UHY Ross Brooke Chartered Accountants
by Rebecca Horne-Smith While Inheritance Tax is an inescapable and unwelcome burden on an increasing number of estates, if your estate includes a farm, there are some very helpful reliefs to be had. There are however significant hurdles to ensure that these can be claimed, and the correct decisions early
The average inheritance tax bill has increased by £57,000 in the last 3 years, with the average bill now costing estates around £266,000. Already over £3.5bn has been received by HMRC in the first 6 months of 2022*. Rising house prices and the allowance freeze means that ever-increasing numbers of
STOP PRESS (Jan 2023): Making Tax Digital for income tax self-assessment (MTD ITSA) has been delayed again – the new timescales are here. The benefits to going digital though, remain. By Sarah Hardy The phased introduction to the service is still on track, beginning with businesses, self-employed individuals, and landlords
HMRC is urging their Self Assessment customers to be vigilant of fraudsters and scams asking for personal information or bank details. Self Assessment customers, who are starting to think about their annual tax returns for the 2021 to 2022 tax year, should guard against being targeted by fraudsters, warns HMRC.
“Umbrella” companies are often set up by employment agencies to supply workers to end user clients. Many of these are compliant with the tax rules, but some use contrived arrangements that claim to allow agency workers and contractors to pay less tax on their earnings. HMRC have successfully challenged many
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