Crypto assets – have you received a ‘nudge letter’ from HMRC?

crypto assets

We’re seeing an increase in ‘nudge letters’ sent by HMRC to taxpayers suspected of holding crypto assets. The rise of the nudge letter Under increased powers of access, HMRC now works with a larger number of external organisations, exchanging and receiving information about taxpayers’ financial interests. Letters are being sent to taxpayers believed to hold crypto assets based on data … Read More

Autumn Budget 2021 Key announcements for businesses

Budget 2021

Autumn Budget 2021 – In March the Chancellor announced an increase to corporation tax rates from April 2023 to 25% for taxable profits above £250,000. Currently we have one unified tax rate of 19% and this will remain for business with taxable profits of up £50,000 with a tapering relief provision in place between the £50,000 up to £250,000 when … Read More

IHT threshold up to £1m

From April 2020, married couples and civil partners will be able to leave property worth up to £1m to their children and grandchildren tax free. The changes were announced in Budget 2015 and exempt estates from Inheritance Tax when passed onto direct descendants. For example, leaving property to a niece would not qualify for this additional allowance. The IHT threshold … Read More

Higher tax applied to directors’ loan accounts

From 6 April 2016, companies will be charged a higher rate of tax (payable under s.455 CTA 2010) on outstanding loans to directors, or any other participator in a close company. This new rate is 32.5%, (up from 25%) and is payable by the company on unpaid balances existing nine months after the end of the accounting period. The new … Read More

Budget 2016 – corporate, business and property taxes

Corporate & Business Taxes In 2010 the government set out a corporate tax road map which outlined plans to back business through lower corporation tax rates and the modernisation of tax rules and administration, whilst ensuring a crack- down on avoidance and aggressive tax planning. In this budget we have seen substantial changes announced to reform our corporate tax system. … Read More

Time running out for extra tax breaks on business assets

Many businesses could soon miss out on the opportunity to claim early tax relief as they are not aware of major changes from next year. The Annual Investment Allowance (AIA) is a form of enhanced tax relief, permitting a 100% write-off on the purchase of qualifying business assets (normally the tax relief against asset purchases is 18% or 8%, depending … Read More

Probate – what you need to know

Probate – what’s changed? The law has changed in respect of probate. The Lord Chancellor has granted approval for the ICAEW to offer probate services, subject to satisfying various requirements including passing probate exams. Curo Chartered Accountants is one of the first ICAEW – regulated firms in the West Midlands licensed to carry out probate work which we see as a … Read More

Year end tax planning tips – March 2014

With the end of the tax year almost upon us, here are some tax planning tips to consider: Tax Rates Income over £150,000 per annum is taxed at 45% but adding in the loss of the personal allowance can result in a top rate of tax of up to 60% for some. Individuals with income close to the thresholds could reduce … Read More

Budget 2014 – What we know already #2

Abolition of Employers NI for Under 21s Employers’ (Class 1 secondary) National Insurance contributions will be abolished for employees under the age of 21. This will be effective from 6 April 2015 and applies to earnings paid up to the Upper Earning Limit. Employment Allowance The Employment Allowance can be claimed from 6 April 2014 in a move which will … Read More

Budget 2014 – What we know already

Like businesses up and down the country (and beyond), we’re eagerly anticipating Chancellor Osborne’s Budget on 19 March and hoping that it contains measures to support and encourage continued growth throughout the economy. Here’s a reminder of some measures already announced: Corporate The main rate of corporation tax will fall to 21% in April 2014 before reducing further to 20% from … Read More