New corporation tax rate from April 2023
How are UK corporation tax rates set to change? From 1 April 2023, the rate of corporation tax changes from 19%, to introduce a ‘small profits rate’ of 19%, a ‘main rate’ of 25% and reintroduces ‘marginal relief’ for those where profits fall between £50,000 and £250,000, to ensure these companies will pay an overall […]
Super-deduction ending in March 2023
What is the super-deduction tax relief? Introduced in the March 2021 Budget, the capital allowances super-deduction allows companies to claim back 130% of the purchase price of qualifying plant and machinery items purchased between 1 April 2021 and 31 March 2023. Companies are also able to claim a 50% first-year allowance (FYA) for qualifying special […]
Basis Period Reform – for sole traders and partnerships
Are you self-employed, or a partner in a trading partnership? If so, you should be aware of how the ‘basis period reform’ may affect you. HMRC is moving from a ‘current year’ basis to a ‘tax year’ basis. For affected businesses (those that don’t have a year-end of 31 March or 5 April), this could […]
Making Tax Digital for Income Tax Self-Assessment – pushed back to 2026
Making Tax Digital is the government’s initiative for digitising and streamlining the tax return process. VAT-registered businesses are already submitting quarterly VAT returns digitally to HMRC. The good news is that HMRC has pushed back the start date of the next stage of MTD – the introduction of Making Tax Digital for Income Tax Self Assessment (MTD […]
What are the tax benefits of splitting property income between co-owners?
If your property is jointly owned by two or more people, there can be tax advantages to splitting any profits you make between you and your co-owner/s. Splitting the profits helps you distribute the profits in a way that favours any co-owners with a lower marginal tax rate – whether that be your wife, husband, […]
What are the tax benefits of using a company van?
This article will cover van benefits in kind (BIK) for employees and directors. HMRC offers a range of tax options which are dependent on how a van is used by a business. If a van is used solely for business journeys or as a pool van, you do not have to report or pay anything. […]
Changes to Capital Gains Tax for separation and divorce from 6th April 2023
Changes to Capital Gains Tax (CGT) for separation and divorce from 6th April 2023 as outlined in the government’s policy paper: Capital Gains Tax: Separation and Divorce. From 6th April 2023, separating spouses or civil partners will be given up to three years from the year they cease to live together in which they can […]
Should I put my rental properties into a limited company?
Should I put my rental properties into a limited company? It’s a question asked by many. We’ve summarised the main options for the legal structure and the important tax liabilities to plan for. It’s not unusual for business owners to have existing residential property investments, or to want to invest in this area. But if […]
Electric Vehicle Corporation Tax Explained (2022 Guide)
Electric vehicles are rapidly changing the face of the automotive industry, and with the impacts of increased accessibility, environmental awareness and the rapid hike in fossil fuel costs, the number of electric vehicles globally reached 6.6 million by the end of 2021, compared with the measly 14,260 from ten years ago. The Climate Change Committee […]
HB&O celebrates DFK International’s 60th Anniversary
HB&O is celebrating global independent accountancy association DFK international’s 60th anniversary. We are proud to have been a member of DFK International for over 6 years – an association which benefits both the business and our clients. DFK enables us to support our clients to do business internationally, referring them to like-minded firms with similar […]
Changes to Inheritance Tax reporting requirements
On 23rd March 2021, the Government announced changes to Inheritance Tax reporting requirements for non-taxpaying estates. The new regulations came into force on 1st January 2022 and apply to deaths occurring on and after that date. This article will detail how the new regulations will work and to whom they will apply. What is the main […]
Research and Development Tax Relief – Your Questions Answered
Many businesses are paying more tax than they need to because they fail to capitalise on potential savings available via Research & Development (R&D) tax relief. Eligibility for R&D is extremely broad – put simply, if you are seeking to create or enhance a product of process (making something faster, shorter, more robust, more economical, […]
