Tax Insights
Experts question HMRC's tax gap figures accuracy
  • 28
  • Jun
Concerns expressed about the accuracy of HMRC’s £32 billion ‘tax gap’ figure

On 23rd June, HM Revenue & Customs released its data concerning the ‘tax gap’ for the 2020 to 2021 tax year. The non-ministerial department said that the estimated ‘tax gap’ – defined as the difference between the total amount of tax expected to be paid and the total amount of tax actually paid during the…

Super-deduction tax break
  • 21
  • Jun
Only one in eight business owners ‘aware of super-deduction tax break’

As a business owner, you will naturally want to make the most of all available resources and sources of support to better your firm’s survival and growth prospects. That’s just one reason why you might be looking to draw upon the services of a chartered tax adviser in Newton Abbot, Plymouth, or Wellington, such as…

Corporate taxes
  • 25
  • May
The UK is Set to Plummet 16 Places in the Global CT League Table

The UK Government’s decision to put up Corporation Tax from 19% to 25%, taking effect from next April, will cause the country to fall 16 places on the global ‘league table’ for corporate tax, from sixth to 21st.  That is the finding of new research reported by Accountancy Today and shows the stark impact of…

Plymouth fishing industry
  • 20
  • May
Fisheries and Seafood Scheme Relaunched

Marine Management Organisation Relaunch the Fisheries and Seafood Scheme The Marine Management Organisation (MMO) has relaunched the Fisheries and Seafood Scheme to safeguard the long-term sustainability, resilience and prosperity of the English seafood sector. The Government has set aside at least £6 million in funding for each year until April 2025. The scheme aims to…

  • 16
  • May
How did business groups respond to the Queen’s Speech?

  With the latest State Opening of Parliament taking place amid considerable economic uncertainly brought on by such factors as escalating inflation, cost-of-living pressures, and the continuing war in Ukraine, it is fair to say plenty of eyes were on this year’s event, including from UK business.  Ultimately, the Queen’s Speech – which for the…

Increased NIC affect how you budget for the year
  • 14
  • Apr
Changes to National Insurance Contributions – How Does it Affect Company Directors?

The changes in National Insurance Contributions (NIC) that came into force in April 2022 impact directors and employees. The increase in NIC affects employers and employees in different ways, but how does it affect you as a director? Also, what should you be thinking about to efficiently manage the increase in your outgoings and the…

Tax Increases Salary & Dividend Combinations
  • 12
  • Apr
The Best Dividends and Salary Combinations for 2022/23

The tax rates and allowances for the new tax year have already been published, and the National Insurance contributions have been shrouded in controversy. Which leaves us questioning, what is the best combination of salary and dividends for the upcoming tax year? The Spring 2022 Budget confirmed the employee NIC threshold for 2022/23 has increased…

SME Optimism
  • 6
  • Apr
‘Four in 10’ UK Small Businesses Intending to Recruit New Staff During 2022

With each passing day, it seems that more evidence is filtering through of rising business optimism in the UK. One such indicator of this is an article from Business Leader, citing a private equity house’s report that claimed the British economy saw its quickest annual growth rate on record in 2021.  What exactly did the…

Online Sales Tax
  • 8
  • Mar
UK Government publishes early-stage consultation on possible Online Sales Tax

On 25th February, HM Treasury confirmed that the UK Government had set out an early-stage consultation in relation to the potential implementation of an Online Sales Tax (OST), considering reasons both for and against such a tax.  Why has the Government made this move now?  It was announced at the time of the Autumn Budget…

Video Game Tax Relief
  • 4
  • Mar
Game Developers are Hopeful for 2022 – New TIGA Research

Research conducted by The Independent Game Developers’ Association (TIGA) in December 2021 shows that almost three-quarters of UK games companies are expecting to see the industry grow in 2022.  What does it mean for the accountancy industry? With the rise of game developer companies, there will undoubtedly be a rise in Video Games Tax Relief…

R&D Tax Credits - Plan Ahead
  • 2
  • Mar
Maximise Your R&D Credit Claim – Plan Ahead!

Claiming for an R&D Tax Credit can be a long and complicated process. However, planning ahead can make the whole process much easier. We’ve all been guilty of it, we rush into a new project trying to find new ways to complete a job, and it’s only once the job is complete that we think…

Cryptocurrency tax services
  • 19
  • Jan
Crypto Tax – An Opportunity for Accountants in the Digital Era

Cryptocurrencies are building themselves a niche within the accounting world. A growing number of traders now seek the help of accountants for crypto tax calculations and record-keeping. But the question remains, should accountants dive into this growing market?   Regardless of your opinion on cryptocurrencies, there is no escaping the fact that they are becoming…