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 […]

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?  […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

The new financial year will see many of the proposed changes announced in the Autumn Budget enacted, impacting businesses across the country. These changes will have business owners planning their tax strategy for the 2025/26 tax year, and a key part of this should be considering capital allowances. New rules, new pressures From April 6, […]

From 6 April 2025, many directors will need to report dividend income in much more detail in their Self-Assessment tax return. This change will affect an estimated 900,000 directors across the UK. HM Revenue & Customs (HMRC) will now require directors to disclose the name and registration number of the company, the highest percentage of […]