The pandemic saw millions of people forced to work from home and as a result, found themselves eligible to claim temporary tax relief on expenses they incurred for that period. Figures from HMRC suggest that more than 3 million claims were submitted for the 2020/21...
It was announced back in 2021 that from April 2024, businesses, including sole trades and partnerships, would be taxed on their profits arising in the tax year, rather than on their accounting year end. This is referred to as the tax year basis of assessment. This...
HMRC have recently announced a number of steps to improve transparency in the repayment agent market in order to protect taxpayers. This has come as a result of repayment agents who have not been clear about their terms and conditions, which led taxpayers to not...
Previously when couples separated, they had until the end of the tax year to transfer assets between them, in order to benefit from spousal exemption for capital gains tax purposes. This could and did put significant pressure on both parties to potentially make quick...
Generally, Corporation Tax rates have been falling for many years. The main Corporation Tax rate was over 50% in the 1970s, before reduction to the mid 30% during the 1980s, before falling further to 30% in the early 2000 and down to 20% in 2015 before reducing to...
Surplus cash is the excess a company has which is not required for day-to-day operations or for future expenditure. If a company is profitable, over time it may find that surplus cash reserves have built up. Assessing how much surplus cash the business has will often...
