It is not uncommon for directors of a company to take loans from the business during each financial year, often to cover unexpected bills. However, you must keep track of any directors’ loans – money withdrawn from the company that is not a salary, dividend, or business expense repayment or a loan made by a […]
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Making Tax Digital (MTD) is the Government’s initiative designed to streamline and digitise tax reporting in the UK. While the MTD scheme has been in force for the past few years, changes are approaching, particularly for sole traders, self-employed individuals, and landlords. Below, we outline clearly what MTD is, who it affects, the upcoming changes, […]
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Leading Surrey chartered accountancy firm MGI Midgley Snelling LLP recently swapped spreadsheets for spades as part of a rewarding day of volunteering at White Lodge in Chertsey. The local charity, which supports over 1,200 individuals of all ages with disabilities across Surrey and beyond, welcomed a team from MGI Midgley Snelling LLP to help maintain […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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? […]
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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 […]
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