How to claim work from home tax relief in the UK As we step into the final quarter of the year, it’s vital to stay ahead of the impending UK tax deadlines to ensure a smooth end to the financial year. Below, we have listed the crucial tax dates for October and November 2023 that … Continue reading Key UK tax dates for October and November 2023
Early company accounting filing can save you from penalties Running a business in the UK entails several responsibilities, and foremost among them is ensuring that your company’s accounts are filed on time. Companies House, the executive agency responsible for company registration, has recently emphasised the importance of this duty and emphasised the fines that result … Continue reading Early company account filing can save you from penalties
BEST AND WORST BANKS IN GREAT BRITAIN If you’re in the market for a new bank, whether for your personal or business needs, you’ll want to take a close look at the latest rankings. Recently, a comprehensive survey in Great Britain asked current account holders to rate their providers on various metrics, such as online … Continue reading The Best and Worst Banks in Great Britain Revealed
How to claim work from home tax relief in the UK The world of VAT (Value-Added Tax) can seem complicated, especially when it involves leasing vehicles for your business. While leasing often provides flexibility and financial benefits, the intricacies of VAT recovery on these leases can be confusing. This guide aims to simplify VAT treatment … Continue reading How to Navigate VAT Recovery When Leasing Business Vehicles
VAT Supplies for No Consideration: What You Need to Know Value Added Tax, commonly known as VAT, is a part of everyday business transactions. However, not all supplies are straightforward, and the landscape gets complicated when dealing with VAT supplies for no consideration. This concept seems counter-intuitive because, in most cases, ‘supply’ generally involves a … Continue reading VAT Supplies for No Consideration: What You Need to Know
Key HMRC Deadlines for July and August 2023 As we step into July and August 2023, it’s essential to stay updated with the upcoming deadlines from HM Revenue and Customs (HMRC). Here’s a comprehensive guide to help you navigate these crucial dates and ensure that your business remains tax compliant. 1 July 2023 – Corporation … Continue reading Key HMRC Deadlines for July and August 2023 You Need to Know
Value Added Tax (VAT) is a tax on goods and services in the UK. If you’re a business owner, it’s important to understand how VAT works and how to comply with the regulations. This guide covers everything you need to know about UK VAT, including registration, rates, and filing requirements. Who must register for VAT? … Continue reading Understanding UK VAT: A Comprehensive Guide for Business Owners
Saving money and investing in the stock market can be a great way to grow your wealth, but it can be difficult to know where to start. Fortunately, there are several tax-advantaged employee share schemes available in the UK that can help you invest in your employer’s company while reducing your tax bill. Examples include … Continue reading Guide to the Save As You Earn (SAYE) employee share scheme
If you’re considering setting up a trust or have already established one, you might be wondering whether or not you need to register trusts with HM Revenue and Customs (HMRC). In this blog post, we’ll answer that question and provide you with all the information you need to know, including when and how to register … Continue reading Do You Need to Register Trusts with HMRC? Find out today
Guide to overseas workday relief in the UK Are you a non-domiciled UK resident working abroad and curious about your tax obligations? If so, you’ve come to the right place. This article provides an in-depth look at a valuable tax relief known as Overseas Workday Relief (OWR) in the UK. We’ll explore what it is, … Continue reading Guide to overseas workday relief in the UK
Double Taxation: How to Claim Relief for Foreign Income If you earn income from a foreign source, you may find yourself in a situation where you’re taxed twice — both by the country where your income originates and by the UK. However, the good news is that you can often claim tax relief to recover … Continue reading Double Taxation: How to Claim Relief for Foreign Income
Understanding double tax treaties in the UK Double tax treaties, also known as double taxation agreements, play a vital role in facilitating international trade and investment by preventing double taxation. These agreements are designed to provide relief and clarity to taxpayers operating across borders. In this blog post, we will explore the concept of double … Continue reading Understanding double tax treaties in the UK
How to claim work from home tax relief in the UK If you work from home, you may be eligible for work from home tax relief on some of your expenses. This will depend on whether working from home is a choice or is required by your work. The amount of tax relief you can … Continue reading How to claim work from home tax relief in the UK
Guide to tax relief for work expenses in the UK If you find yourself paying for job costs out of your own pocket, making the most of available tax reliefs is essential. In the UK, HM Revenue and Customs (HMRC) offers tax relief for certain job-related expenses that are not reimbursed by your employer. In … Continue reading Guide to tax relief for work expenses in the UK
If you are earning rental income in the UK, understanding your tax obligations is crucial. Filing a self assessment tax return for landlords can be complex, but with the right knowledge and guidance, you can ensure compliance and maximise your financial benefits. In this blog post, we will provide a quick guide to help private … Continue reading Self Assessment Tax Return for Landlords in the UK
The UK government announced in the Spring Budget 2021 that the main limited company tax rate would increase from 19% to 25% from 1 April 2023. This change was originally due to come into effect in April 2022, but was delayed due to the COVID-19 pandemic. The new corporation tax rate will apply to all … Continue reading Limited Company Tax Rate UK: 2023 changes explained
In today’s fast-paced business environment, efficient and accurate filing processes are essential for every company. Companies House WebFiling provides a convenient and streamlined way to manage your company’s filing requirements online. In this blog post, we will explore the benefits of using Companies House WebFiling and how it can help your accounting firm and clients … Continue reading Using Companies House WebFiling to simplify your tax returns
As a new company director in the UK, you are likely wondering how to best pay yourself through your company. You have several options for transferring company profits into personal income, including salaries, dividends, and investments. This post outlines the pros and cons of each, and gives you the information you will need to make … Continue reading How to best pay yourself as a UK company director
If you are looking to protect your assets and minimise your tax liability, you will likely want to register trusts to hold them. In some cases, you may have to register trusts with HMRC. Trusts offer a range of benefits, from shielding your assets from creditors to providing a clear plan for distributing your wealth after … Continue reading The Top 5 Reasons to Register Trusts for Your Assets
You might be eligible to delay payment of Capital Gains Tax if you transfer your business to a limited company by using incporation relief. In return, you gain shares. Incorporation Relief allows you to not pay any tax until you have sold or disposed of the shares that you have gained from becoming a limited … Continue reading Incorporation relief – What is it now?
Should I get an accountant near me or a remote accountant? This is what many small businesses are asking themselves lately. With life handing the whole world lemons (a.k.a COVID19), many industries have moved online just to be able to make it through various waves and lockdowns. While lockdowns are waning, industries seem to be … Continue reading Accountant Near Me or Remote Accountant
All legal profit-seeking businesses fall into one of two broad categories: unincorporated and incorporated. The difference is that incorporated forms have what is called a ‘separate legal personality’. The business is considered its own entity under the law. This means that those in charge of unincorporated businesses bear full responsibility for the company’s debts. The … Continue reading Comparing company formations in the UK
Important Corporation Tax Deadlines You Need to Know As a business owner in the UK, staying on top of your financial responsibilities is crucial, and one of the key obligations is filing your corporation tax return accurately and on time. In this blog post, we will delve into the important deadlines associated with corporation tax, … Continue reading Important Corporation Tax Deadlines You Need to Know
As a business owner in the UK, it’s crucial to understand the tax, National Insurance, and reporting obligations associated with providing entertainment for clients through your employees. Whether it’s wining and dining a client or hosting social events, certain rules govern the financial aspects of these activities. In this article, we’ll explain what constitutes entertaining … Continue reading Entertaining a client: Don’t forget your tax and reporting
When it comes to business entertainment expenses, understanding the treatment of Value Added Tax (VAT) is crucial for businesses operating in the UK. While VAT can generally be reclaimed on goods and services used for business purposes, there are specific rules governing the recovery of VAT on entertainment expenses. In this blog post, we will … Continue reading Know when to recover VAT on entertainment expenses
As a UK taxpayer, it is important to ensure that your taxes are paid on time and in full. However, a Self Assessment payment plan can help you stay tax compliant when you are unable to pay your personal taxes in one lump sum. In this blog post, we will explore how UK taxpayers can … Continue reading How to Set Up a Self Assessment Payment Plan with HMRC
Navigating personal tax in the UK can be overwhelming, but it doesn’t have to be. Our comprehensive guide breaks down the process and provides helpful tips for filing your personal tax return. From understanding tax codes to claiming deductions, we’ve got you covered. Understand Your Tax Obligations Before you can file your personal tax return … Continue reading The Ultimate Guide to Personal Tax in the UK
Taxes can be a complicated subject, and your UK tax code can be particularly tricky. However, it’s important to have a basic understanding of your tax code and what it means, as they can significantly impact the amount of tax you pay. In this blog post, we’ll provide a comprehensive guide to the tax code … Continue reading Understanding the tax code in UK: 1257L, BR, 0t, and more
Are you receiving unemployment benefits and looking to kickstart your career in a specific industry but struggling to find a way in? If so, you may want to consider a Sector-based Work Academy Programme (SWAP) in the UK. SWAPs are designed to provide job seekers with the skills and knowledge they need to succeed in … Continue reading SWAPs: What are Sector-based Work Academies?
If you have offshore tax issues, the Worldwide Disclosure Facility (WDF) may be the solution for you. Launched in 2016, this program allows taxpayers to come forward and disclose their tax liabilities to HM Revenue & Customs (HMRC) without fear of criminal prosecution. In this article, we will discuss the key benefits of the WDF, … Continue reading Worldwide Disclosure Facility tackles tax avoidance
Are you over 50 and looking for a new career opportunity? A returnership may be right for you – a newly announced initiative from the UK government designed to help older workers get back into work. Read on to find out exactly what a returnership is and how businesses can benefit through employer apprenticeship incentives. … Continue reading Returnership incentives for over-50s
The 2023 Spring Finance Bill consolidates changes proposed in the 2023 Spring Budget as well as additional changes to tax duty rates and tax relief allowances.You can click here for our breakdown of the relevant changes to income tax, corporation tax, and tax-free allowances. In this post, we will outline the changes to capital allowances … Continue reading Unpacking 2023 Spring Finance tax changes
Dividends are a way for limited companies to distribute profits to their shareholders. Dividends are a common way for businesses to reward their investors, and they are subject to certain regulations and different rates of tax. When can dividends be paid out? Dividends can only be paid out of a company’s profits, and only if … Continue reading Guide to dividends: UK tax and allowances
As the UK prepares to enter the new tax year on 6 April 2023, several significant changes to the tax system will come into effect. These changes will affect individuals, companies, and pensioners alike and are part of the UK government’s wider plan to increase revenue and reduce the country’s debt. In this article, we … Continue reading UK 2023 tax changes – rates and allowances
Can company directors claim government benefits? If you are the director of a UK limited company, you may be wondering if you are eligible to claim government benefits. The answer to this question depends on your individual circumstances and the type of benefit you are applying for. In principle, no government benefits explicitly exclude company … Continue reading Can company director claim benefits?
Capital gains tax (CGT) is a tax on the profit you make when you sell or dispose of an asset that has increased in value. In the UK, the capital gains tax rate depends on your income tax band and the type of asset being sold. The capital gains tax rate can range from 10% … Continue reading UK Capital Gains Tax Rates and Allowances
As a UK company, you are required to pay corporation tax on your taxable profits. However, it is important to note that not all profits are subject to corporation tax. It is also important to note that you do not pay tax on your total profit but rather your ‘taxable profit’. Find out which expenses … Continue reading Which profits add to a company’s taxable income?
As a UK company, you are required to pay corporation tax on your taxable profits. These are your total profits, minus business expenses that can be claimed as tax relief. However, it is important to note that not all expenses incurred by your business can be taken off of your taxable profit. In this blog … Continue reading Calculating taxable income for companies
As a UK company director or employee, you may be required to travel for business purposes. It is important to understand which travel expenses can be claimed as tax relief against corporation tax or personal income tax. Here is a brief explanation of which travel expenses you can and cannot claim: EXPENSES WHICH CAN BE … Continue reading Can I claim mileage or travel expenses?
If you’re a business owner in the UK, you may be eligible for the Employment Allowance, which can help you save money on your National Insurance contributions. This allowance can be a valuable resource for businesses looking to reduce their expenses and squeeze more into their bottom line. What is the UK Employment Allowance? The … Continue reading Eligibility for Employment Allowance 2023
Can I claim free childcare while earning over £100,000? All 3 and 4-year-olds in England qualify for 570 hours of free childcare per year. This is commonly referred to as Nursery Entitlement Funding (NEF). You can divide these hours as you wish, but they are commonly used as 15 hours of childcare per week for … Continue reading Can I claim free childcare earning over £100,000?
Knowing the latest minimum wage regulations in the UK is essential for both employers and employees. This guide will help you understand who qualifies for the minimum wage, what jobs can pay below it, and how the minimum wage changes with age. Who Qualifies for the National Living Wage? The National Living Wage is the … Continue reading What is the UK Minimum Wage for 2023?
A Declaration of Trust, also known as a Deed of Trust, is a legal document that outlines the ownership and distribution of assets between two or more parties. Alongside companies and partnerships, trusts are a common way for multiple individuals to jointly own assets. What is a Declaration of Trust? A Declaration of Trust is … Continue reading What is a Declaration of Trust for property?
Value Added Tax, or VAT, is a tax added to many goods and services sold by VAT-registered businesses. This tax is often a 20% addition to the price of an item, though there are goods and services for which VAT is charged at a reduced or zero rate. All businesses with a VAT taxable turnover … Continue reading Do I need to submit a VAT return?
Income taxes and National Insurance contributions accounted for 43% of the UK government’s funding in 2021/22, totaling £230 billion and £161 billion respectively. Much of this is collected from employees via PAYE. However, many individuals will need to submit Self Assessment tax returns if they have more complex sources of income. Why do I need … Continue reading Do I need to file a Self Assessment tax return?
The P800, P45, P60, and P11D forms are used for the PAYE scheme. Pay As You Earn, or PAYE, is the process whereby the taxes you owe on your income are taken off your pay before you receive it. This is done by your employer, who pays that money to HMRC. If you pay taxes … Continue reading What are P800, P45, P60, and P11D forms?
When you are self-employed, as with other types of business, you will have various costs to keep your business running. Many of these expenses qualify for tax relief, which means you can deduct the value of these expenses from your profits before working out how much tax you owe. what qualifies for tax relief? You … Continue reading What expenses can I claim back when self-employed?
Figuring out whether you need to pay tax on income earned outside of the UK depends on whether HMRC classifies you as a ‘UK Resident’. If you are not classed as a UK Resident, you will not pay tax on your foreign income. UK Residents will pay UK tax on all of their income, no … Continue reading Do I pay UK tax on foreign income?
Wondering whether you should buy a car through your company or buy it personally? Lets look at the options and what their benefits and cons are. Buying a car personally The vehicle cost is non-deductible from tax. Business trip fuel paid for by the company is tax-free as long as it remains under 45p/mile for … Continue reading Should you buy a car through your company?
How to calculate tax on your rental income If you’re renting property owned by you, rather than your business or company, you could qualify for income tax relief. However, this depends on the kind of rentals you are running. There are also many costs associated with rentals that can lower your taxable profit, which we … Continue reading How To Calculate Tax On Rental Income
Let’s talk pensions. Everybody needs to make a plan for when they eventually retire. Nobody wants to work forever, and that means making sure you have enough money to live off of after saying goodbye to your 9 – 5 job. The most common way to save for retirement is through pensions. Pensions are schemes … Continue reading Guide to UK Pensions: Workplace & Private
Companies need to follow rules set out by many different government bodies, written in various legislative documents. When setting up and running a limited company, you have to keep in mind all of the following: Complying with applicable industry regulations set out by professional regulators – for example, the Financial Conduct Authority, the Office of … Continue reading Your guide to UK Compliance Obligations
Money laundering is the process of hiding or obscuring the fact that money was obtained through illegal activity. This means making money that has come from things like drug trafficking or extortion look as though it was made by some legal business, like a restaurant. Many businesses are monitored by the Financial Conduct Authority (FCA) … Continue reading Register for money laundering supervision
Avoid fines, register as a childminder The UK Government takes childcare seriously, and requires that those providing childcare services are registered for the safety of workers, parents, and children. If you provide childcare services outside of a home, such as a creche, you will be subject to different rules. But for those providing care in … Continue reading Avoid fines, register as a childminder
The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held by Companies House and requires overseas entities that own land or property in the UK to declare their beneficial owners and / or managing officers. This compliments the current HMRC Worldwide Disclosure Facility (WDF), aimed at … Continue reading New transparency regulation for overseas property owners
‘Phishing’ is the term for attempting to get someone to give you personal information / access to systems by pretending to be someone else. This could be an email from someone who claims to be writing from your bank, or a phone call from someone pretending to be with a government department. How do i … Continue reading Phishing emails warning from HMRC
Perhaps you’re self-employed and looking to expand your business. Or maybe you’re looking to start a new endeavour from scratch, and want to raise capital by selling shares. Whatever the reason, you’re thinking about creating an incorporated business, often called a company. There are several steps to go through to establish and register a new … Continue reading How to register a company in the UK
Limited companies are a form of legal business where the company is a separate legal entity to the individuals who run it. All companies must keep records about the people who make decisions or are invested in the company. These are called ‘statutory registers’. Where are statutory registers kept? Before June 2016, companies had to … Continue reading What are statutory registers for companies?
Regulatory groups are important in any profession. Someone must make sure, for example, that people who call themselves lawyers are actually trained and qualified. Someone must also make sure that professionals’ work is up to standard, and handle complaints when it is not. This is doubly important for accountants, whose work with both public and … Continue reading How to complain about an accountant
Some kind of regulation is important for all skilled professions. Someone must ensure that professionals have the qualification they say they do. And even more basically, someone must create the training standards for those qualifications to ensure that professionals can actually do their job well. Training is not the end of the story either. Someone … Continue reading Regulatory Bodies for Accountants in UK
Professional accountancy bodies are the organisations responsible for accounting qualifications. That means they create curriculums, train students, and run exams. In principle, any organisation can do this, so how do you know which qualifications are actually up to standard? The organisation given power by the UK government to oversee accountancy is the Financial Reporting Council … Continue reading How to choose the best chartered accounting qualification
Tax avoidance schemes involve bending the tax rules to gain an advantage never intended by Parliament. This is usually done by making contrived and artificial transactions that serve little or no purpose except for reducing the amount of tax paid. Often, these are umbrella companies or payment middlemen who promise that you will end up … Continue reading UK Tax avoidance schemes and how to spot them
HMRC’s ‘Your Charter’ sets out what the public can expect from HMRC and vice versa. The HMRC Charter is a legal requirement under the Finance Act 2009. The Charter helps define the service and standard of behaviour that taxpayers should expect when interacting with HMRC. What are these behaviour standards? The Charter lists the following … Continue reading What to expect when dealing with HMRC
Accounting regulatory bodies are essential for ensuring that accountants, actuaries, and auditors are trained to a common standard and held to a code of ethics and good practice. In the UK, the top level of oversight is performed by the FRC, or Financial Reporting Council. While FRC does not train or certify accountants, they serve … Continue reading Who are the accounting regulatory bodies in the UK
The short answer is yes, you can appeal your HMRC penalties provided you have adequate evidence to support your appeal. The HMRC can raise various penalties including failure to pay/file and failure to notify penalty. If you find yourself in this situation and you’re wondering “How do I fight the HMRC” you have found the … Continue reading Can I appeal my HMRC Penalties?
So you’ve received a HMRC penalty and you’re freaking out just a little bit. Whether this was intentional or by accident, an HMRC penalties notification can be a stress-inducing event. But let’s talk about what you can do now that you’re here. Firstly we will look whether you have a reasonable excuse (as defined by … Continue reading How can I Reduce my HMRC Penalties?
HMRC penalties can be scary, especially when you don’t exactly know what they mean. If you’ve gotten a failure to notify penalty, we’ll help you understand what went wrong, where it went wrong, and what you can do about it at this stage What is Failure to notify penalty? Firstly, let’s talk about what a … Continue reading Failure to Notify HMRC Penalty
So you’re sitting with failure to pay by deadline and you’re stressing out. In this blog post we explore what failure to pay/file by deadline means and what you can expect from the process going forward. What is Self Assessment Failure to Pay/File Penalty? The self assessment deadline in the UK is 31 January. You … Continue reading HMRC Penalties: Failure to Pay/File by Deadline
Tax exemptions, also referred to as Tax allowance or tax relief in the UK, is the amount of money you can claim without having to pay tax on it. There are a few different benefits and expenses that will allow you to claim tax exemption. These are mainly divided into two sections namely: private tax … Continue reading Save on Taxes: Exemptions in the UK
January March April July August October December Previous Next Everything you need to know for United Kingdom’s financial and tax deadlines for 2023! Make sure you have all of these dates noted down to avoid any surprises. January 31 January – Self Assessment Date Self Assessment is a system HM Revenue and Customs ( HMRC … Continue reading Important Financial Deadlines You Need To Know For 2023
Self Assessment Quick Links: Do I need to Submit a Self Assessment? Step 1: Organize Self Assessment Documents Step 2: Register for Your Self Assessment Step 3 – Fill In The Online Self-Assessment Form Step 4 – Pay Your Self Assessment If you’re a UK resident, you will know that the deadline for Self Assessments … Continue reading Complete Your Self Assessment Like a Pro
With the festive season approaching, many companies are closing for the holidays. But for some companies 31 December marks their annual year-end date. So in preparation, we want to give companies with a year-end date a few tips! Tip 1 : Super-deduction Capital Allowance The super-deduction and special rate first year allowance (SR allowance) temporarily … Continue reading 3 Tips for Companies with Year-End on 31 December
The HMRC recently announced that the previously planned UK Corporation Tax increase of 25% will go ahead as of April 2023. Currently corporation tax in the UK was levied on a standard rate of 19% regardless of profit. However, the HMRC has announced a new “Small Profits Rate” to ensure that small businesses are not … Continue reading UK Corporation Tax Changes 2023
There are two main pension types in the UK namely Defined contribution (otherwise known as a money purchase pension scheme) and Benefit pension. A benefit pension is where the pension provider promises to give you a certain amount each year when you retire. However, a defined pension is a type of pension scheme where the … Continue reading What is a defined contribution pension?
The cryptocurrency market can be a volatile space, with the value of various cryptocurrencies changing rapidly. Recently, one such cryptocurrency, Luna, has seen its value drop from £66.80 to £0.000176 in a matter of days. While we cannot increase the value of a cryptocurrency, we can offer ways in which you can minimise losses with … Continue reading Minimise your Luna cryptocurrency losses
When it comes to investment opportunity, new companies are always a risk. In the UK only 40% of start-ups survive the first 3 years of business. This alarming statistic tends to put investors off from putting money into these younger companies. However, this is where the Government has provided Venture Capital schemes to entice investors … Continue reading Venture Capital Schemes. What Is the Best Choice?
By utilising various methods to save tax, it is possible to receive up to £41,370 while at the same time, pay zero tax on it. Here are the secrets to earn as much as possible while paying as little tax as possible. Personal allowance Initial earnings of up to £12,570 in the 2021-22 and 2022-23 … Continue reading Pay Zero Tax on £41,370 with these simple tricks!
VAT stands for Value Added Tax. VAT is added to most goods and services that you purchase. The standard VAT rate is currently 20% which has been increased from 17.5% on 4th January 2011. When you view prices of items in shops in the UK, you see the inclusive price where VAT has already been … Continue reading How does VAT work now?
Off payroll working (IR35) Off payroll working usually applies to workers that are providing services through a company. These workers are usually called contractors. The IR35 rules ensure that they pay the same Income Tax and National Insurance contributions as normal employees would. Who does IR35 apply to These IR35 rules apply to; workers who … Continue reading Uncertain about IR35? Learn more on IR35.
There are many factors to consider when making the decision between working as a PAYE employee (Pay as you earn) or self-employment. Here at CIGMA Accounting, we have an extensive amount of experience with clients seeking advice around this topic. When deciding which choice is best for you, you should consider aspects such as tax … Continue reading Is Self-Employment or PAYE Better?
Manage Cookie Consent
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.