FKGB announce the appointment of a new Partner
We are delighted to announce that Lauren Levy will be appointed as a Partner from 1 January 2022. Lauren joined the firm in 2013 as a qualified accountant and is being promoted from her role as a Senior Manager. She has a wide variety of clients, including finance, hi tech and media companies, who are impressed […]
Research and Development tax reliefs – Recent developments
The Government has made recent changes to the Research and Development tax relief for small and medium-sized (SME) enterprises. Budget 2018 Announced in the 2018 Budget, for accounting periods beginning on or after 1 April 2021 R&D tax credit limited to £20,000 plus 300% of its total Pay as you Earn (PAYE) and National Insurance […]
MTD for income tax
Making Tax Digital (MTD) income tax is the biggest shakeup of the UK personal tax system in years. Reporting will change from one tax return per year to five separate reporting requirements and a final declaration every year and will require a lot more data to be sent to HMRC. The good news is if […]
As a Director do I need to file a Self Assessment Income Tax Return?
HMRC now states that where all of a director’s income is taxed at source and there is no other sources of income, then there is no need for them to register for self-assessment and to file a return. If as a director you have been requested to submit a self assessment tax return, but have no […]
Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs’ Relief
Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs’ Relief prior to April 2020, is a tax relief scheme which allows for a reduced rate of Capital Gains Tax (CGT) to be paid upon the sale or solvent liquidation of a limited company. Those who qualify for Business Asset Disposal Relief pay just 10% CGT […]
Capital Gains tax on Non-UK resident owned UK property
Since April 2015, gains made by non-UK resident individuals on the disposal of residential properties have been subject to Capital Gains Tax (CGT). Non-UK resident individuals are subject to CGT at 18% or 28% depending on whether the individual has any basic rate band remaining (after the calculation of their income for income tax purposes). […]
The High-Income Child Benefit Charge (HICBC)
You may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’, if you have an individual income over £50,000 and either: you or your partner get Child Benefit someone else gets Child Benefit for a child living with you and they contribute at least an equal amount towards the child’s […]
Benefit in kind tax (BIK) on electric cars
If you work for a business or company, you may be given a company car by your employee for your private use. ‘Private use’ includes employees’ journeys between home and work unless they’re travelling to a temporary place of work. This extra benefit is known as a benefit in kind tax (BIK). The cash value […]
Claiming self-employed expenses
If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit if they’re allowable expenses. Costs you can claim as allowable expenses Here is a general list of allowable expenses – office costs, for example stationery or phone bills travel costs, for example […]
National Insurance Contributions Price Hike
The UK government has announced that NI payments are set to rise by 1.25% from April 2022 as a part pledge to fund health and social reforms. The UK-wide tax increase is designed to raise 36bn for NHS services over the next 3 years, in what is being called the “biggest catch up in NHS […]