HINTS AND TIPS

The latest hints and tips from our blog

Please note: The information contained in this site is provided for information purposes only and is of a general nature. It is not a substitute for specific professional advice related to your own circumstances. You are recommended to obtain specific professional advice before you take any action.

Accounting for charities & non-profits

Accounting for charities & non-profits

How the third sector is assessed for tax. Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives and objectives. HMRC treats non-profit organisations and charities very differently to businesses, offering...

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Basis period rules in line for reform

Basis period rules in line for reform

What might this mean for your business? Unincorporated businesses could be about to see significant changes to the ways in which they are taxed, following the launch of a Government consultation. The Government plans to reform the basis period rules in a bid to...

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Caseron Insider – September 2021

Caseron Insider – September 2021

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure.Highlights Deadline approaches for fifth & final self-employed grant...

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Starting a new business after COVID-19

Starting a new business after COVID-19

New businesses can still grow and flourish.  Not much can stop determined entrepreneurs from building a new business from the ground up, even during such challenging times as a COVID-19 or its ensuing fallout. The pandemic has proven a huge challenge for businesses,...

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Taking charge of planning your estate

Taking charge of planning your estate

Increasing house prices raise inheritance tax risk.  Soaring house prices coupled with certain thresholds being frozen in the most recent Budget have the potential to drag more estates into the inheritance tax net over the coming years. Back in March 2021, Chancellor...

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Caseron Insider – August 2021

Caseron Insider – August 2021

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure.Highlights Lower stamp duty land tax threshold in place until October Employer...

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Work from Home Allowance Calculator

Work from Home Allowance Calculator

Please make sure you have read our related articles before you start entering data into the calculator. The article will explain what you can claim and why. The rules are slightly different for the self-employed, directors and employees. Claiming a Work from Home...

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Tax planning for residential landlords

Tax planning for residential landlords

Planning to take advantage of low interest rates? After a challenging year for the UK’s residential landlords, you might have read about improvements to the buy-to-let mortgage market in recent weeks. In the three months to 31 May 2021, the average interest rates for...

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The pros & cons of an electric company car

The pros & cons of an electric company car

Should employers shift towards greener vehicles? Despite the potentially high personal tax charge, many employees still enjoy and prefer the convenience of being offered the use of a company car by their employer. Those employers familiar with the benefit-in-kind tax...

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Caseron Insider – July 2021

Caseron Insider – July 2021

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure.Highlights Families hit with big bills after believing gifts would not be taxed...

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What is a PAYE Settlement Agreement (PSA)?

What is a PAYE Settlement Agreement (PSA)?

An introduction to the PAYE Settlement Agreement. "A PAYE Settlement Agreement (PSA) allows you to make one annual payment to cover all the tax and National Insurance due on minor, irregular or impractical expenses (or benefits) for your employees." What does HMRC's...

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The basics of VAT for UK businesses

The basics of VAT for UK businesses

An introduction to the main business tax. VAT is a business tax on the supply of goods and services. It is charged at varying rates depending on what is being supplied, who it is being supplied to and where it is being supplied to. But with Brexit, temporary rate...

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Costs you can reclaim on the business

Costs you can reclaim on the business

Allowable expenses and allowances in 2021/22. If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses. By deducting these allowable expenses as part of calculating your...

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Caseron Insider – June 2021

Caseron Insider – June 2021

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure.Highlights Deadline approaches for SME Brexit Support Grant Employers told to...

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The tax implications of furnished holiday lets

The tax implications of furnished holiday lets

COVID-19 prompts high demand for UK holidays. Owning and letting out a holiday home, otherwise known as a furnished holiday let (FHL), has always been a popular way of investing and earning income. Not only do FHLs enjoy many tax advantages over normal residential let...

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The pensions lifetime allowance

The pensions lifetime allowance

How might the big freeze affect you? Traditionally, most people get nowhere near breaching the pensions lifetime allowance, but that’s likely to change over the next five years. The lifetime pensions allowance is currently £1,073,100. In his Spring Budget on 3 March...

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Caseron Insider – May 2021

Caseron Insider – May 2021

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure.Highlights Super-Deduction tempts 51% of manufacturers to invest VAT-registered...

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The future of UK corporation tax

The future of UK corporation tax

What’s ahead for companies, from rate rises to Making Tax Digital. For the past 40 years or so, corporate tax rates have decreased steadily around the world. In 1980, the global average stood at around 40%, but by the end of 2020 it was closer to 24% as various...

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Personal tax planning for 2021/22

Personal tax planning for 2021/22

What’s changing for the new tax year? If there’s one thing to take away from Spring Budget 2021, it’s taking charge of your personal finances is going to be increasingly important over the next five years. With the financial fallout from COVID-19 over the last year...

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Caseron Insider – April 2021

Caseron Insider – April 2021

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure.Highlights Three-month extension for business rates holiday in England New...

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National Insurance Planning for 2021/22

National Insurance Planning for 2021/22

For employers, employees and the self-employed. Our state pension, benefits, health service and more are all funded by National Insurance contributions (NICs). These are paid in different ways and at different rates by employers, employees and the self-employed, and...

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IR35 in the private sector

IR35 in the private sector

Off-payroll working in the private sector Are you prepared for changes to the IR35 rules? Exactly a year later than planned, changes to the off-payroll rules – known as IR35 – will take effect in the private sector next month. The emergence of COVID-19 put paid to the...

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The Spring Budget 2021

The Spring Budget 2021

Setting out the road to recovery The Chancellor has attempted to strike a balance between continuing to prop up the businesses worst affected by COVID-19, while setting out a roadmap to wean the UK economy off this emergency support. In his second Budget and 14th...

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Caseron Insider – March 2021

Caseron Insider – March 2021

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Opt-in to VAT deferral new payment scheme by 31 March 2021 Personal...

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How to plan for your retirement

How to plan for your retirement

Get on track for a comfortable retirement. If you have a defined contribution pension scheme – whether private or through your employer – your retirement savings have probably been hit quite hard by the COVID-19 pandemic over the past 12 months. That’s because pension...

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Complying with your tax obligations

Complying with your tax obligations

Meeting your obligations amid COVID-19 disruption. It’s not often that HMRC makes exceptions to its tax deadlines or late-filing penalties, but the past year has, as in so many ways, been different. Between optional deadline deferrals, new payment schemes and...

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Caseron Insider – February 2021

Caseron Insider – February 2021

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Hardest-hit businesses offered new government grants of up to £9,000...

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Strategies for exports after Brexit

Strategies for exports after Brexit

Reaching international markets in 2021 and beyond. The UK has left the EU, and for British exporters, that presents both opportunity and uncertainty. There’s potential for businesses to branch out to new markets outside of the EU, but that comes with a new set of...

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Construction sector: Reverse charge VAT

Construction sector: Reverse charge VAT

The effects on supply chains from 1 March 2021. Those working in the UK’s construction industry will have to handle and pay VAT differently from 1 March 2021, unless there’s another last-minute Government U-turn. This is when the VAT domestic reverse charge for...

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Caseron Insider – January 2021

Caseron Insider – January 2021

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Annual investment allowance remains at £1m until 2022 HMRC issues...

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Tax efficient ways to be generous this Christmas

Tax efficient ways to be generous this Christmas

Christmas is a time of generosity and festive frolick, however, it can also be a tax trap for the overly generous employer. Here are a few tips on how to avoid unwanted taxes. The Annual Christmas Party Everyone likes a good party Reasonable costs of entertaining...

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Gains on UK residential property

Gains on UK residential property

Reporting and paying within 30 days.  Earlier this year, a new rule requiring capital gains tax on UK residential property to be reported and paid to HMRC within 30 days kicked in. This ushered in another change to tax rules affecting residential property owners,...

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How to measure cashflow in your business

How to measure cashflow in your business

Planning ahead to boost your business’s resilience. During what would normally be the busiest period of the year for businesses in retail, hospitality and other sectors, many will now be keeping a close eye on their cashflow as they deal with the impacts of COVID-19....

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Caseron Insider – December 2020

Caseron Insider – December 2020

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights VAT-registered traders urged to prepare for life after Brexit...

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Spending Review 2020: The economic damage of COVID-19

Spending Review 2020: The economic damage of COVID-19

Chancellor declares “economic emergency”. Had everything gone to plan this year, the Chancellor would have been delivering his Autumn Budget speech. Instead, Rishi Sunak declared an “economic emergency” alongside a slimmed-down spending plan to see him through until...

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To flip or not to flip your main residence

To flip or not to flip your main residence

The pros and cons of changing your main residence. With property being one of the most reliable investments around in a period of historic low-interest, many money-savvy people these days end up owning additional properties. They might rent them out, live in them or...

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Business asset disposal relief

Business asset disposal relief

Entrepreneurs’ relief is no more (in name at least). Last March, one of the headline-grabbing measures announced in what will be the only Budget speech of 2020 surrounded what we knew as entrepreneurs’ relief. The relief was designed to be an incentive for...

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Caseron Insider – November 2020

Caseron Insider – November 2020

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Govt. extends Furlough scheme ahead of lockdown in England Third...

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Finance cost relief for residential lets

Finance cost relief for residential lets

Life after mortgage interest relief for landlords. Historically, landlords have enjoyed generous income and capital gains tax reliefs which helped make residential property an attractive investment for those looking to add to their monthly incomes or provide for...

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Taxes to consider when moving home

Taxes to consider when moving home

A property tax shake-up fuels a house buying surge. If you are considering moving home in the second half of 2020/21, you are by no means alone. In the month leading up to 8 August 2020, 149,000 properties were put on the market – the highest number since before the...

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Caseron Insider – October 2020

Caseron Insider – October 2020

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Commission set to recommend national living wage freeze Chancellor...

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Chancellor throws new jobs lifeline to save the UK economy

Chancellor throws new jobs lifeline to save the UK economy

Emergency jobs package to replace furlough scheme. With the furlough scheme winding down and local lockdowns on the increase to try and curb the rising tide of coronavirus, it was almost inevitable the Chancellor would have to step in again. On 24 September 2020,...

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Valuing a Business? How much could yours be worth?

Valuing a Business? How much could yours be worth?

Four main methods for valuing a business. Whether you’re making exit plans or you want to give confidence to investors, knowing the value of your business is a vital step. From the inside, it might be hard to say what that value is. You’ve put long hours of hard work...

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Getting on top of your self-assessment tax return

Getting on top of your self-assessment tax return

Why 2019/20 is the year to get your self-assessment tax return done early With everything that’s happened so far this year, it might be easy to forget your obligations to file a tax return for 2019/20 by midnight on 31 January 2021. The coronavirus pandemic and...

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7 Tips for keeping great VAT records

7 Tips for keeping great VAT records

Our top tips for keeping good VAT records Good housekeeping in the 'financial' sense is essential for keeping on top of your bookkeeping and VAT records. 1. Keeping trading records in good order Not only must you keep the records HMRC wants, but they must be ordered...

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Caseron Insider – September 2020

Caseron Insider – September 2020

Each month we bring you the latest tax and business updates with our Insider Newsletter. Take a look at this month's insights below, or download our Newsletter and read it at your leisure. Highlights Video-witnessed wills become legal in England and Wales Businesses...

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Business tax planning in 2020/21

Business tax planning in 2020/21

Managing and planning business tax during COVID-19. Even among those who follow good tax-planning practice and maintain forecasts running several years forward, it is unlikely that many foresaw the dramatic end to the 2019/20 tax year. With the arrival of COVID-19 and...

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Post-COVID-19 support for businesses

Post-COVID-19 support for businesses

New measures announced in economic update. Since the Budget in March, businesses have seen a stream of different support schemes and policies announced to help them manage the financial impacts of the coronavirus lockdown. When Chancellor Rishi Sunak stood in the...

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