In the unpredictable world of business, it’s not uncommon for companies to experience financial losses.
We are now only 100 days away from the Self-Assessment tax deadline on 31 January 2024.
HM Revenue and Customs (HMRC) recently reported a record-breaking increase in Corporation Tax receipts for the 2022/23 tax year.
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.
Tax disputes can be a significant drain on resources for any business, and with recent data suggesting that over 60 per cent of businesses are currently embroiled in a tax dispute with HM Revenue & Customs (HMRC) that has lasted more than a year, this is clearly a widespread issue.
Whether you’re the owner of a limited company or a sole trader, it is important to understand the expenses you can claim and the tax savings that these expenses bring.
As of February 2023, HM Revenue & Customs (HMRC) estimated that over two million people are unaware of the Marriage Allowance tax relief which could save them up to £252 a year.
Getting the tax year off to a good start will help you to optimise your overall financial position. But you need to plan ahead.
Are you thinking about the tax implications of your estate and what this could mean for your loved ones after you pass?
Understanding your income tax and personal allowance is important when looking at your finances and how you are taxed.