Tax Tips and News for January 2014

This issue ... New RTI Relief, Capital Allowances on Fixtures, Disguised Employment, Partly-exempt Businesses, January Question and Answer Section, January Key Tax Dates New RTI Relief Have you been struggling to send full payment summary (FPS) reports under RTI to HMRC on or before the days on which your employees are paid? This is particularly difficult when your workers receive irregular…

Autumn Statement: Full Report from Tax Agility

Further to our blog posted yesterday, we are pleased to provide a full report of the Autumn Statement, highlighting the main items affecting both SME business owners and individuals. Delivering the 2013 Autumn Statement, the Chancellor said the latest forecasts from the Office for Budget Responsibility proved that “Britain’s economic plan is working” but warned that the “job is not done.”Read…

Annual Tax on Enveloped Dwellings (ATED)

ATED – tax returns due by 1 October 2013 The deadline is fast approaching for submission of your tax return if you own a property worth more than £2m. The Annual Tax on Enveloped Dwellings or ATED (previously called the Annual Residential Property Tax) is a tax payable by any company that owns a high value residential property (a 'dwelling'). It was introduced earlier this year and came into…

Understanding the UK Autumn Statement 2023

Key Implications for Small Businesses and Individuals In this update, we aim to provide a comprehensive analysis of the UK Government’s Autumn Statement 2023, with a focus on its implications for small businesses and individuals. The Statement introduces several significant changes that are poised to affect various aspects of taxation, National Insurance, and benefits. Our goal is to offer…

The Road Less Travelled: Navigating the Maze of the UK Haulage Industry

Setting the Scene: The Business Landscape of UK Hauliers Ltd. This case study sets out a hypothetical client and scenario in the haulage industry and how an accounting firm such as TaxAgility can provide direct value to the client’s operations. Located in the industrial heart of Birmingham, UK Hauliers Ltd. has carved out a niche for itself in the competitive haulage industry. With a fleet…

The 2022 Autumn statement impact on small businesses

For many, the contents of the Chancellor’s Autumn statement cum budget, came as no surprise. The country has suffered many significant setbacks over the past 2 years, as indeed have most countries. However, at some point, all the assistance and support that has been handed out over these years needs to be paid for. As small to mid sized business accountants, here’s how we see this budget…

September’s Mini-Budget

The budget delivered a package of more than 30 measures intended to tackle high energy bills, drive down inflation, and cut taxes to drive growth. However, the abolishment of the 45% tax bracket took many by surprise. Here's a summary of the main elements of the budget. Income Tax changes An 'additional' tax rate of 50% was introduced in April 2010, reduced to 45% three years later but…

Is it better to lease a car or buy one outright?

Buying a new car, especially if it is a personal purchase, is likely to be the second most expensive purchase you’ll make, after your home. It’s not surprising then that it makes sense to explore the options you have in acquiring such an asset. If you're buying a car for your company to use, then there are a range of considerations to make too. Typically, whether the car is a business purchase…

Tapered pensions annual allowance – what is it and does it affect me?

Each year individuals can make a tax free contribution to their pension pot. Presently, for most regular tax payers, this is a maximum of £40K per year. However, the closer your income gets to £240,000 per annum, the closer the attention you’ll need to pay, as the amount you can contribute in each year starts to ‘taper off’, hence the term “pensions tapering”. Every year, we like to make sure…

All you need to know about transferring a property portfolio into a limited company

If you already have a property portfolio or are considering building one, should you do this in your name or within a company. Also, if you have a portfolio, is it worth transferring it into a company rather than holding it in your own name? Professional and amateur landlords are finding themselves entering stormy waters. Recent press headlines tell stories of long time landlords with sizable…