Why there is an extra inheritance tax exemption for family homes?

This is the final post in my series looking at some of the strange quirks of the tax system.  Following on from the last one, which dealt with the introduction of the seven-year rule for IHT gifts to children, this one too is about inheritance tax – in this case, why we have an additional exemption […]

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National Insurance increases from April 2022

In September 2021, Boris Johnston announced that as of April 2022, National Insurance contribution (NICs) rates will increase by 1.25%. From April 2023, the 1.25% increase will be separated and known as the Health and Social Care levy, which will be visible on employees’ payslips. Dividend tax rates will also be increased by the same […]

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New Address as DH&Co expand their Hawick Presence

We are delighted to have officially opened our new office in Hawick office. Having been in the town for many years, it was time to expand. Moving from North Bridge Street to a more central and larger location on Oliver Place. Our new space underwent substantial refurbishment. As the building was in a state of disrepair, it […]

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Vast majority of businesses unaware of impeding MTD deadline

There is now less than a month before Making Tax Digital (MTD) compliance starts to be mandatory for VAT returns, it is, to put it mildly, concerning.  If you are a VAT-registered business with an annual turnover less than £85,000 you must implement MTD from 1st April 2022.  A study by QuickBooks (other accounting software providers are […]

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Important changes to filing your tax returns for small businesses

Small and Micro Companies are going to have to file their accounts at Companies House in the near future. Are you a Limited company small business owner?  Do you currently file your accounts at Companies House or are you glad that this is one requirement that doesn’t apply to you? Well, whether you want to or […]

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Vast majority of businesses unaware of impeding MTD deadline

There is now less than a month before Making Tax Digital (MTD) compliance starts to be mandatory for VAT returns, it is, to put it mildly, concerning.  If you are a VAT-registered business with an annual turnover less than £85,000 you must implement MTD from 1st April 2022.  A study by QuickBooks (other accounting software providers are […]

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Strange days and late refunds in tax-return land…

According to the government website, more than 10,200,000 people filed their 2020-21 tax return by the usual deadline of 31st January 2022. However, this year, due to the pandemic, there was a month’s leeway and so many others have been busy catching up in February.  This led to a slightly different month as far as M&S […]

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Worried about HMRC’s increasing focus on fraud in Covid Support Schemes?

Earlier this year, John Glen, economic secretary to the Treasury, said that the government has “taken the issue of potential fraud relating to Covid grant schemes extremely seriously (but) it would have been impossible to prevent all related fraud.” In fairness to the government, the peculiarly stressful conditions of the last few years necessitated prompt and dramatic action.  Yet […]

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Fair’s fair, except when it comes to HMRC’s interest?

The vast majority of us want to pay our taxes fairly because we recognise that the money raised goes to help pay for public services.  However, sometimes we make honest mistakes.  HMRC then charges us interest on the back-tax owed.  While we might not like it, most people understand why this happens.  For example, according to the government’s […]

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Is this woke capitalism or sound financial advice?

Apparently, some 75% of consumer banking customers would prefer to deal with institutions that put purpose ahead of profits. And some 58% would pay a premium to access services with strong environmental and social governance (ESG) credentials.  A recent article in the accountancy trade press (admittedly from a firm with a vested interest in the subject), […]

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WFH tax relief claw back to affect thousands

You may have read last week that a “working from home” loophole has been flagged up to the Chancellor and, as a result, will probably now be closed. This is because Treasury officials discovered that these benefits cost the government almost half a billion pounds in lost revenue during the pandemic. We know, from the emails we […]

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