UHY Ross Brooke Chartered Accountants
When starting a business, or indeed as an established business, choosing the most suitable legal structure for your business is an important thing to consider. Two popular options are operating as a sole trader or forming a limited company. Each of these options comes with its own set of pros
HMRC enquiry data The number of tax compliance checks HMRC opened in 2022/23 increased to 299,000. This represents a 21% increase across the two tax years since 2020/21. More recently, it is clear that HMRC has increased its compliance checks post pandemic. So far in 2023/24, HMRC has opened 237,000
Leaving the UK for tax purposes is a complex process. The introduction of the statutory residence test in 2013 has given more certainty to the process. However, the fact remains, that it is difficult to become non-UK resident and, even after leaving, the reach of the UK tax regime can
The new tax year starts 6 April 2024, so you have a couple of months to consider your options. Once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax (CGT) purposes will be lost for this year. Do you fall into
UPDATE: 21/2/2024 Double-cab pick up U-turn Further to the revised HMRC guidance issued last week regarding double-cab pickup trucks, after pressure from the agricultural and motor industry the Government have decided to retract that guidance and will make amendments in the next Finance Bill to reflect that NO changes will
It may surprise some readers to learn that independent taxation was not introduced until 1990. Up until that point, a married woman’s income was considered part of her husband’s for tax purposes. Thankfully, progress has been made since then and husbands and wives are now taxed separately. By Tom Annat
Not all expenses are reimbursed by employers and currently employees who incur expenses wholly, exclusively and necessarily in the performance of their duties, which are not reimbursed, may submit a claim to HMRC for tax relief on these expenses. By Chris Davies Currently HMRC deal with over one million such
Whenever considering choice of investments, tax efficiency plays a crucial role in maximising returns and minimising liabilities. For UK investors, understanding which investments offer favourable tax treatment can significantly impact long-term financial planning. By Chris Davies Here are ten tax-efficient investment options to consider: 1. Individual Savings Accounts (ISAs) ISAs
Musicians and taxes often seem like an unlikely duo, with the intricate art of music on one side and the complex world of tax regulations on the other. This disparity in skills means many musicians find themselves overpaying taxes, unaware of the significant savings they could make by taking advantage
The reduction of the additional rate tax threshold in 22/23 from £150,000 to £125,140 would have resulted in many more taxpayers paying tax at 45%. This lower threshold will continue into the current tax year commencing 6th April 2024. The position is made worse by the fact that the personal