HMRC have issued a reminder that married couples and those in civil partnerships could reduce their income tax by up to £252 a year by sharing their Personal Allowances. Marriage Allowance allows married couples or those in civil partnerships to share their personal tax allowances if one partner earns an income under their Personal Allowance…
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‘Cash basis’ is a way to work out your income and expenses for your Self Assessment tax return, if you’re a sole trader or partner. Why use cash basis If you run a small business, cash basis accounting may suit you better than traditional accounting. This is because you only need to declare money when it comes…
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R&D tax relief has been a valuable source of innovation funding for thousands of UK businesses since it was first introduced but HMRC’s approach to subsidised expenditure could soon see many of those claiming for customer-led R&D at risk of challenge. Covid-19, Brexit and the resulting economic downturn have wreaked havoc in the UK during…
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HMRC have issued a briefing setting out their approach to collecting tax debts and customer support as the UK emerges from the Covid-19 pandemic. The briefing sets out: •what HMRC will do when a customer has a tax debt; •the extra support that has been put in place for customers; and •what action HMRC will…
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Even with a little glowing light at the end this unimaginably long tunnel, it does feel like for 2021, things just managed to get worse. But we’re not here to spread doom and gloom. We want to bring hope and open your eyes to options that until now you might not have considered for your…
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Due to the impact of COVID-19, the government want to give businesses who have suddenly suffered significant losses, an opportunity to get some additional cash back into their struggling business. In the 2021 Budget changes were announced to enhance the current Loss Relief Rules. The enhanced relief is mainly targeted at the more stable businesses…
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