Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Fraud countermeasure drives R&D tax relief changes

October 3, 2023Corporation Tax, R&D, TaxLeave a commentadmin

The level of fraudulent claims being made for research and development (R&D) tax relief has prompted HMRC to introduce a new procedure: companies must provide detailed information ahead of making their claim. HMRC figures show…

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Finalising tax return figures and filing early

September 19, 2023Income Tax, self-assessment, TaxLeave a commentadmin

HMRC is chasing taxpayers who have submitted tax returns for 2021/22 containing unresolved provisional figures, while also extolling the benefits of filing early for 2022/23. What are provisional figures? A provisional figure is not the…

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Behind the numbers on income tax

September 6, 2023Income Tax, TaxLeave a commentadmin

New income tax statistics from HMRC appear to be good news, but the numbers are not what they seem. Taxpayer’s marginal rate Basic Rate Higher Rate Additional Rate 2020/21 Average tax rate 9.5% 21.8% 38.3%…

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Take Two on Wealth tax…………

August 15, 2023Inheritance Tax, Tax, WealthLeave a commentadmin

Hard on the heels of May's Sunday Times Rich List, will new proposals for a wealth tax gain any traction? In 2020, a group of economic research bodies set up the Wealth Tax Commission to…

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Tax gap at all-time low

July 27, 2023Making Tax Digital, MTD, TaxLeave a commentadmin

The tax gap is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. For 2021/22, the gap was at an all-time low of 4.8%…

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Tax and your home solar panel system

July 1, 2023Income Tax, self-assessment, TaxLeave a commentadmin

With continuing high electricity prices, now could be a very good time to install solar panels at your property. Unless a solar battery is part of the system, it makes sense to sell excess electricity…

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Self-assessment threshold rises from 2023/24

June 19, 2023PAYE, self-assessment, Self-Employed, TaxLeave a commentadmin

There is a long list of reasons why it is necessary to complete a self-assessment tax return, but PAYE taxpayers are generally exempt from the requirement. Previously, exemption was subject to a £100,000 income ceiling,…

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Government’s tax take on growth trajectory

June 12, 2023Corporation Tax, Tax, VATLeave a commentadmin

Analysis of the projected outcomes of the government’s tax policies show an expected increase to the number of higher rate personal taxpayers, with the corporate tax yield expected to grow substantially. Income tax The default…

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Potential benefits from directors’ loans

June 8, 2023benefit-in-Kind, Benefits, Employment Tax, TaxLeave a commentadmin

Business owners could seek to earn interest on directors’ loans with little-to-no tax implications, although only patient directors willing to meet the reporting requirements will benefit. Even though the rate of interest charged by HMRC…

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2023/24 – the 23-month tax year?

June 5, 2023Budget, Income Tax, self-assessment, Self-Employed, TaxLeave a commentadmin

If you are self-employed, the new tax year may be longer than you think. If you are self-employed, until 2023/24, you have normally been taxed on the profits made in the accounting year that ends…

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Recent Posts

  • Fraud countermeasure drives R&D tax relief changes
  • Interest rate rises fuelling increased tax take
  • Finalising tax return figures and filing early
  • Behind the numbers on income tax
  • Abolishing the pensions lifetime allowance

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