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As a business owner, it is useful to know the potential benefits of significant capital investment before committing. Appraisal of the tax impact regarding such an investment is often not initially considered, despite its potential impact on a project’s viability.

As the 2021/22 tax year-end is almost upon us, now is a good time to consider relevant tax planning opportunities to reduce your overall tax burden

The last decade has seen large multinationals making the headlines regarding the amount of corporation tax they pay, or don’t pay, but how have recent global tax announcements changed the landscape of international tax?

As we approach the end of the tax year, employers should take a few minutes to note important changes and actions impacting PAYE operations and compliance.

With all the challenges presented by both Brexit and the coronavirus pandemic, the UK Budget announced back in Spring 2021, has received little press attention.

While 2022 will see the implementation of ‘Making Tax Digital’, it seems like a long time ago that HMRC outlined their original roadmap, with the ambition that these changes ‘will transform the tax system, so that it is more effective, more efficient and easier for taxpayers’.

The number of important developments in respect to the R&D tax relief regime in the last number of weeks should attract both optimism and caution.

Under the EU’s fourth money laundering directive, the UK has committed to ensuring that there is a robust anti-money laundering and counter terrorist-financing regime. As part of that commitment the UK Government has pledged improved transparency about ownership of assets held in trusts.

In the wake of the Coronavirus Pandemic, the Government has announced the introduction of the Health and Social Care Levy (HSC Levy), effective from April 2022.

From 6 April 2021 new rules were introduced for medium and large companies in the private sector, which shifted the responsibility for deciding if the existing ‘off-payroll working’ (IR35) rules applied to each worker.

With a ban on the sale of new petrol and diesel cars planned in the UK from 2030, the rise in popularity of electric vehicles (EV) seems certain.

Now is the time to have that discussion with your Adviser to start planning to protect your family’s financial future.

When it comes to tax relief on capital expenditure, the devil is in the detail – not all types of expenditure are going to be eligible for tax relief in the same way. If your company is planning to make a capital investment, you may be considering whether to invest in brand new or second hand machinery, as well as asking the crucial question: how can I maximise tax relief?

The Finance Bill 2021 received early Royal Assent earlier this summer, bringing into force; the extended loss carry back legislation, the ‘super-deduction’ for capital allowances, the increased rate of Corporation Tax from April 2023 and other measures first announced in the March Budget.

For some businesses, the objective has been merely to survive. For others, due to the nature of their business, or perhaps due to an inspired new business idea, trading during the pandemic has been a roaring success. For others, the effects of the pandemic were strangely inconsequential.

Having an abundance of cash on hand may not seem like too much of a problem for most of us, however there are potential downsides for businesses who are reporting excess cash on their balance sheets.