Under new rules set by the Government, the system of penalties for VAT and Income Tax Self-Assessment (ITSA) are changing. The new system of fines is aimed at tackling non-compliance by taxpayers who repeatedly fail to meet their obligations to provide returns and other information requested by HMRC. Those who make occasional and infrequent mistakes […]
Income tax basis periods – What unincorporated businesses need to know
All unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April (or 31 March) each year from 2024-25. Here is what you need to know: The Government has proposed changes that will move the tax basis period for all unincorporated businesses This […]
What are the new rules for importing goods into Great Britain?
Full customs controls came into force on 1 January 2022 – one year after the Brexit transition period came to an end. If you import goods from Europe into Great Britain, here’s what you need to know. What’s changed? Until 31 December 2021, businesses were able to delay making declarations on goods – apart from […]
Does 2022 hold further taxation and regulation for the property sector?
During the last decade, the UK property industry has seen an increasing number of tax rules and legal obligations place on investors and landlords, including changes to the wear and tear rules, lettings relief and mortgage interest relief.
The Christmas gift allowance: how it works
If you are planning on treating staff this Christmas, here’s a brief guide to the tax rules for the 2021/22 financial year.
What is the Export Support Service and how can it help my business?
With less than one month to go until the introduction of full customs controls, businesses are turning to the Export Support Service for crucial advice. But what is the new platform and how could it help your business? Here’s what you need to know. What’s changing? If you export goods and services to Europe, you […]
Everything you need to know about the new WTO Services Domestic Regulation
New World Trade Organisation (WTO) rules are set to cut the cost of global trade by billions of pounds every year, it has been announced. The Department for International Trade (DIT) – who helped broker the agreement – said the deal represents a massive win for service businesses in the UK. Here’s what you need […]
Capital Gains Tax – What does the extension to property reporting mean for investors?
By Neil Driver, Director at Davis Grant The deadline for UK land and property owners to report and pay Capital Gains Tax (CGT) has doubled from 30 days to 60 days.
How can UK Export Finance help my business trade overseas?
With a mission to “ensure that no viable UK export fails for lack of finance or insurance”, UK Export Finance has been helping businesses trade around the world for over a century. In this blog, we’re going to learn more about what the department does, and how export finance could help your business succeed. What […]