If you sell or dispose of a residential property in the UK, you may be liable to pay Capital Gains Tax (CGT) on the profits you make. CGT is only charged on the gain made, not on how much you sell the property for, so it is important to understand what reliefs are...
With the new year just around the corner and tax season fast approaching, now’s a good time to get a head start on your Self-Assessment Tax Return. Self-assessment is a system HMRC uses to collect tax on income that wasn’t taxed at source. People who are...
Make use of these allowances while they last. When a business incurs costs, such as salary payments or stationery procurement, it can usually fully deduct them as expenses from its taxable profits, reducing the tax due. However, when it buys assets for operational...
Press Release 9 August 2022 Re: New Tax Director Strengthens the Horsfield & Smith Team North West Chartered Accountants, Horsfield & Smith, are celebrating the promotion of Peter Alvarez who has been appointed as Tax Director. Since his arrival in 2019, Peter...
How to reduce penalties for accounting errors. HMRC recently announced new powers to investigate companies they suspect of evading taxes, so as a business owner, you might be worrying about what happens if your company comes under scrutiny. Even if you’ve played...
In recent years, HMRC has identified and successfully challenged several false claims for Research and Development (R&D) tax credit relief made by purported R&D Consultants. Many of these claims have been for projects that did not satisfy the criteria for the...
