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Tax

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Do I Have to Pay UK Tax on Foreign Income?

December 2019

Photo of Calculator Surrounded by Foreign Currency

We get asked this question a lot. So often in fact that we decided it’s a subject worth covering in a blog. In most cases, there is a simple answer to this question. If you are not a UK resident, you won’t need to pay tax in the UK. If you are a UK resident, […]

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Why You Shouldn’t Get a New Company Car Until April 2020

November 2019

Photo of Electric Car Charging

If you’re thinking about changing your company car/cars in the near future, you may want to wait until 6th April 2020 when some new tax rules come into effect. These new tax rules will significantly favour low and zero-emission vehicles, so if you start driving a green car from April 2020, you’ll be benefiting from […]

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Important Changes to CGT on the Sale of Property

October 2019

Photo of Country House

Capital Gains Tax (CGT) is a tax applied to the gain made of an asset you have sold. You pay tax on the gain, not the amount you sold it for, hence the name Capital Gains Tax. From 6th April 2020, any individual, trustee or personal representative that realises a capital gain from the sale or disposal […]

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What is Tax Planning?

October 2019

Tax Planning

Tax planning is the minimization of one’s tax liability through the best use of all available allowances, deductions, reliefs, exclusions and exemptions. Tax planning is usually (and most effectively) undertaken by a professional. Tax planning can be separated into two main areas, corporate and personal. What is corporate tax planning? Corporate tax planning is undertaken […]

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What Is the Patent Box and How Do You Qualify?

October 2019

THE PATENT BOX

The Patent Box is a scheme that allows businesses to profit more from their patents by reducing the tax paid on those profits. Much like Research & Development Tax Credits, the aim of the Patent Box is to encourage innovation across UK businesses. Businesses that qualify for the scheme will benefit from a rate of […]

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Should You Get Help to File Your Self-Assessment Tax Return?

September 2019

Young accountant holding calculator working out tax returns

It’s a fair and valid question. Should you pay an accountant to file your tax return, or just do it yourself? Let’s make something clear, completing a tax return isn’t rocket science, but it isn’t a walk in the park either, especially if you have little to no experience. So yes, you absolutely can file […]

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Am I Eligible to Claim for R&D Tax Credits?

August 2019

action-plan-brainstorming-r&d

Research and Development tax credits, commonly referred to as simply ‘R&D’ is a government incentive designed to drive forward innovation across multiple industries. This is an opportunity for you to reduce your corporation tax bill or receive a refund from HMRC based on the working hours your business dedicates to R&D. We often find that […]

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Case Study: Tracey Renshaw

July 2019

Case Study: Tracey Renshaw

Services used: Capital Gains Tax, Self-assessment Tax Returns, Research & Development Tax Credits and Company Formation. Tracey Renshaw is a personal tax client who first approached us when she was looking to sell one of her properties and wanted to understand the capital gains tax implications. As a client of our Dereham office, Tracey was […]

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Capital Gains Tax Explained

July 2019

Capital Gains Tax Explained

Capital Gains Tax, often referred to as simply CGT, is a tax applied to the selling of an asset you own. You pay tax on the gain, not the amount you sold it for, hence the name Capital Gains Tax. An asset doesn’t necessarily have to be sold to be subject to CGT though as […]

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Our Comprehensive Guide to Making Tax Digital

April 2019

Person on iPad Using MTD Software

Making Tax Digital (MTD) is the name of the Government’s ambition to change the way in which we record financial data and report this information to HMRC. It requires taxpayers to keep digital records, instead of manual ones, and communicate with HMRC using a different reporting system to that which is currently in operation. Why […]

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