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Topic: Tax

MTD for Income Tax Arriving 1 April 2023

01 December, 2020

Following in the footsteps of MTD for VAT, the next step of HMRC’s tax digitalisation plan now has a date with the announcement of the full mandating of MTD for Income Tax to thousands of taxpayers.

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Topic: Tax

HMRC Announces Consultation for MTD for Corporation Tax

26 November, 2020

Following further announcements this year by HMRC in respect to Making Tax Digital (MTD) for VAT and Income Tax, HMRC have also launched a public consultation to apply MTD for Corporation Tax.

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Topic: Tax

Research & development tax relief for small or medium-sized enterprises

25 November, 2020

The relief provides innovative businesses with a valuable tax incentive to help fund their Research & Development (R&D) activities. R&D costs are incurred far more frequently than most businesses imagine and potential claims are often...

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The dangers of drawing funds from a company

24 November, 2020

Many business directors choose to draw funds from a company on a weekly basis, sometimes with a minimal salary. They then declare dividends at the year end to set off against these drawings. This can be seen as being tax efficient.

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Extension to reduced VAT rate for hospitality and tourism businesses

20 November, 2020

On 24 September 2020 the Chancellor announced that the reduced rate of 5% VAT applying to hospitality, holiday accommodation and attractions would be extended until 31 March 2021. The measure was originally introduced in the summer to reduce the i...

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Trust Registration Service (TRS): Important update and action required

20 November, 2020

Since 2017/18 it has been necessary for trustees to register settlements, both existing and new with HM Revenue and Customs (HMRC) through a new online ‘Trust Registration Service’.

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