Tag Archive: Tax
The Autumn Statement
Posted 28th November 2023 at 5:29 pm
Chancellor Jeremy Hunt last week unveiled the government’s tax and spending plans in the Autumn Statement. He started his speech by saying that there were 110 measures to “Help grow the British economy”. Growth is better than expected this year according to the Office for Budget Responsibility (OBR), although they state the impact of the Autumn Statement on output growth will be “modest”. They state that the economy recovered more fully from the pandemic and weathered the energy shock better than expected, but they expect inflation to remain higher for longer, taking until the second quarter of 2025 to... Read more
Payments on Account: due date approaching
Posted 10th July 2023 at 10:12 am
Payments on account are advance payments towards your next Self Assessment bill. You will need to make payments on account if you complete a tax return and your last tax bill under Self Assessment (ignoring any Class 2 National Insurance that you paid) was £1,000 or more, unless at least 80% of the tax that you owe is collected at source, for example, under PAYE. Each payment on account is 50% of the previous year’s tax and Class 4 National Insurance liability. You must make the first payment on account by 31 January in the tax year (together with any... Read more
Trick or Treat?
Posted 27th October 2021 at 7:37 am
Test your tax knowledge with our fiendish Halloween quiz! Trick or Treat: HMRC investigations cost you nothing if there is no tax to pay? TRICK! Even if you have done nothing wrong, you will still incur costs during an HMRC investigation relating to the defence of your case. Happily though, you can take out our Fee Protection Package which covers you for up to £125,000 worth of the costs of fighting a claim. Trick or Treat: HMRC prefer to incentivise you to pay your tax rather than catching you out? TREAT. Believe it or not, HMRC provide a... Read more
Do you pay tax on Prize Money?
Posted 9th March 2021 at 11:42 am
If you’re lucky enough to win big money, your first thought is unlikely to be about your tax responsibilities, but more likely to be about how you’re going to spend it! At some point down the line, however, it is of course important to consider the tax implications of winning money. Fortunately, the rules are not too complicated if you win money that is unrelated to your profession – for example from gambling, the lottery or a radio phone-in competition. In these circumstances, you do not have to pay tax. If, however, you win a prize or award... Read more
Specialist Tax: Rewarding innovation in science and technology
Posted 13th June 2020 at 11:57 am
It’s fair to say that the last few months haven’t exactly been great for business, and most of our finances could do with a bit of a boost! It’s possible that individuals and businesses are missing out on claiming tax benefits for specialist tax areas, just because they are little known or not well understood. In this first of a series of blogs, we look at some of the different types of specialist tax schemes that your business might be eligible for. Research & Development (R&D and RDEC) Companies carrying out qualifying R&D activities can claim significant corporation tax... Read more