Langricks Tax Director, Nigel Shaw, peers into his crystal ball once more to unveil his insightful forecasts on the most probable tax shifts that will affect private clients this month. The Chancellor faces a challenging landscape, having pledged not to elevate VAT, Income Tax, NICs, or Corporation Tax—the formidable BIG 4, which constitute about 66% […]
Now we are in April, another year’s ATED filings and payments to HMRC are on the horizon. If you want to avoid any penalties you will want to act fast as filings and payments of the ATED charges are due by the end of April. What is ATED ATED is a tax charged annually to […]
With new Tips laws on the way now is a good time to think about a Tronc scheme which helps businesses in the hospitality and leisure sector make savings on national insurance contributions. From 1st July 2024 employers will no longer be able to make deductions from tips to cover costs and 100% of the […]
Spring Budget and Tax Year-End Update Tax Director Nigel Shaw and Chartered Financial Adviser Chris Isaac will talk through the winners and losers from the Spring Budget 2024 Join us at the beautiful Woodsome Hall Golf Club for a bacon sandwich followed by the latest in our series of business seminars on Tuesday 12 March […]
The requirement to report and pay capital gains tax on disposals of UK residential property was introduced in April 2020. However, the reduction of the annual exempt amount to £6,000 in 2023/24 (with a further reduction to £3,000 in 2024/25) means that more people will now be caught and need to be aware of this. […]
It might surprise you to know that HMRC collected £3.4bn worth of savings tax last year, a rapid increase of £1.2bn from the year before. This significant rise is due to the frozen savings allowances and the recent changes in the interest rate cycle, with ever rising interest rates benefitting more individuals compared to the […]
The interest rates for late payment of taxes are linked to the Bank of England Base Rates, and as a result there is an interest rate rise coming in August 2023 for late payers and for over-payments along the following lines: late payment interest, set at base rate plus 2.5% repayment interest, set at base […]
The government has confirmed the introduction of basis period reform starting for tax years 2024/2025. This measure changes the way trading income is allocated to tax years for sole traders and partnerships and ensures from 2024/2025 onwards that all sole traders and partners will be taxed on profits made in the tax year. Currently businesses […]
Back in June we finally moved into our new office building in Wilmslow. 1 Swan Street used to be the old Sketchers building to those in the know. It is right in the centre of Wilmslow just a stone’s throw from the station and all the shops and amenities. Over the course of […]
From 1st April 2023 the main rate of corporation tax increased from 19% to 25% in the following way: 19% for companies with profits below £50,000 26.5%, marginal relief, for companies with profits between £50,000 and £250,000 25% for companies with profits above £250,000 How companies can reduce their taxable profits Pay pension contribution Buy equipment […]
It has recently been reported that HMRC are targeting the ‘Wealthy North’ with regards their tax investigations, and in particular what they refer to as the ‘Golden Triangle’ which are the areas around our Cheshire office – Alderley Edge, Wilmslow and Prestbury where many high-net worth individuals reside. HMRC are of the opinion that where […]
Many adults understand the need for financial resilience and taking out insurance to protect their incomes in case of sickness or accident. However, too many self-employed people do not have any cover to help them should they be unable to work and are increasingly likely to choose to carry on working despite illness or injury. […]
For accounting periods that start on or after 1st April 2023, companies that wish to claim Research and Development (R&D) tax relief will need to comply with additional reporting requirements. Previously, companies have been able to make a claim via their company tax return, within a period of 2 years following the end of the […]
What is a P11D? A P11D is a document used by an employer to report to an individual employee or director any expenses or benefits given to them in a given tax year. This will then be submitted to HMRC to inform them of any taxable benefits provided, so they can update the tax code […]
HMRC doesn’t look too kindly on the tax refund agencies, not least because they can charge extortionate amounts of commission and sometimes their clients are not even aware that they have signed up to their services. In March this year they changed the rules so that assignments of income tax repayments to these agencies were […]
Sometimes it can be very hard to understand what the current Government’s strategy is in relation to HMRC and the services it is expected to provide to the wider tax paying public. At a time when HMRC is overloaded with rolling out its digital services across the UK and frankly struggling to keep the tax […]
This year our chosen charities are YCC (Yorkshire Children’s Centre) and The Wooden Spoon. YCC was founded in 1974 and is a charity based in Huddersfield Town Centre that supports vulnerable and disadvantaged children, young people, and their families within Kirklees and the surrounding areas. They provide early interventions and medium to longer-term support for children […]
Increase in Corporation Tax rate For companies with profits of £250,000 or more, the main rate of corporation tax will be 25% For companies with profits of £50,000 or less, the main rate of corporation tax will remain at 19% For companies with profits between £50,000 to £250,000, the main rate of corporation tax will […]
From 6 April 2023 it will no longer be possible to fill gaps in your NIC payment history dating back to 2006 with voluntary contributions, as it is going to revert back to the past six tax years. This means that for the 2023/2024 tax year it will be possible to make contributions for […]
The Daily Telegraph has reported today that families have paid up to £600m in death duties after missing out on tax reliefs that could have slashed their inheritance tax bills. The Government is expected to raise record amounts from death duties in 2022 but families are not utilising IHT reliefs such as allowing spouses to […]
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