News

Maximising ISA Contributions Before the Year-End: A Guide for Tax-Efficient Savings > Resources > EIS & SEIS With the end of the fiscal year fast approaching in April, it’s essential for individuals to maximise their ISA (Individual Savings Account) contributions before the deadline. ISAs offer a tax-efficient way to save and invest, providing a range

Navigating the Fiscal Landscape: Unlocking the Latest Tax Changes Affecting Individuals and Businesses > Resources > EIS & SEIS In a recent series of key tax announcements, the UK government has unveiled significant changes that are poised to impact personal taxes, business taxes, and tax administration across the board. These changes, backed by specific figures

5 signs you’ve outgrown your DIY accounting solutions > Resources > Tax News In the early stages of entrepreneurship or small business management, juggling various roles frequently becomes instinctual. From marketing guru to customer service representative, and yes, even accountant. DIY accounting solutions are a common starting point for many small business owners, but as

Mastering the Tax Clock:  Unveiling the consequences of missing deadlines! > Resources > Tax News Published On January 22, 2024 Meeting self-assessment tax deadlines is crucial, but life’s unpredictability can sometimes lead to unintentional delays. In this article, we’ll delve into the consequences of missing those deadlines and explore practical strategies to handle late submissions

For freelancers and sole traders, the world of self-assessment taxes can sometimes feel like a daunting maze. However, with the right guidance, managing your taxes efficiently can become a breeze. In this blog post, we’ll explore some specialised tips to help freelancers and sole traders make the most of their self-assessment tax journey.

It is every individual’s responsibility to pay taxes to the government from the income they earn so that the government can use that tax for the welfare of the people. Like we pay income tax from our income, self assessment tax is paid by individuals who are self-employed and do not come under government and hence it is their responsibility to file for self assessment tax return under HMRC. In more simple words, Self assessment is the HMRC’s way to find out how much income tax and national insurance an individual needs to pay under any income that is not taxed at source.

Commission-Based Services: If an intermediary provides services on a commission basis, the supply of those services is typically treated as a standard-rated supply for VAT purposes.

On current predictions, business rates bills look likely to rise by a total of £1.56 billion next April, giving unsustainable rises to all sectors of the economy, says John Webber, Head of Business Rates at Colliers.

The much-anticipated India-UK Free Trade Agreement (FTA) is on track to be signed by both nations by the end of this month, according to an official source. UK Prime Minister Rishi Sunak is planning to visit India in late October to formally sign this significant agreement. This FTA is poised to enhance bilateral trade in goods and services, as well as promote foreign direct investment flows.

Reforms to Diverted Profits Tax (DPT), Transfer Pricing, and Permanent Establishments Released on June 19, 2023, HMRC’s consultation paper puts forth suggestions regarding the alteration of transfer pricing, the delineation of permanent establishments, and diverted profits tax.

In its consultation document, HMRC explores data collection changes for potential taxpayer return pre-population. Additionally, it outlines possible reforms to obtain information from third parties under Sch 36, Finance Act 2008.

The rise of social media and digital platforms has opened up new opportunities for online influencers. However, it has also brought about tax implications that influencers need to be aware of. While there are no special tax rules for influencers, they are treated like any other self-employed individuals. Even if influencing is not their main source of income, they must declare their earnings to HMRC.