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

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

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

Advisory fuel rates from 1 December 2021

fuel rates from 1 December 2021

From 1 December 2021, 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 9 pence 1401cc to 2000cc 15 pence 10 pence Over 2000cc 22 pence 15 pence Engine size Diesel – … Read More

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

Key tax & accounting deadlines to 31 January 2022

tax & accounting deadlines

With Christmas fast approaching and the busy January tax season soon after, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. November 2021 1 November – Deadline for corporation tax payment for accounting period ended 31 January 2021 7 November – VAT returns and payments for quarter ended 30 September 2021 14 November – CTSA quarterly instalments … 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

Autumn Budget 2021 – individuals, employment taxes & duties

employment taxation

Today’s Budget was rather light on changes to individual and employment taxation, which was expected given recent ‘spoilers’. From April 22 the National Living Wage will increase by 6.6% to £9.50 per hour for people aged 23 and over.  This means an increase of over £1,000 p.a. for an employee working full time. Personal income tax thresholds are frozen until … Read More

Key tax & accounting deadlines to 31 December 2021

Tax Reliefs 2021 - 2022

Moving towards the notoriously busy festive season, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. October 2021 1 October – The SDLT nil rate band reduces from £250,000 to £125,000 14 October – deadline for furlough claims 14 October – CTSA quarterly instalments due for large companies with a year end March, June, September or December … Read More