Making Tax Digital – The End of the Tax Return!

What is “Making Tax Digital”? Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, with the aim of making the whole process of administrating tax simpler and more efficient. All of your tax information will be in one place (your digital...

Motor Racing Sponsorship was Tax Deductible

In order for an expense to be deductible against business profits it must be incurred “wholly and exclusively” for the purposes of the trade. In a recent tax case a hotel owner near Silverstone sponsored his grand-daughter’s career as a racing driver by making...

Implications of Hung Parliament

The result of the General Election has left Teresa May and the Conservative Party clinging on to power with support from the Democratic Unionist Party (DUP) in Northern Ireland. This leads to a period of significant uncertainty for the country as the BREXIT...

Changes to dividend taxation and the impact on company owners

How is dividend income taxed? The taxation of dividends changed on 6 April 2016, the Dividend Tax Credit was replaced by a new Dividend Allowance of £5,000 (to be reduced to £2,000 in April 2018). Dividend income that exceeds the Dividend Allowance threshold, will be...

Are you prepared for a costly tax investigation into your business?

Cracking down on tax avoidance has become a clear focus for HM Revenue & Customs (HMRC) in recent years. And with the creation of 27 new HMRC taskforces for specific industry sectors, the chances of your business going through the process of a detailed tax investigation are higher than ever.