The new Chancellor, Rachel Reeves, made an Economic Statement to the House of Commons this week in which she set out some of Labour’s next steps and priority tax commitments ahead of the next budget which will be held on 30 October. Amongst the announcements was the publication of some draft legislation to remove the […]
Do you run an innovative business or project? Did you know that these innovations could come with a financial perk of tax credits? The Research and Development (R&D) tax credits scheme is there to help benefit your business. What are R&D tax credits? R&D tax credits are a government incentive to encourage innovation within business. […]
As someone who works within the tax and accountancy profession it is becoming difficult to remember a time before we heard the words ‘Making Tax Digital’. Since it was first mentioned way back in 2015, Making Tax Digital for VAT underwent a number of changes, delays and deferrals before it was eventually introduced from […]
The end of the tax year is upon us, so we thought we would put together some top tips on how to be the most tax efficient as possible. Avoid hitting critical ‘income thresholds’ There are three fundamental income thresholds to avoid for 2023/24: It’s worth reviewing your likely income for 2023/24 and if you […]
Individuals Businesses & self-employed Companies & shareholders Property Other announcements For more information
A tax code is a personalised code used by employers and pension providers to determine how much income tax to deduct from your salary or pension. It’s essentially a shorthand way for the government to communicate your tax-free allowance to your employer. What does a tax code mean? A tax code is made up of […]
There were actually a few announcements in this Autumn statement that I’m rather pleased about: The big headline is obviously the reduction in National Insurance rates for employed and self-employed individuals. I’m glad this reduction has gone to National Insurance rather than income tax as this will benefit workers rather than investors. I’m especially pleased about […]
Since April 2015 there has been a single rate of corporation tax for most companies, regardless of their size or level of profits. From April 2023 there are two rates of corporation tax – 19% for companies with profits up to £50,000 and 25% for companies with profits over £250,000. Profits between £50,000 and £250,000 […]
Over the years, we have worked with a huge range of small businesses from all different industries and backgrounds. Working with so many small businesses has given us a real insight of mistakes business owners are making with their accounting and bookkeeping. Here’s some of the most common accounting mistakes made by small businesses that […]
HMRC have introduced new penalty systems for late VAT Returns and late VAT payments which apply to accounting periods starting on or after 1 January 2023 for sole-traders, partnerships and limited companies. Taxpayers will no longer receive an automatic financial penalty if they fail to meet a submission deadline. Instead, they will incur penalty points […]
AirBnB has become increasingly popular over the last decade, with more and more people deciding to rent out their property as short term lets using the organisation. Despite the rise in popularity, no rules have been written specifically for AirBnBs, so instead you need to work out what type of rental income you have, and […]
To be able to qualify your letting business as a furnished holiday let, you must meet the following criteria: The property must: Revenue expenses Capital allowances You can claim 100% capital allowances on Commencement of the business Private use For more information, contact Kathryn Greenwood on 07754 306943 or email kathryn@greenwoodtax.co.uk.
HMRC have closed their self-assessment telephone helpline with immediate effect until at least 4 September 2023. Callers will be re-directed to use HMRC’s digital services instead. HMRC claim the reason for this is to free up staff time to be able to clear the outstanding backlog of written correspondence which, from my own experience […]
It’s May! We are now comfortably in to the new tax year, the bluebells are out, the weather is wonderful, P60s and bank interest statements are being received, and H M Revenue & Customs are sending out notices to submit your 2022/23 Tax Return.
But, with the 31st January 2024 filing deadline still many months away, why should you worry about it now? Well, here are eight good reasons why!
In order to receive the maximum state pension on retirement, you will need between 30 and 35 years full years of National Insurance contributions, depending on your date of birth. You can check how many full years you have, and how many years you still need to get a full pension, by logging in to […]
There were some welcome announcements in today’s budget, most notably the retention of the £2,500 energy cap and reforms to childcare including the proposed extension of 30 hours free childcare to all children between 9 months and 5 years old.
The tax deadline in March is looming and it’s time to use it or lose it. Here’s how you can plan for your year-end tax 2022/2023.
Completing your tax return can be taxing, but at Greenwood Tax and Accounting we are here to help you relax about your tax! Here’s 10 things you need to know about completing your tax return in 2023.
The residence nil rate band was introduced in April 2017 to provide additional relief from inheritance tax (IHT) when your home is left to your children or other direct descendants. The intention was to counter the fact that property values have increased significantly since the nil rate band was raised to its current level, £325,000, […]
Jeremy Hunt has presented his first budget to the house today. Here’s our summary of the announcements.
