News & articles

VAT Flat Rate Scheme – Is It Right for You?

The VAT flat rate scheme is designed to simplify VAT reporting for smaller VAT-registered businesses. Instead of calculating the difference between the VAT charged to customers and the VAT paid on business expenses, businesses in the scheme pay a fixed percentage of their VAT-inclusive turnover directly to HMRC. This percentage varies depending on the business…

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Tax Return Requirements for Wealthy PAYE Taxpayers

Earlier this year, HMRC reached out to wealthy taxpayers who had not filed tax returns for the 2020/21 and/or 2021/22 tax years. The letters were sent to individuals who had submitted returns for 2020/21 and 2022/23 but not for 2021/22, or for those who had filed returns for 2019/20 and 2022/23 but not for 2020/21…

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Tips for Tax-Free Savings Income in 2024/25

In the current tax year, you can enjoy some savings income tax-free within certain limits. The availability of these tax-free routes depends on your tax rate. The New Savings Allowance Both basic and higher rate taxpayers have a savings allowance in addition to their personal allowance. For the 2024/25 tax year, the savings allowance is…

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Key Highlights from the Spring Budget 2024 Unveiled by Chancellor

On March 6th, the Chancellor presented the highly anticipated Spring Budget 2024, introducing a range of measures aimed at bolstering economic growth, improving public services, and tackling immediate challenges while laying the groundwork for long-term sustainability. Here’s a breakdown of the key takeaways: Tax Relief for Working Families In a bid to reward hardworking families,…

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