UHY Ross Brooke Chartered Accountants
The changes to the basis of assessment of self-employed profits are scheduled to change from 6 April 2024. The new rules mean that profits (and losses) will be assessed based on the amounts arising between 6 April and 5 April instead of the profit/loss of an accounting period ending in
What is SEIS (Seed Enterprise Investment Scheme)? SEIS offers substantial tax reliefs to investors in early stage companies which may find raising finance difficult. SEIS is aimed at individuals looking to invest in business start-ups, and offers very attractive tax reliefs, but the devil is in the detail. It is
Basis Period Reform – for self-employed individuals and all partnerships / partners New legislation taking effect in 2023/24 will affect non-corporate trading businesses that prepare accounts to a date other than 31 March or 5 April. The new rules will alter how the taxable profits of accounting periods are matched
As 31 July approaches we are again warning tax credits customers to be aware of scams and fraudsters who imitate HMRC in an attempt to steal their personal information or money. About 2.1 million tax credits customers are expected to renew their annual claims by 31 July 2022 and could
Crypto and NFTs. They are new and exciting, but unfortunately that excitement to get moving quickly can lead to some very poor business decisions as we have seen on a number of occasions recently. A prime example is a young individual who sold successfully some NFTs at the peak of
HMRC have recently published details of the promoters of two tax avoidance schemes that purport to allow workers to maximise their take home pay. HMRC wants employers and employees to understand that these schemes (involving individuals agreeing an employment contract and working as a contractor) do not work and is
By Tom Annat 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.
HMRC is warning individuals not to share their personal information online to avoid their identities being used to claim bogus Self-Assessment tax refunds. HMRC is aware that criminals are attempting to obtain customers’ Government Gateway logins and other personal details, enabling them to register for Income Tax Self-Assessment and submit
by Phil Kinzett-Evans HMRC is raising the interest rate it charges on overdue tax bills from 2.75% to 3%, six times the 0.5% that it pays on repayments of overpaid tax, however, HMRC is not increasing the interest that it pays to taxpayers that might have been overcharged tax. Interest
It’s old news that HMRC is showing increasing interest in the crypto arena, shattering the belief of some people that crypto and NFTs are not subject to taxation and are outside the interest of the taxman. But in the latest news, HMRC have reportedly seized 3 NFTs as part of