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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency

Cryptocurrency + Tax = Do you know the rules??

Cryptocurrency + Tax = Do you know the rules?? Do you know your Bitcoin from your Ethereum?  Your XRP from your Algorand?  If so, you might be interested to read this…especially if you have ‘realised’ some of your cryptocurrency. Many individuals are unwitting...

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Get ready for the next steps of Making Tax Digital

Get ready for the next steps of Making Tax Digital Making Tax Digital (MTD) is a government programme to move to a digital tax world. HMRC’s stated ambition is to become one of the most digitally advanced tax administrations in the world. MTD involves fundamental changes...

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Relief for losses in the early years of a trade

Relief for losses in the early years of a trade It is not uncommon to realise a loss in the early years of a trade. However, traders who commenced their self-employment in 2019 or 2020 may also have suffered as a result of the pandemic. Although the ...

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Making a negligible value claim

Making a negligible value claim Where assets that have become worthless, it may be possible to make a negligible value claim, allowing a loss to be realised which can be set against chargeable gains to reduce the capital gains tax liability. This claim can be made either o...

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Personal and family companies – Optimal salary for 2021/22

Personal and family companies – Optimal salary for 2021/22 A popular profit extraction strategy for shareholders in personal and family companies is to pay a small salary and to extract further profits as dividends. The optimal salary will depend on whether the employmen...

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Make the most of the dividend allowance until April

Make the most of the dividend allowance The 2020/21 tax year comes to an end on 5 April 2021. The last few months of the year are a good time to undertake a review and to ensure that your dividend allowance for the year is not wasted. Nature of the dividend al...

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What tax do I need to pay by 31 January 2021?

What tax do I need to pay by 31 January 2021? The self-assessment tax return for 2019/20 must be filed by midnight on 31 January 2021. If you miss this deadline, you will automatically receive a late filing penalty of £100, regardless of whether you owe a...

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Should I reduce my payments on account?

Should I reduce my payments on account? The deadline for filing your 2019/20 tax return is fast approaching, as is the due date for the first payment on account for 2020/21. Now is the time to think about whether you can reduce your payments on account. Need t...

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Terminal loss relief

Terminal loss relief Sadly, not all businesses will survive the Covid-19 pandemic, and many may take, or be forced to take, the decision to close where losses make the business untenable. The tax legislation provides various relief for losses including a special...

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Extracting income from a family company with no retained profits

Extracting income from a family company with no retained profits The Covid-19 pandemic has had an adverse effect on millions of family companies, potentially reducing or eliminating profits. Where there is cash in the business that can be withdrawn, possibly because the bu...

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