Taxpayers have a fundamental right to reclaim input tax, also referred to as input VAT. However, HMRC has the authority to refuse this right under certain conditions if they can demonstrate that the taxpayer was aware, or should have been aware, that their transactions were linked to fraud. There has been a noticeable rise in […]
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Capital allowances are a great way to reduce your tax liabilities by claiming deductions on certain property-related expenses. They allow you to offset the cost of capital expenditure – plant, machinery and certain fixtures – against your taxable profits, especially if you have invested in commercial properties or made major improvements. Who is eligible to […]
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Labour’s Autumn Budget is just around the corner (30 October) and many businesses are uncertain of what the next few years may hold for them. The Prime Minister Keir Starmer has already warned of a “painful” Budget, with big changes to taxation, funding for public services, and incentives for investment. For businesses, these changes can […]
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Labour shortages, particularly in the hospitality sector, are creating significant challenges for many businesses this year. Managing your costs while trying to maintain service quality and customer relations can be a difficult balance. Given the difficulty in hiring sufficient staff, many of you will be investing in technology to increase your efficiency. Luckily, the Annual […]
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Recently, the MGI Midgley Snelling LLP team has been deliberating on the impact that the upcoming Budget will have on corporate tax. The core question remains: will businesses face an increase (or less likely, a decrease) in their tax rates in the near future?
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As the Autumn Budget approaches, many are wondering how potential changes could impact their personal finances.
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Lewis, a recent graduate of Bournemouth University with a degree in Sports Management, begins his professional journey at MGI Midgley Snelling LLP. His role as a Trainee Auditor and Accountant allows him the freedom and flexibility to explore different aspects of his career. His previous experience as a performance analyst intern at Millwall Football Club will […]
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When you’re self-employed, keeping track of essential dates and deadlines can be challenging. One crucial date to remember is 5 October 2024, which is the deadline to register for Self-Assessment. If you started working as a self-employed individual on or after 6 April 2023, you must register with HM Revenue & Customs (HMRC) by this […]
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The furnished holiday lettings (FHL) tax regime is set to be scrapped from April 2025, with draft legislation already on the table. If you own a holiday home, now is the time to get familiar with these forthcoming changes and consider how they could impact your tax liability. From April 2025, the tax incentives associated […]
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While we’ve made meaningful progress in the global energy transition, the pace is still too slow. The charity Accounting for Sustainability (A4S) and Aviva Investors have sounded the alarm in their new report, Accelerating the Transition: Assessing Progress and Driving Action. Despite the shift from voluntary to mandatory sustainability reporting, emissions continue to rise. Scientists […]
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