Category Archives: Uncategorized

Tax planning 2022-23

Planning to save tax may seem like a luxury buy in these days of rising prices and recovering from COVID fallout. And yet tax planning is of real value in these uncertain times. Whether your income and profits are increasing or reducing, there will be tax consequences. And unfortunately, to mitigate your tax footprint you […]

The value of objectivity

Many business owners feel qualified to act on their subjective conclusions. Where these conclusions are key to the continuing success of the business this internal process opens up the possibility of failure – what if you have failed to consider all the possible risks? As individuals, we can only grapple with our internal thought processes, […]

Planning for the unexpected

How do we plan for the unpredictability that is a recurring feature of our business lives? Brexit, COVID-19, and now the war in Ukraine, all conspire to create trading conditions that can best be described as chaotic. Present challenges include increasing energy and commodity prices, both of which are forcing up the cost of living […]

Landlords and Making Tax Digital

Landlords are described by HMRC as a property business and yet their income, rents received, is treated as an exempt transaction for VAT purposes, i.e., landlords do not need to register for VAT and submit quarterly returns. The only exception is if a let commercial property has been opted-in to VAT. This means that the […]

Happy new tax year

Like so many of the regulations that govern our lives, the legislative processes underpinning these rules are anachronisms – things that belong to the past. For example, the present tax year ends on 5th April 2022. The reason that our tax year ends on this obscure date started in 1582 when Pope Gregory ordered a […]

Corporation tax increase

The present 19% rate of Corporation Tax applies to all companies whatever their size. From 1 April 2023, this flat rate will cease to apply and will be replaced by variable rates ranging from 19% to 25%. A small profits rate of 19% will apply to companies whose profits are equal to or less than […]

Change of accounting year end

In preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment the basis period rules for unincorporated businesses are being abolished. Instead, unincorporated businesses will be assessed on the profits actually earned in the tax year. The new rules take effect from 2024/25, with 2023/24 being a transitional year. This will affect you […]