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If you are notifying HMRC of a decision to opt to tax land and buildings, you are normally required to notify HMRC within 30 days. The 30 day deadline was temporarily extended to 90 days to help businesses and agents…
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Last month we mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses will…
Read MoreAt this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be…
Read MoreFor most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers contributions by both the individual and their employer. Note that the unused allowance for a particular tax year may…
Read MoreThe rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers that meant more tax to pay on…
Read MoreYou have the opportunity to buy shares in a new company with good prospects. You can afford to make the investment personally, but might you be better off doing it through your company? Tax incentives The government encourages investment in…
Read MoreHMRC has published its Making Tax Digital (MTD) regulations and guidance on how MTD will apply to VAT. How long do you have to prepare for the changes and what steps should you take? When and who will MTD apply…
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