Understanding Director’s Loan Account (DLA) and the risks involved
16 Aug 2023
Directors might opt to either lend money to or borrow from their own company. This type of transaction is called a director’s loans, and they are recorded in the Director’s Loan Account.
What tax implications can come with depreciation?
15 Aug 2023
For business owners, understanding depreciation is not just about accounting practices but also about handling their taxes efficiently.
Staying up to date with MTD for ITSA
10 Aug 2023
In December 2022, the plans for Making Tax Digital for Income Tax Self-Assessment changed again, as the Government announced that instead, MTD ITSA would be introduced in mandatory phases from 6 April 2026, as opposed to 2024.
Capital Gains Tax for SMEs – Recent trends and compliance
8 Aug 2023
Collections of Capital Gains Tax (CGT) reached a record £16.7 billion in the last tax year, a notable increase from the preceding year’s £14.3 billion.
Top tips for being a successful business owner amid financial challenges
3 Aug 2023
Running a successful business in the UK is a challenging yet rewarding endeavour.
New R&D supplementary information form in effect
2 Aug 2023
As of 8 August 2023, all Research and Development (R&D) Tax Credit claims require the submission of an online Additional Information Form (AIF) providing supplementary project details. The form must be completed prior to the submission of the company tax
£56 million overpaid in pension tax
2 Aug 2023
In the second quarter of 2023, overpayments on pension tax in the UK reached £56 million. This was an increase of nearly £8 million from the first quarter of the year, according to HM Revenue & Customs (HMRC). This figure
The benefits of Employee Ownership Trusts
2 Aug 2023
Introduced in 2014, Employee Ownership Trusts (EOTs) provide an attractive alternative to traditional business succession strategies, offering a series of unique benefits to businesses, their employees, and the wider economy. Employee engagement and productivity One of the most immediate benefits
Eight ways your accountant can boost the success of your business
2 Aug 2023
Accountants are often seen as guardians of tax and compliance. However, their expertise extends far beyond these areas. They can act as problem solvers, assisting with a range of tasks that can set the stage for a smooth and profitable
What you need to know about the High-Income Child Benefit charge and the upcoming changes
2 Aug 2023
The High-Income Child Benefit Charge (HICBC) is a tax that affects households where at least one person with parental responsibility has a taxable income exceeding £50,000. This charge applies regardless of who in the household receives the child benefit, and
