What is a UTR Code?
What is a UTR code? Who needs one, and when will I need it? If you’re setting up your limited company, or starting out as self-employed, you’ll come across the initials UTR. But what do they mean? UTR stands for Unique Taxpayer Reference, and each is a ten-digit number unique to the individual or organization […]
How do I Pay Myself from My Own Company?
I started my own company – Now how do I pay myself from it? Congratulations! Starting your own company is a huge step for anyone to make, and it can be an extremely rewarding one. There are many reasons someone might want to start a company, from passion to profit, but almost everyone who starts […]
2020/21 Income Tax Returns & the SEISS
Three grants worth up to £21,570 are taxable. A chunk of time has passed since the self-employed income support scheme (SEISS) was launched in May 2020, following the onset of the COVID-19 pandemic. The first taxable grant, worth up to £7,500 in total, was paid out in August 2020. That was followed by a second […]
Accounting for Charities & Non-Profits
How the third sector is assessed for tax. Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives and objectives. HMRC treats non-profit organisations and charities very differently to businesses, offering some unique tax breaks in the process. If a charity is recognised by the […]
What Does Your PAYE Tax Code Mean?
We all have one, it is the corner stone of your pay slip, and it dictates what deductions are taken from your hard earned salary – we refer, of course, to your tax code. But do you know exactly what your tax code means, or do you simply take it for granted that it’ll do […]
Tax Planning for Residential Landlords
Tax Planning for Residential Landlords Planning to take advantage of low interest rates? After a challenging year for the UK’s residential landlords, you might have read about improvements to the buy-to-let mortgage market in recent weeks. In the three months to 31 May 2021, the average interest rates for residential landlords had declined. A two-year […]
The Pro’s and Con’s of a Company Electric Car
The Pros & Cons of a Company Electric Car Should employers shift towards greener vehicles? Despite the potentially high personal tax charge, many employees still enjoy and prefer the convenience of being offered the use of a company car by their employer. Those employers familiar with the benefit-in-kind tax rules will be aware the tax […]
UK Tax Incentive ‘Fails to Deliver Extra R&D Spending’
UK Tax Incentive ‘Fails to Deliver Extra R&D Spending’ The UK’s research and development (R&D) tax credit system is failing to prompt companies to increase spending and could prove a “costly failure”, a report claims. The Centre for Business Research (CBR) said aggregate business expenditure on R&D in the UK is as much as 15% […]
OTS Considers Bringing the End of the Tax Year Forward
OTS Considers Bringing the End of the Tax Year Forward The Office of Tax Simplification (OTS) is to explore changing the end of the tax year from 5 April to either 31 March or the end of the calendar year. The OTS published a document last month setting out the scope of a review into […]
Sweeping VAT Reforms in the EU will Affect the UK’s Online Retailers
Sweeping VAT Reforms in the EU will Affect the UK’s Online Retailers Retailers that heavily rely on online sales to EU consumers need to comply with VAT reforms, which were introduced on 1 July 2021. The new rules were originally designed to stop an estimated €7 billion in annual VAT fraud by non-EU ecommerce sellers, […]
