Just One Click? Your Business Tax Account

Think of it as the portal to HMRC’s online services. Many businesses will already have made use of their Business Tax Account (BTA), for example in connection with Making Tax Digital for VAT (MTD for VAT). But they may not have explored all the services on offer, so...

Making Tax Digital – Corporation Tax

Making Tax Digital. It’s at the heart of the government’s vision of a modern, transformed tax administration. With a consultation now running, Making Tax Digital (MTD) for corporation tax is on its way. MTD: at a glance For the government, MTD for corporation tax (CT)...

Tax Tip – Making Use of NIC Saving Strategies

When extracting profits from your business, the tax-efficient use of benefits can save income tax and may also reduce your National Insurance Contribution (NIC) liability. Some strategies which could help to save NICs include: • increasing employer contributions into...

Making Tax Digital (MTD) for VAT – An Overview

Introduction From the 1 April 2022, MTD for VAT will apply to all VAT registered businesses regardless of the level of turnover. The first VAT period to which MTD applies to all VAT registered businesses (who are not already doing so) will be the one commencing on or...

Covid-19 Update and Government Spending Review

‘ECONOMIC EMERGENCY HAS ONLY JUST BEGUN’ In his spending review yesterday Rishi Sunak said the “economic emergency” caused by Covid-19 has only just begun, as he warned the virus would mean lasting damage to growth and jobs. Official forecasts...

Business Diversification – Implications for Tax

Many businesses turned chameleon during Covid-19, changing core business to adapt. But whether you’re a florist making face masks or a farm shop starting home deliveries, what about tax? If a business starts a new trade, it’s normally treated as a separate trade for...