If you operate your business as a limited company, you are likely to be a director with a majority shareholding. If that is you, please read on to learn more about how you should be paying yourself….

It’s the 6th of April and the first day of the 2024/25 tax year, which also means we can complete and file tax returns for the previous 2023/24 tax year. So, all of you eager beaver clients can start sending us your information so we can sort things out for you.

Social media use has increased phenomenally - so fast that regulation is playing catch-up to prevent consumers from being exploited.

On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. Knowing that the government must hold a general election before 28 January 2025, this budget was designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) forecasts, the Chancellor had his work cut out.

The Economic Crime and Corporate Transparency Act has introduced important changes to the confirmation statement.

Good and loyal employees can be difficult to find and retain in a business. Showing appreciation for them and giving them a gift can help to keep an employee happy.

But if you’re too generous, you could end up having to apply tax to a gift and reporting it to HMRC. HMRC have issued legislation to enable employers to provide employees with trivial benefits, which are exempt from tax and reporting obligations.

Clients often ask us about providing themselves or their employees with a company vehicle. It’s worth having a chat with us before visiting the car showroom.

Chancellor Jeremy Hunt delivered the Autumn Statement in the House of Commons on Wednesday, 22 November 2023.

Here is our summary, which includes the matters that we consider relate to most of our clients and audience.

There are four options for the VAT treatment of road fuel costs.

There is an online tool that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at www.gov.uk/check-additional-income-tax.

The bankruptcy process applies to people living in England, Wales or Northern Ireland. There is a separate process known as sequestration in Scotland. Bankruptcy is a form of insolvency and is normally only suitable for those people who are unable to pay back their debts in a reasonable time. Most applications for bankruptcy are made by those who are in debt, but it is also possible for a person to be made bankrupt.

If you are retiring abroad, you are still entitled to claim your UK State Pension as long as you have built up a suitable amount of qualifying years of NIC contributions. However, your entitlement to yearly increases in the State Pension only apply in certain countries.

Corporation Tax relief may be available where your company or organisation makes a trading loss. A qualifying trading loss may be used to claim relief from Corporation Tax by offsetting the loss against profits in previous years.

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for deregistration is £83,000. The thresholds are currently frozen until 31 March 2026.

In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold the gain or loss will be calculated from when the asset was first owned by the original spouse or civil partner.

The Construction Industry Scheme (CIS) is a set of special tax and National Insurance rules for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors' and should be aware of the tax implications of the scheme.