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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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 […]
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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 […]
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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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If you or your clients are thinking about moving to the UK, setting up a business, or investing here, you will need to get to grips with the UK tax system. It can be complex, but don’t worry – that is where we come in. At MGI Midgley Snelling LLP, we have spent decades helping […]
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VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes with HM Revenue & Customs (HMRC). Here are some of the most common VAT mistakes to avoid: Charging the wrong VAT rate – Some goods and services have […]
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The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year. This latest extension means that an additional 900,000 sole traders must adopt digital record-keeping and quarterly tax submissions by this deadline. Who is affected and when? Mandating digital record-keeping allows HMRC […]
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The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). With the Government confirming an extension to sole traders and landlords earning more than £20,000 from April 2028, a lot more taxpayers – an estimated 900,000 – will need to pay tax via […]
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Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively. The earlier you file a return, the sooner you will find out how much tax you owe. This can help with financial planning and budgeting for the year ahead. Early submission also means […]
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