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

Do you work from home? You may be entitled to tax relief post Covid-19

Relief for working from home expenses post Covid-19 The Covid-19 pandemic forced large numbers of employees to work from home for the first time. Having made the transition to home working, post pandemic, many employees have continued to work from home some or all of the t...

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Should I change my accounting date?

Should I change my accounting date? It is possible to change your accounting reference date to make your company's financial year longer or shorter than 12 months. However there are certain considerations to take into account. In preparation of the introduction of MTD f...

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National Insurance changes from July 2022

National Insurance changes from July 2022 Although the National Insurance rates and thresholds for 2022/23 had already been set, at the time of the Spring Statement in March 2022, the Chancellor announced increases in the primary threshold which would align the starting po...

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Companies – claim extended loss relief online

Companies – claim extended loss relief online To help companies realising losses as a result of the Covid-19 pandemic, the loss relief rules were amended to provide for an extended carry-back window. Where companies are making a claim for relief under the extended carry-...

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Making Tax Digital (MTD) for VAT for all

MTD for VAT for all Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for VAT-regis...

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Corporation tax increases soon to take effect

Corporation tax increases soon to take effect Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now. While the changes do not come into effect for a year, applying from the financial ye...

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Directors’ loans – which loan should you repay first?

Directors’ loans – which loan should you repay first? In a personal or family company the director will often borrow money from the company, this is known as a 'Directors Loan'. This can be an easy source of finance, and also one that can be tax efficient as, if you ti...

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What are the rules when paying back a director’s loan?

Paying back a director’s loan – beware of the anti-avoidance rules Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording the transactions that occur between the two. Ho...

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Do I need to top up my pension?

Do I need to top up my pension? A full single tier state pension is payable if you have 35 qualifying years. If you have less than 35 qualifying years, but at least 10 qualifying years you would be entitled to a reduced state pension. You can build up your qualifying ye...

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Struggling to pay tax – What should you do?

Struggling to pay tax – What should you do? The January self-assessment payment deadline is not well timed, falling as it does in a month when people may be already struggling to pay their Christmas credit card bills. However unpalatable the 31 January tax deadline is, i...

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