Erroneous HMRC Class 2 Refunds

The Association of Taxation Technicians (ATT) has revealed that some voluntary class 2 National Insurance contributions are being refunded unexpectedly. Due to delays in processing, payments made via self-assessment after 31 January cannot be accepted by HMRC, resulting in refunds for affected taxpayers.

Energy-Saving materials

HMRC is consulting on updated draft legislation to amend the scope of the VAT relief for the installation of energy-saving materials (ESMs) in residential accommodation. The proposed amendments will: reduced installations rate of ESMs in residential accommodation for recipients who are 60+ or receiving certain benefits, & for housing associations; remove the reduced rate for the installation […]

What is Stamp Duty Land Tax (SDLT)?

Stamp Duty Land Tax (SDLT) is a tax imposed by the UK government on purchasing properties and land in England and Northern Ireland. You will only have to pay Stamp Duty Land Tax if your purchase is over a certain price. SDLT was introduced by the Finance Act 2003; it replaced stamp duty with effect […]

Employee Ownership Trusts

Employee Ownership Trusts (EOTs)   EOT were promoted by the government to promote employee ownership by giving business owners the opportunity to avoid capital gains tax from selling their shares to an employee-owned trust. EOTs do not involve direct share ownership by employees, rather a controlling interest in company is transferred to an all-employee trust […]

tax changes

Changes in the UK Tax Regime 2022-2023

The only constant that remains in anyone’s life is change and the situation with the tax regime in the UK is similar. Every year the finance budget is introduced by the chancellor of the exchequer in March. The UK fiscal year begins on 6 April and ends on 5 April the following year while the […]

Tax Relief Tax Relief

Tax Breaks for Business

A tax break, or tax relief, is a way for you to reduce your tax liability by considering things you spend money on or invest in for your business. It’s the Government’s way of helping to stimulate the economy by ensuring you have more money to spend on your business. It’s also a way to […]

Tax Evasion Tax Evasion

Tax Evasion and Tax Savings

Tax Evasion While the majority of people abide by the law and pay their taxes, there are those who deliberately and dishonestly set out to defraud HMRC by evading tax, stealing public funds or cheating the system in other ways. Tax fraud undermines our economy, creates unfair competition for legitimate businesses and robs our vital […]

Pension Pension

Pension Allowance and Tax Savings

What is my annual pension allowance and how can I avoid paying tax? Pension allowance is the amount you can pay into all your pensions in a tax year. If you are a high-income earner, earning an excess of £200,000 a year, you will be exceeding your annual allowance causing yourself to be taxed on […]

R&D CAP

SME Repayment Cap April 2021 Following the Budget Update on the 3rd of March, it is confirmed that a cap on the amount of cash payable to loss-making companies under the SME scheme is being introduced to prevent potentially fraudulent claims and abuse of the scheme by rogue companies. HMRC has identified entities specifically set […]

EMI Share Options Scheme

What is an EMI Scheme? EMI Share Options Scheme is an initiative HMRC implemented to allow UK businesses to give share options to their employees with significant tax benefits. The scheme is intended to help smaller independent businesses realise their potential by attracting and retaining the best employees for long-term success. The key difference between […]

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Enterprise Investment Scheme (EIS)

Enterprise Investment Scheme (EIS) What is EIS? EIS uses tax reliefs to incentivise private investors who recognise that significant returns are achievable if they are willing to risk their funds by investing in early-stage businesses. Early-stage businesses often struggle to raise equity finance, so EIS has established itself as a trusted and crucial source of […]

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