The Government has confirmed further changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) following the November Budget. These updates will be included in the Finance Bill next month and will affect Inheritance Tax planning for farmers and...
aaronhemmington@hawsons.co.uk For most owner managed businesses, deciding what to do with company profits is a familiar and recurring challenge. Whether you are looking to extract profits for yourself, reinvest in your business or planning for the future, having a...
As part of H M Revenue & Customs goal to achieve being digital by 2030, with 90% of customer interactions being online, today they have announced a new online service for workers to take control of their tax affairs. To stay in line with the current technology...
Government U-turn on double cab pickup tax After just one week the government has u-turned on plans to classify double cab pickup trucks as cars for tax and VAT purposes which would have resulted in huge tax increases. This U-turn comes after huge criticism from...
Super deduction and Annual Investment Allowance The introduction of the super deduction from April 1, 2021 was beneficial to capital-intensive industries such as logistics in that it provided companies with a deduction from taxable profits equal to 130% of the cost of...
The Chancellor Jeremy Hunt has announced an extension of the higher rates of tax relief for theatres (TTR), orchestras (OTR), museums and galleries exhibitions (MGETR) for two years to 31 March 2025. In addition, the definition of qualifying expenditure will be...
The middle east has become a desirable place to set up business. It has a world class infrastructure as well as a welcoming tax environment and efficient processes and procedures. The United Arab Emirates is a young country, established on 2 December 1971, combining...
We are helping more and more individuals and businesses move to Dubai and the UAE. Amongst other benefits, Dubai and the UAE have long been an attractive tax jurisdiction, however, with the UAE being as dynamic and evolving as it is, it has introduced a number of tax...
Creative businesses across the East Midlands are able to apply for free funding to help them accelerate business growth, create jobs and prepare for investment. The East Midlands Creative Consortium (EMC2) has begun accepting applications from high-potential creative...
Making Tax Digital for income tax is being introduced on 6 April 2024. It will affect self-employed individuals and landlords with annual business or property income above £10,000. For general partnerships, the start date has been set at 6 April 2025. LLPs will join...
In Corrigall [2022], The First-tier Tribunal (FTT) found that earnings from diving could not be treated as income from a partnership. The appellant in this case was employed as a gas and air diver for UK and international companies. The appellant, however treated his...
Are there tax opportunities for UK farmers available in 2022? Annual Investment Allowance, Agricultural Property Relief, and farmers’ averaging are generous tax reliefs for UK farmers and owners of agricultural businesses. However, each has some detailed rules that...