Trust Registration Service

The Trust Registration Service (TRS) was setup in 2017 and all UK Express Trusts liable to pay UK tax were required to register. New rules were announced in October 2020 that require all UK trusts, apart from a few exceptions, and some non-UK trusts in existence on or after 6 October 2020, to register with HMRC by 1 September 2022, … Read More

Capital Gain Tax on property disposals to be paid within 60 day window

non-resident

CGT on property disposals to be paid earlier. From April 2020, UK residents disposing of second properties are required to report the sale and pay any resulting tax within 60 days of completion (previously 30 days). The rules do not apply to main residences which are covered by the Principal Private Residence Relief, sheltering the full gain from tax. For … Read More

Tax Planning Before New Tax Year

Tax Reliefs 2021 - 2022

With the end of the personal tax year on 5 April 2022, there is still time to use unused tax reliefs to optimise the tax position. Clearly adequate funds need to be in place to pay for day-to-day lifestyle and cover the essential outgoings but there are several ways to shield income and savings from tax and allow you to … Read More

Spring Statement 2022 – Key Announcements For Businesses

Key announcements for businesses

Businesses are facing a challenging time with soaring energy costs, disruption to supply chains, interest rate increases, wage inflation and recruitment challenges with currently 1.3 million vacancies across the UK. The Chancellor set out in the Mais Lecture the Government’s focus to address these issues. Capital – cutting and reforming taxes on business investment to encourage firms to invest in … Read More

Spring Statement 2022 – Income Tax & National Insurance

Individual

National Insurance Sunak says the planned 1.25% rise in national insurance contributions must remain, as a “dedicated funding source” for health and social care.  In 2022/23 the rate of primary Class 1 NICs for employees charged on their earnings, the rate of secondary Class 1 NICs for employers charged on their employees’ earnings, and the rate of Class 4 NICs … Read More

Advisory Fuel Rates From 1 March 2022

Fuel rates from 1 March 2022

From 1 March 2022, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 13 pence 8 pence 1401cc to 2000cc 15 pence 10 pence Over 2000cc 22 pence 15 pence Engine size Diesel – … Read More

Chartered Accountants Curo welcomes new partner as expansion continues

Stuart Wood new partner

Bromsgrove-based Chartered Accountants Curo starts 2022 by taking on a new partner as it continues to expand across the West Midlands region and beyond. Set up in 2005 by former KPMG colleagues Anna Madden and Julia Gallagher, Curo has grown steadily and is now firmly established as a go-to advisor for entrepreneurial businesses. Stuart Wood joins Curo from KPMG in … Read More