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Tax Tips
The Tax laws change every year so you need to review your personal situation regularly with tax adviser before make any decision and save tax wherever possible. These Tax Tips are designed to give you some general information only, which might be relevant to you or your business and is not intended to be advice…
FRS102 and FRS105
FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland. FRS 102 is available for use by UK unlisted groups and listed or unlisted individual entities preparing financial statements that are intended to give a true and fair view. FRS 102 is designed to apply to the general purpose financial statements…
Capital Allowance
The 100% Enhanced Capital Allowances (ECAs) and first year tax credit for loss making companies for purchases of energy or water-saving plant and machinery will be abolished from April 2020. Annual Investment Allowance (AIA) increase to £1 million, this time limit is 1 January 2019 – 1 January 2022 ( suppose to end 31 December…
Making Tax Digital for Income Tax (MTD for ITSA)
Government’s plans to make it easier for individuals and businesses to get their tax right. Self-employed businesses and landlords will need to follow the rules for MTD for Income Tax from their accounting period starting on 6 April 2026 which is delayed by a further two years. (it was due to apply from the 6…
Recent Changes & Updates
All the recent key changes : National insurance cut further by 2p in April – from 10% to 8%; High Income Child Benefit Charge threshold raised from £50,000 to £60,000. The charge is tapered so if you, or your partner, earn between £60,000 and £80,000; Introduction of British ISA, allowing extra £5,000 investments in UK;…
