by Gary Woosey | Sep 5, 2023 | Blog, SME, Tax
While Inheritance Tax (IHT) is a topic that many find uncomfortable to discuss, it is an unavoidable aspect of estate planning. With HM Revenue & Customs (HMRC) collecting a significant £2.28 million in IHT penalties in the last tax year, it is evident that the...
by Gary Woosey | Aug 15, 2023 | Blog, Tax
For business owners, understanding depreciation is not just about accounting practices but also about handling their taxes efficiently. Depreciation represents the reduction in the value of an asset over time, primarily due to wear and tear. Businesses use various...
by Gary Woosey | Aug 8, 2023 | Blog, Tax
Collections of Capital Gains Tax (CGT) reached a record £16.7 billion in the last tax year, a notable increase from the preceding year’s £14.3 billion. CGT has always been a significant consideration for small and medium-sized enterprises (SMEs) who should note...
by Gary Woosey | Jul 25, 2023 | Blog, Tax
HM Revenue & Customs (HMRC) has recently stated that they will pledge £5.5 million to organisations who are in the voluntary and community sectors to help support customers organise their taxes. The last voluntary or community sector organisation (VCS) grant was...
by Gary Woosey | Jul 11, 2023 | Tax
Whether you are the owner of a limited company or a sole trader, it is important to understand the expenses you can claim and the tax savings that these expenses bring. Allowable expenses can significantly reduce the amount of Corporation Tax that a business needs to...
by Gary Woosey | Jul 5, 2023 | Tax
The Construction Industry Scheme (CIS) is a Government initiative that allows contractors in the construction industry to deduct money from a subcontractor’s payments and pass it on to HM Revenue & Customs (HMRC). These deductions count as advance payments towards...
