The recent rise in employers’ National Insurance Contributions (NICs) to 15 per cent will lead to a 60 per cent increase in NIC costs for a business employing minimum wage staff, according to the Centre for Policy Studies. With no new business reliefs announced in the Spring Statement and prices continuing to rise, many businesses […]
Read moreAuthor Archive: Midgley Snelling
How HMRC treats cryptoassets disposed of by businesses
Cryptoassets make up a growing portion of the market, and businesses are increasingly looking to take advantage of these digital currencies. If your business carries out activities involving the exchange of cryptoassets, then you are liable to pay tax on them. However, understanding how HM Revenue & Customs (HMRC) treats cryptoassets for tax purposes can […]
Read moreHMRC is closing its free Company Tax Return service
HM Revenue & Customs (HMRC) will permanently close its free service for submitting Company Tax Returns and annual accounts on 31 March 2026. Built over a decade ago for simpler businesses, the platform no longer meets modern digital standards. Companies must now move to commercial filing software to remain compliant. This software provides more modernised […]
Read moreJoint owners of Furnished Holiday Lets prepare for increased taxes
With the abolishment of the specific tax considerations for Furnished Holiday Lets (FHL) from the beginning of the current tax year, owners need to prepare for higher tax bills. Given that couples and joint owners of FHL benefited from specific considerations, they may find themselves uniquely impacted by the changes. To avoid being hit with […]
Read moreBeware tax avoidance scheme promoters – HMRC cracks down with new powers
Recent Government estimates suggest that as much as £1.8 billion is lost every year due to tax avoidance schemes. That money, designated to fund schools, hospitals and other essential services, is in part, leading the Government to borrow more than expected. As a result, HM Revenue & Customs (HMRC) is being given additional powers to […]
Read moreIs your remuneration strategy still tax-efficient in 2025/26?
Business owners who pay themselves through a combination of salary and dividends should revisit their remuneration strategy this tax year. With Income Tax thresholds frozen until 2028 and a lower dividend allowance rate of £500, a strategy that once worked may now cost more than it saves. How should you be paid as a director? […]
Read moreCapital allowances: Full Expensing vs AIA vs Writing-Down Allowances
Capital allowances allow businesses to claim tax relief on money invested in assets like machinery, equipment, or certain vehicles used commercially. There are a variety of capital allowances available, including: Full Expensing Annual Investment Allowance (AIA) Writing-Down Allowances (WDA) The allowance that your business is eligible for depends on what you buy, how much you […]
Read moreGood rapport: The key to increasing cashflow with credit control
If you have spent any amount of time looking into the world of credit control, you may have become overwhelmed by all the advice that abounds from professionals. What started out as a relatively simple Five Cs mantra has evolved in some places to become the Seven Cs or even the Eight Cs. It is […]
Read moreCould voluntary auditing save you money?
Recent changes to how mandatory auditing is conducted may have caused you to breathe a sigh of relief. Where once companies with a £10.2 million turnover and/or assets worth more than £5.1 million required an audit, now only companies with a turnover of £15 million and/or assets worth more than £7.5 million will require an […]
Read moreIs it too late to reduce your Inheritance Tax bill?
Major changes to Inheritance Tax (IHT) were announced in the 2024 Autumn Budget with a staggered implementation of a variety of tax reforms. The new 2025/2026 tax year brings with it another change to the tax rules ahead of even greater changes in the years to come. You may find yourself wondering if there is […]
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