When it comes to the dreaded 31 January deadline, the majority of people wait until the last minute to file their annual tax returns. Whilst the likelihood is that most people will meet the deadline, there are a number of reasons why it would have been better for them to have completed an early tax return.
Continue readingAuthor Archives: Amy Thompson
2022 Mini Budget Update: Our Summary
The strong theme of the new Chancellor, Kwasi Kwarteng’s first budget has been the stimulation of growth. The mini-budget 2022 (not so mini) is designed to boost economic growth through tax cuts, which will be paid for by increasing the UK’s national debt.
UPDATE 3 October: *since the mini budget on Friday 23rd September, the government have made a U turn on abolishing the 45% high rate of income tax
Continue readingNew UK PM Liz Truss: new policies and what they mean for business and for you
Liz Truss has beaten former chancellor Rishi Sunak in a ballot of Conservative members and will replace Boris Johnson as Conservative Party leader and PM tomorrow. Take a look at proposed policies and what they mean for business and for you
Continue readingHave you complied with HMRC’s requirement to register trusts?
New rules introduced by the EU fifth money laundering directive mean that it is now a legal requirement to register any UK trust deliberately created (express trust), even if there is no tax liability; for example, bare trusts. Have you complied with HMRC’s requirement to register trusts?
Continue readingNew optimum salary levels for Directors
Recent National Insurance Contributions (NIC) rate and threshold increases means that our recommended optimum salary level for directors has changed. This article outlines the changes and the suggested salary level for directors.
Continue readingSold an Inherited or Second Property? You NEED to file a CGT return within 60 days to HMRC
Capital Gains Tax property disposal return needs to be filed within 60 days of completion of sale of your second property (CGT). If you have sold a second property that is not your main residence (this includes an inherited or gifted property) you must file a CGT UK property return within 60 days of completion (unless the property has made a loss).
Continue readingWhat does the start of the new Tax Year mean for you?
Unlike the usual calendar year, the Tax Year 2022/23 starts today 6th April 2022. 5th April 2023 will be the last date of the Tax year – check out the latest tax rates and what this means for you and your business here
Continue readingSpring Statement 2022
Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23rd March 2022 – find out what that means to you and your business here in our HB Accountants Spring Statement 2022 highlights
Continue readingWhat to do before the end of the tax year – our top tax tips
With the end of the 2021/22 tax year on 5th April just around the corner – you still have time to take action. Check out our top tax tips and make your money work as hard as possible for you. Plan ahead to minimise your tax bill. Your aim: a financial plan that is as tax-efficient as possible
Continue readingVAT: Has HMRC contacted your businesses about VAT?
Some non-VAT registered businesses have recently received letters from HMRC claiming that they are trading above the VAT threshold. Any business that has received such a letter needs to act quickly. They should share the letter with their tax agent/accountant then work together to review the rolling 12-month turnover figures.
