Having a reasonable excuse can be a get-out-of-jail-free card if you are charged a tax penalty. However, there is no statutory definition of the term, and what might constitute a reasonable excuse for one person…
Keeping it in the family – tax saving salary strategies
An easy way to reduce a business’s tax bill – and also increase the amount of funds withdrawn from the business – is to put a family member on the payroll. Of course, the salary…
The patchwork effect of rising inflation
2021 ended with inflation sitting at 5.4%, but it may not have felt like that to you. You may have caught the food campaigner Jack Monroe on TV and radio interviews recently highlighting how the…
Business rates loophole on second homes closing
Owners of holiday lets and second homes in England have been able to avoid council tax by registering their properties as businesses. However, from April 2023, small business rates relief will only be available if…
Focus on tax year-end planning
With Christmas and New Year behind us, tax year-end planning should now be on your radar. The 2021/22 tax year will end on Tuesday 5 April. This year there is no Spring Budget and Easter…