Accounting & Tax Advisory Specialists
KNOW, UNDERSTAND, AND CONTROL YOUR FINANCES.
News & Publications
01
Understanding off-payroll working (IR35)
April 2021 changes to off-payroll working for intermediaries and contractors.
Understand and prepare for changes to the off-payroll working rules (IR35) if you're a contractor or an intermediary and your worker provides services to a client. An intermediary (usually a limited company) will normally be a worker’s personal service company, but could also be a partnership, a managed service company, or another person. A worker is sometimes known as a contractor.
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Capital GainsTax
Each tax year nearly everyone who is liable to Capital Gains Tax gets an annual tax-free allowance - known as the Annual Exempt Amount. You only pay Capital Gains Tax if your overall gains for the tax year (after deducting any losses and applying any reliefs) are above this amount.
Tax on Foreign Income
You may need to pay UK Income Tax on your foreign income, such as:
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wages if you work abroad
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foreign investment income, for example dividends and savings interest
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rental income on overseas property
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income from pensions held overseas
Foreign income is anything from outside England, Scotland, Wales and Northern Ireland. The Channel Islands and the Isle of Man are classed as foreign.
What support is available for my small business?
The UK Government's modern industrial Strategy is helping to support small businesses and improve productivity across the country. Some of the help available to small businesses from funding to guidance and advice.
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Making Tax Digital for VAT is your business ready?
Making Tax Digital for VAT requires VAT-registered businesses, with taxable turnover above the VAT registration threshold, to keep records digitally and file their VAT Returns using software. Thus the difference with Making Tax Digital is that the software businesses use must be capable of:
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keeping and maintaining the records specified in the regulations
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preparing VAT Returns using the information maintained in those digital records
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communicating with HMRC digitally through our Application Programming Interface (API) platform. Businesses must be ready to submit their VAT returns digitally by 1 Apr 2022.
06
Stamp Duties on Property Purchases (SLDT)
You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland. The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties. However, this does not apply in Scotland instead you pay Land and Buildings transaction Tax when you buy a property.