Tax

In part 1 of the blog, we examined three ways a solicitors firm can plan to reduce its tax liability. In this blog, and with the tax year end looming, we examine three tax-mitigating opportunities available for individual solicitors.

For many solicitors firms, the end of the business year is fast drawing to a close. If results are looking better than previous years, you may be starting to think about the tax implications of a better year. We would urge solicitors firms to make plans now to mitigate these liabilities, and in this blog we discuss three key points that solicitors firms should consider before the year end.

HMRC are currently investigating 171* professional football players, up 90% from just 90 football players under tax investigation in September 2017, as they look to crack down on the misuse of image rights payments, and increase revenues from the industry. 

If your company is involved in research and development (R&D), the Government’s R&D tax credit incentive could provide a valuable source of tax relief. What exactly is R&D, why is the tax relief so beneficial and what costs qualify for this under-utilised tax relief?

If you’re an entrepreneur, you could consider New Year’s resolutions for your business. Here are a few suggestions to think about.

It’s safe to say that most business owners would like more time for themselves and more money from their business. It’s becoming apparent that most businesses can achieve this through the use of digital solutions software and the automation it provides.

HMRC’s annual report shows that real cash collected from investigations has fallen from £10.34 billion in 2016/17 to £10.33 billion in 2017/18.

Like many businesses, you’ve been filing your VAT returns online and have kept your records in line with HMRC requirements. However, HMRC are changing those requirements and introducing Making Tax Digital (MTD).

The scenario is a common one: Mr Smith owns some rental properties. During a tax year he wanted to buy a new home for himself. He raised the funds by remortgaging one of his rental properties. The interest charged on the new loan was claimed as a deduction against his rental income.

It may seem obvious but selling shares in a company will generate either a gain or a loss, which means you need to think about Capital Gains Tax. Calculating the capital gain on shares sales is very straightforward.