Deed of Trust & Form 17: Property Income Tax Planning
Joint property owners: Properties owned by more than one person, notably married couples and civil partners, may wish to apportion any related income to one particular person for efficient tax planning. For example a married couple, where one spouse earns £80,000 per year, and the second spouse only £15,000 per year. It may be advantageous […]
Construction Companies – Managing Project & Monthly Profitability
Construction Practical Realities Production of Management Accounts & Data for construction companies is highly complex because there are typically many projects on the go at one time, high volume of transactions, the timing of customer staged payments is different to the timing of bills, and quite often the invoicing dates are not aligned to the […]
Companies House ID Changes for Directors and Persons of Significant Control
Companies House Update Companies House are introducing more Anti Money Laundering stringent rules regarding the identity verification of Directors and Persons of Significant Control (‘PSCs’). This is for all new and existing persons within the company. Individuals Requiring Verification – Directors: All directors of UK companies, including existing directors, are required to verify their identity. […]
Most Employee perks will be reported and taxed outside P11Ds in the near future
The way benefits are taxed is changing and the value of your taxed benefits will soon begin to appear on your payslip. The current process: At the end of each tax year, your employer sends a declaration to HMRC called a P11d. This details the benefits provided to you throughout the tax year. HMRC then […]
The UK’s Mini Budget – Key Takeaways
Kwasi Kwarteng set out the UK Government’s key policies to tackle soaring energy costs and inflation in his first Budget which has been referred to as an ‘emergency Mini-Budget’. The Chancellor previously stated a ‘new era for Britain’ with growth at the forefront of any actions will be implemented. This is in line with Liz […]
Where to Start on Closing a Company
Hundreds of thousands of people in the UK set up a limited company every year hoping to succeed. Unfortunately, to found a startup means to risk a high failure rate. 20% of businesses fail in their first year and around 60% will go bust within their first three years. Not only new businesses can close […]
Electric Vehicle Charge Point Installation Grant
Employers across the UK are considering their fleet and company car policies with the increasing demand and government recommendations towards electric vehicles. With electric vehicles becoming more common, we are commonly receiving questions regarding how electric vehicles will be charged. There are notable tax benefits associated with electric vehicles such as low benefit in kinds […]
Autumn Budget Announcements
The 2021 Autumn Budget was the first in 3 years. To our relief, we were able to hear a budget that positioned the pandemic behind us and a new age of optimism for the country and how the Tory Government sees the near future ahead. We were fearing significant tax hikes in different areas of […]
Do you need a UTR number?
A UTR number is your ‘unique taxpayer reference’ number. HMRC assigns each self-assessment taxpayer a different number in order to track their tax records. Once you get your UTR number it stays with you all your life, in the same way as your National Insurance number. The UTR number helps HMRC identify you and process […]
National Insurance increase from April 2022
From 6 April 2022 to 5 April 2023 National Insurance contributions will increase by 1.25%. This will be spent on the NHS and social care in the UK. The increase will apply to: Class 1 (paid by employees) Class 4 (paid by self-employed) secondary Class 1, 1A and 1B (paid by employers) The increase will […]