What should I do to save tax in 2023?

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs and see where you can save tax in 2023 before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA...

Input tax reclaims on Road Fuel

Through our VAT review services we come across many common errors. One in particular relates to input tax reclaims on road fuel. We have put together the following guidance to help clear up common misconceptions and errors. Reclaiming VAT on business fuel costs There...

Making Tax Digital Update – Income Tax

Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024. The obligation to keep...

Making Tax Digital – What’s the new guidance for VAT

HMRC have issued new guidance on the penalties that they impose for non-compliance with the Making Tax Digital (MTD) for VAT rules. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’. ...

Does my electric car need to be new to qualify for tax benefits?

The shortage of semiconductors has meant long delays in the delivery of new cars. This has caused many company car drivers to choose a second hand car instead, but what are the tax consequences? Both new and second hand electric cars have allowances Unless the car has...