New measures have been introduced for the even-handed treatment of spouses and civil partners who are in the process of separation, divorce or dissolution. The new legislation clarifies Capital Gains Tax (CGT) rules that apply to transfers of assets between spouses and civil partners, giving them up to three years in which to make no-gain…
Continue readingCategory Archives: SMEs / Business
Government increases interest rate on late tax payments
HM Revenue & Customs (HMRC) has increased the interest rate applied to late tax payments following the latest hike in the Bank of England base rate. The late payment interest rate increased to 4.25 per cent from 23 August – the highest rate since the height of the financial crisis in January 2009. It will…
Continue readingHard pressed SMEs struggling with cashflow challenges
A huge majority of small businesses are ploughing more money into their business than they are taking out for a least one month of every year.
Continue readingTax year basis reform: How does this change affect me?
In the second blog of this series on tax year basis reforms, we will examine how these changes could affect unincorporated businesses.
Continue readingTax year basis reform: Should I change my year-end?
In the first blog of this series on tax year basis reforms, we will be discussing the new rules that will affect how unincorporated businesses are taxed from 2023 to 24 and consider whether it is worth changing your accounting period.
Continue readingHow can tourism businesses achieve Net Zero?
As the UK experiences unprecedented high temperatures, your tourism business may well be benefiting from increased sales. However, whilst ice creams are flying off the shelves a much bigger dilemma is presented…
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