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...
What is the Trust Registration Service (TRS)? The Trust Registration Service (TRS) was introduced in June 2017 as a result of the 4th Money Laundering Directive (‘4MLD’) to gather more information about trusts in a drive towards more transparency and to enforce...
For many years HMRC have operated a concession under which associate dentists are treated as self-employed for tax purposes rather than employed. However, from 6 April 2023, this concession will be removed. How will this impact dental practices? At present, the...
The European Union is making changes to the VAT treatment of supplies of goods and services to EU non business customers. These changes take effect from 1 July 2021. Goods Under the existing rules sales of goods by non-EU businesses to the EU, customers are not...
The government has announced a cap on the amount of payable tax credit that a company can claim for Research and Development (R&D). The cap will be £20,000 per period plus 300% of the PAYE and NIC payable for the period. This will take effect for periods starting...
The UK Government is launching new financial support for small and medium-sized businesses that import and export from/to the EU, the SME Brexit Support Fund. If you are a business importing and exporting goods, the Support Fund could help you by funding up to £2,000...
DAC6 is a system of mandatory reporting of cross-border tax arrangements, where these affect one or more EU member states and fall into one or more particular characteristics (hallmarks). Following the UK leaving the EU, DAC6 will no longer be applied in its entirety....
HM Treasury has announced that the Annual Investment Allowance (AIA) will remain at £1 million until 1 January 2022. The AIA allows businesses to claim same-year tax relief for capital investments in plant and machinery assets and was due to revert to £200,000 on 1...
Research and development (R&D) tax relief has been around for over 20 years now. The government is satisfied that the tax relief is working and helping the economy. This is because this scheme encourages businesses to innovate new technologies and invest in...
Coronavirus: R&D Tax Relief could give your business a cash boost Tax savings and cash flow are more important than ever right now. As companies look for new sources of cash to replace lost revenues, we are seeing an increase in the number of enquiries about...