Super-Deduction Capital Allowances

From 1st April 2021 to 31st March 2023, there is a new 130% first-year capital allowance for plant and machinery assets, and a 50% first-year allowance for special rate (SR) assets. Businesses investing in qualifying assets are able to claim: a 130% super-deduction capital allowance on qualifying plant and machinery investments a 50% first-year allowance […]

Capital Gains Tax & The Housing Market

With the housing market increasing more than ever, Capital Gains Tax (CGT) is rising with it. UK property prices have hit an all time high over the last year, with a record average of £283,753 in March 2002 according to Halifax. Rising house prices mean significant capital gains for buy-to-let individuals who sell their properties. […]

Making Tax Digital VAT Penalties

Making Tax Digital (MTD) for VAT now applies to all VAT registered businesses, including those that are voluntarily registered for VAT and under the threshold, and with this, comes penalty regimes bought in by HMRC. There are two new penalty rules for individuals and businesses that make late submissions and payments. Both of these new […]

Tax Changes and Budget Update – 2022/23

The UK has various different tax rates, thresholds and allowances affecting individuals and businesses. As the new financial year rolls around, there are some key tax changes that you should be aware of. What’s more, the Government has recently announced their Budget Update, which may affect your business. Tax Table 2022/23 We’ve created an easy-to-read […]

Business Rates Discounts 2022/23 in Wales

Last year, the Welsh Government announced that they will be providing a package of non-domestic rates relief for businesses that have been affected by the Covid-19 pandemic, for the duration of 2022-23. Retail, leisure and hospitality businesses in Wales will receive 50% non-domestic rates relief between 1st April 2022 and 31st March 2023. What’s more, […]

Use of ISA Allowances Before end of Tax Year

Each year you are allowed to save or invest up to £20,000 in an Individual Savings Account (ISA). The tax year runs  from the 6th April  to the 5th April the following year . If you don’t use the full allowance, after this date it will be lost. ISAs are a tax efficient way to […]

New Tax and NIC rates from April 2022

From April 2022, the National Insurance Contributions (NICs) and dividend tax that you pay will be increasing by 1.25% for one year only. What Is the Increase For? This increased contributions will be spent on the NHS and social care across the UK;with the aim of funding £12 billion worth of investment to clear backlogs […]

New Changes for Landlords and Tenants in Wales

The Welsh Government has announced that it intends to implement the Renting Homes (Wales) Act 2016 on 15th July 2022. This will change the way that landlords in Wales rent their properties.  The Renting Homes (Wales) Act represents the biggest change to housing law in Wales for decades and is designed to increase protections for […]

Making Tax Digital: Income Tax

Making Tax Digital (MTD) has been the norm for VAT-registered businesses for a little while now. In a bid to make the UK one of the most digitally advanced tax administrations in the world, HMRC also wants self-employed business owners and landlords with annual business or property income above £10,000 to follow the same rules. […]