Hold-over gifts relief

Posted on 16th Nov 2023

Gifts Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT) that may arise on a relevant gift. The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the...[more]

Full expensing

Posted on 16th Nov 2023

The full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect on 1 April 2023. To qualify for full expensing, expenditure must be incurred on the provision of “main rate” plant or machinery. It should be noted that full expensing...[more]

Tax relief on pension contributions

Posted on 16th Nov 2023

Taxpayers can usually claim tax relief for their private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23. There is a three year carry forward rule that allows you...[more]

Marriage allowance entitlement

Posted on 16th Nov 2023

The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal...[more]

Tax credits top-up

Posted on 16th Nov 2023

The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were published earlier this year and have recently been updated. Eligible...[more]

Tax Diary December 2023/ January 2024

Posted on 14th Nov 2023

1 December 2023 - Due date for Corporation Tax payable for the year ended 28 February 2023. 19 December 2023 - PAYE and NIC deductions due for month ended 5 December 2023. (If you pay your tax electronically the due date is 22 December 2023)....[more]

Why breakeven analysis can be illuminating

Posted on 14th Nov 2023

If you focus your energy on sales, there is a chance that your efforts will produce losses. Which is why we always encourage our business clients to keep their accounting records using software that automatically produces monthly management accounts that reveal profitability as well as...[more]

Closing the door on tax planning

Posted on 14th Nov 2023

When the end of a tax year passes, the 5 April 2024 for the current year, or the end of an accounting year if a company, any opportunity to take advantage of tax planning strategies closes. For example, if the purchase of plant or other...[more]

What is a business repair?

Posted on 9th Nov 2023

HMRC’s internal manuals provide some useful information on the definition of a business repair. This is important because it is required to identify the asset on which work has been carried out. This is because: the cost of repairing a worn or dilapidated asset is...[more]

Reminder of not-so-trivial tax-free benefits

Posted on 9th Nov 2023

There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a bouquet of flowers given occasionally to employees or any other BiK classed as 'trivial' that falls within the exemption. By taking advantage of the exemption...[more]

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