23rd September 2022
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12th July 2022
Most day to day business expenses can be deducted from business income when calculating your taxable profits. However, the rules are different for ‘capital’ expenditure. ‘Capital allowances’ is the term used to describe the allowances which allow businesses to secure tax relief for certain capital expenditure. Most ‘capital’ items, such as computer equipment, vehicles, machinery etc last for more than a year or so. The tax rules do not allow you to automatically deduct the full cost of such items in one go and different rules apply to different types of capital expenditure. In some cases, no tax relief is available at all even though you may have spent the money solely for business purposes.
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12th July 2022
CGT was first introduced in 1965. Until then capital gains were not subject to tax. This had led many people to avoid income tax by converting (taxable) income into (tax free) capital gains. A capital gain is the profit you make when you sell an asset for more than you paid for it and the law sometimes taxes you on capital gains that you are deemed to have made when you give certain assets away or otherwise dispose of them without selling them.
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12th July 2022
Corporation tax is a tax levied on company profits. The tax was first introduced in 1965 and corporation tax self assessment (CTSA) was introduced in 1999 following the successful introduction of income tax self assessment.
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12th July 2022
Income tax has a long history. It was first announced in 1798 and introduced in 1799 by the then Prime Minister, William Pitt the Younger, to help pay for the war against France under Napoleon. The tax raised almost £6 million in its first year. The tax was repealed a number of times in the early years but the foundations of income tax as we know it were laid by Pitt’s successor, Henry Addington, who brought in the Addington Act which introduced two major innovations...
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12th July 2022
The introduction of a tax on estates in England and Wales in 1796 was the precursor of the Inheritance Tax system we have today. The current system of inheritance tax was first introduced in 1986. Inheritance tax counts for less than 1% of government income.
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12th July 2022
The purpose of this official VAT scheme is to simplify your VAT accounting procedures and so reduce the cost to you of complying with your VAT obligations.
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12th July 2022
The purpose of this official VAT scheme is to simplify your VAT accounting and so reduce the cost of complying with your VAT obligations. In theory some businesses win, and some lose when adopting this scheme. In practice you will only join it if you expect to benefit from so doing.
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12th July 2022
The UK tax rules which concerns individuals who are non UK domiciled changed considerably in April 2008.
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12th July 2022
The ‘IR35’ rules are intended to prevent the avoidance of tax and national insurance contributions (NICs) using personal service companies (PSC) and partnerships.
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12th July 2022
Stamp duty land tax (SDLT) was introduced on 1 December 2003 and replaced stamp duty in respect of land transactions.
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12th July 2022
This guide is for whether you have already decided to start a new business, or you are simply considering your first move into self-employment. What do you need to think about before taking the plunge?
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12th July 2022
One of the most often used and valuable of the capital gains tax (CGT) exemptions is the private residence relief when you sell the family home.
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12th July 2022
VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the value added tax (VAT) they collect.
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12th July 2022
Many people assume that everyone who has their own ‘business’ runs a ‘company’. However, the two words do not mean the same thing. There are actually four common forms of business structure.
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12th July 2022
The CIS is a set of special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’.
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12th July 2022
Automatic enrolment as a general term usually defines a governmental objective to establish pension schemes in which targeted individuals are automatically enrolled. Using this as a basis for setting up such schemes typically results in far higher participation rates than when individuals are left to opt-in to schemes voluntarily. The introduction of automatic enrolment for workplace pensions is intended to ensure that many more employees begin to make proper provision for having a work-based pension.
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23rd June 2022
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4th April 2022
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10th March 2022
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3rd December 2021
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13th October 2021
The Coronavirus (COVID-19) outbreak has impacted almost every aspect of life in the UK since early 2020 and has prompted Government to impose various restrictions in an attempt to control the rate of infection. The effects on the UK economy have been enormously disruptive and far-reaching.
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27th September 2021
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16th July 2021
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15th April 2021
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15th April 2021
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29th March 2021
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17th July 2020
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29th April 2019
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3rd April 2018
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10th October 2017
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7th June 2016
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7th June 2016
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7th June 2016
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6th June 2016
This briefing note should be read in conjunction with our initial review of The Bribery Act 2010 posted to this website previously. The long-awaited guidance has now been published, both by the Government and by the Director of Public Prosecutions and Serious Fraud Office.
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6th June 2016
The Bribery Act 2010 received Royal Assent on 8th April 2010 and is expected to come into force some time during 2011. Despite recent articles in the press it is expected that The Bribery Act 2010 will remain unchanged but guidance as to how the Act will be interpreted will be issued three months prior to implementation.
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