGT arising on the sale of an interest in UK property changed as from 6 April 2020. A further change was announced at the recent Autumn budget on Wednesday 27 October 2021. When the changes were initially introduced in April 2020, UK residents making a gain which is liable to CGT from the disposal of residential property situated in the UK h ...

HMRC has recently issued letters targeting UK residents who hold cryptoassets (such as BitCoin) to consider their capital gains tax (CGT) position. In the letter, HMRC have advised taxpayers to determine whether they have made a disposal of such assets – in the 2020/21 tax year or earlier – and have set out further points on how taxpayers should then proceed. Individuals need ...

The government has doubled the period for filing and payment of capital gains tax (CGT) on residential property from 30 days to 60 days. The measure was announced by Chancellor Rishi Sunak in the recent Autumn Budget. The change applies from 27 October 2021. It sees the deadline for residents to report and pay CGT after selling UK residential property increase from 30 days af ...

The Institute for Fiscal Studies (IFS) has predicted that millions of people will be worse off in 2022 as a result of spiralling costs and tax rises. Responding to the Autumn Budget, the IFS predicted that low-income families will be squeezed by a rise in the cost of living. The Office for Budget Responsibility (OBR) recently warned that the cost of living is set to rise at it ...

A single person will need post-tax annual income of £10,900 for a minimum standard of living in retirement, according to the Pensions and Lifetime Savings Association (PLSA). The minimum retirement living standard is based on the Joseph Rowntree Foundation’s Minimum Income Standard and covers a typical retiree's basic needs plus enough for some social activities, such as a wee ...

With effect from 1 April 2021 there have been significant changes to the capital allowances available to businesses within the scope of corporation tax. The new super-deduction gives businesses investing in qualifying equipment a much higher tax deduction in the tax year of purchase. Under the new rules, investments in plant and machinery can now qualify for:- A ‘super dedu ...

Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech. Download Autumn Budget Report PDF Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally. Don’t forget, we can help to ensure that your accounts are accurate and fully compli ...

April 2022 sees the final phase of Making Tax Digital (MTD) for VAT. But that’s just the tip of the iceberg. MTD for income tax (MTD ITSA) comes next, and implementation is likely to be altogether more challenging. And then there’s corporation tax. MTD basicsMTD requires individuals and businesses to:  keep and preserve certain specific business records digitally, in what i ...

HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October. On 7 September the Chancellor launched Spending Review 2021, which will conclude on 27 October and will be presented alongside the Autumn Budget. The Spending Review will outline government departments' resource and capital budgets from 2022/23 to 2024/25. The Sp ...