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The Transformation of Tax Processing: ChatGPT's Impact

Artificial intelligence has become an integral part of our lives, and one of its most impressive applications is ChatGPT. ...

Inheritance and Taxes: How Inheritance Tax Works in the UK and What Happens When You Donate a Property

In the UK, inheritance tax (IHT) applies to a person's assets and property at the time of their death. However, IHT ca...

HMRC Cracks Down on Electronic Sales Suppression: What Businesses Need to Know

HMRC has recently begun sending letters to businesses who may have misused their till systems and failed to pay the correc...

New Tax Year, New Crackdown: HMRC Targets Offshore Income

As the new tax year 2023-24 begins, UK residents are receiving a new wave of letters from HM Revenue & Customs (HMRC)....

Exploring Tax Incentives for Investments: A Look at Companies and Individuals

Governments often use tax incentives as a tool to stimulate investment by reducing the tax obligations of companies and in...

UK Budget 2023: Big Changes for Businesses and Households

The UK budget for 2023 was announced by Jeremy Hunt. According to predictions by the Office for Budget Responsibility (OBR...

Investments in Venture Capital Schemes

Individuals have the option to invest their money through venture capital schemes, designed to help small and medium sized...

Tax-free Saving Accounts

Individual Savings Accounts - ISA An Individual Savings Accounts (ISA) is a tax-efficient savings and investment produc...

The new VAT Penalty Points System

HMRC launched a new penalty system for businesses. If they fail to submit their VAT Return, late submission penalties will...

Extension of Making Tax Digital for Income Tax for Self Assessment

Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will now be mandatory starting in April 2026, rather th...

WellTax is recruiting!

Overview: WellTax is dedicated to attracting a diverse combination of highly capable people from different business b...

News: Autumn Budget UK 2022

Jeremy Hunt, the UK chancellor, unveiled a budget that included tax increases and spending cuts of approximately &pou...

How to choose between operating as a sole trader or a limited company?

One of the first and most important decisions you must make when becoming an entrepreneur is whether you want to operate a...

Growth Plan 2022: government announces AIA increase, CSOP limit increase and IR35 simplification

On Friday 23 September, the new Chancellor, Kwasi Kwarteng, revealed his Growth Plan, confirming a significant package of ...

Government backtracks on abolishing 45% tax rate on top earners

After 10 days of controversy, the Chancellor Kwasi Kwarteng announced on Monday that he has abandoned his proposal to cut ...

Growth Plan 2022: government approved changes of Income Tax and Corporation Tax from April 2023

Reduction in basic rate by 1% starting in April 2023 New chancellor Kwasi Kwarteng has announced that the basic rate of...

Growth Plan 2022: Stamp Duty's new thresholds explained in numbers

The new chancellor, Kwasi Kwarteng, announced on Friday 23 September a series of measures to fight the rising in...

New changes in National Insurance rates in the 2022/23 tax year

From 6 November 2022, the temporary 1.25 percentage point increase in National Insurance rates is being reversed for the r...

Student loans in the UK: how it works

If you start working as a freelancer, you are classified as a 'Sole Trader'. This means that you are classified as...

New Prime Minister appointed: Liz Truss government priorities

Liz Truss recently beat former chancellor Rishi Sunak in a ballot of Conservative Party members and is now succeeding Bori...

National Insurance scheme only: when it applies

PAYE, short for Pay as You Earn, is the UK's personal income tax collection system, where tax is taken from wages and ...

Truss vs Sunak: an overview of the proposed fiscal policies of the two candidates

The political debate on Britain's future prime minister is now in full swing and public opinion is divided on who the ...

Help to Grow Scheme: Digital and Management

The Help to Grow Scheme is a programme become available in January 2022 that assists small and medium-sized businesses in ...

Register of Overseas Entities to open for registration on 1 August 2022

From 1 August 2022 and by 31 January 2023, foreign entities wishing to buy, sell or transfer property or land in the UK wi...

Private pension in the UK: how it works and who qualifies for tax relief

Most employers are now required to make pension contributions for most of their employees, often using an occupational pen...

Intangible Assets FRS 102 - At a glance

An intangible asset must meet the definition of an asset to be recorded on the balance sheet. The FRS 102 Glossary defines...

Capital Allowance: What is it and who can claim it

What is capital allowance? Capital allowance is the amount of money spent by a business on capital assets which can be ...

Latest Government plans to help households with the cost of living

The Chancellor of the Exchequer, Rishi Sunak, on Thursday May 26th 2022, delivered a statement to the House of Commons, se...

Plastic Packaging Tax: the measures businesses should take

From 1 April 2022, the UK Government introduced the Plastic Packaging Tax (PPT) and has advised all manufacturers or impor...

What is “non-dom status” and why could Rishi Sunak's wife avail of it?

In the last few days there have been a lot of talks about the tax scandal involving Akshata Murty, wife of the Chancellor ...

Crypto Britain: UK government opens up to the creation of state-owned cryptocurrencies

The government has announced strategies that will see stablecoins recognised as a valid form of payment and will be part o...

NFT: what you need to know and tax implications in the UK

NFTs (Non-Fungible Token, pronounced by some as 'nifties') are the latest fad to take hold on the internet, bringi...

Spring Statement 2022: changes in National Insurance Thresholds and Allowance in 2022-to-2023 tax year

On 23 March, the Chancellor Rishi Sunak announced a series of measures affecting employers, employees and self-employed. ...

Spring Statement 2022: Changes to the VAT treatment of “Energy Saving Materials” installation in Great Britain

From 1 April 2022, a temporary zero-rate VAT will be introduced for the installation of Energy Saving Materials (ESM) in r...

Spring Statement 2022: Employment Allowance increases to £5,000 from April 2022

On March 23rd, Chancellor Rishi Sunak delivered his Spring Statement to the Parliament. One of the topics addressed by ...

Tax implications on transactions in land

The general rule for land sold for consideration is that the gain on disposal would be subject to capital gains tax (CGT)....

Buying or leasing a vehicle to use for your Limited Company: advantages and disadvantages

Buying a vehicle to use for business purposes may seem like a practical and simple idea when you plan to use it primarily ...

New penalties scheme for late VAT returns: what to know

The new penalty regime has been deferred to 1 January 2023 to allow taxpayers to migrate efficiently to the new MTD (Makin...

Cryptocurrencies for business: tax aspects to consider

For several years now, cryptocurrencies have become so popular that they are the subject of tax discussions in several sov...

Smart city London: plans to make London the smartest city in the world

With its population of 9 million inhabitants, set to increase to 11 million by 2050, London represents one of the biggest ...

Airbnb in the UK: tax implications

Renting out a room in your flat through Airbnb may seem like an easy way to generate new income, but you need to consider ...

UK and economic recovery: £5,000 funding for those who digitise their businesses

The UK government has just launched a series of grants of up to £5,000 to boost the digitisation of small and medium...

Omicron's impact on the UK economy: Rishi Sunak unveils £1bn support package

Chancellor Rishi Sunak has announced a £1 billion grants package for the hospitality and leisure sector. The announc...

CGT Incorporation (rollover) relief (s.162 TCGA 1992): transfer of a business to a company

This Capital Gains Tax (CGT) relief is available to individuals, including trustees and partners, who are running a busine...

Tax cuts planned for next election in the UK

Rishi Sunak has announced the intention to cut taxes before the next general election in 2024. The Chancellor has told Tre...

Cryptoassets held by individuals: which tax apply?

In the last few years, cryptoassets have changed the way of receiving payments and trading on financial markets, so much s...

We are hiring! Junior Accountant (Italian Speaker)

Overview: At WellTax, we are dedicated to attracting a diverse combination of highly capable people from different bu...

Budget 2021: Rishi Sunak announces the extension of the window for the payment of the Capital Gain Tax.

During the Budget 2021 press conference, Rishi Sunak announced the extension of the window for the disclosure and payment ...

Budget 2021: Business Rates Update

The Chancellor announced to cut business rates for a further year. Over 90% of retail, hospitality and leisure businesses ...

Budget 2021: Tax on dividends

In September 2021 the government announced an increase to the rates of dividend tax by 1.25% from 6 April 2022 to help fun...

Budget 2021: Research and development (R&D) tax relief will be focused on UK spending - from 2023-2024

The Chancellor declared that Britain has the second-highest R&D relief spending in the world but it is not effective a...

Rishi Sunak set to rise the National Living Wage to £9.50 an hour

UK Finance Minister Rishi Sunak announced the increase of the National Living Wage from £8.91 per hour to £9.5...

UK and Italy: negotiations to boost exports and investment

Anne-Marie Trevelyan, the International Trade Secretary from the UK, has announced the commencement of a new export and in...

PM confirms a 2.5% increase in State Pension

In the press conference on September 7, 2021, the British government confirmed that the state pension will undergo a 2.5% ...

Boris Johnson announces 1.25% hike in National Insurance and dividends

In the press conference on 7 September 2021, the government announced that from April 2022 the rates of the National Insur...

R&D in the UK: a plan to become competitive again

The UK government is working on an ambitious program to become a world leader in science, research and innovation (R&D...

EUROPEAN OSS REGIME

As of July 1, 2021, a series of changes to Directive 2006/112/EC (i.e., the VAT Directive) have been implemented, moving f...

Europeans targeted by British tax authorities: Penalties and fines for undisclosed foreign income

For some years now, HMRC, the British tax agency, has targeted Europeans residing in the UK who receive other incomes outs...

Brexit: new developments for posted workers

The European Union and the European Atomic Energy Community are due to find an agreement, TCA (Trade and Cooperation Agree...

The new economic boom: a record of start-ups opened in the UK after Brexit

The latest report published by the Financial Times shows how the current Coronavirus pandemic has triggered the birth of n...

Brexit Insights: goods sold to GB customers (B2C) for a value not exceeding £135

Brexit has changed the commercial relationships between companies within and outside the UK, and relevant considerations n...

Brexit Insights: goods sold to GB businesses (B2B) for a value not exceeding £135

The scenarios outlined in this article will apply to goods entering into Great Britain - if the goods sold to a business...

Self-Employment Income Support Scheme (SEISS) grant extension

Following the announcement of the 2021 budget, the UK government has extended the Self-Employment Income Support Scheme by...

Super-deduction: capital allowance 2.0

From 1st April 2021 to 31st March 2023 businesses can benefit from a new way of accounting for capital allowances, called ...

Grants for businesses new to importing or exporting

HMRC has updated its guidelines on small and medium-sized enterprises (SMEs) that are facing import and export talks for t...

Budget 2021: Customs and Excise duties and other indirect Taxes

In the recently presented Budget, HMRC has announced the following changes affecting Customs and Excise duties. Administr...

Budget 2021: VAT

HMRC have announced the following measures affecting VAT: Introduction of a new reduced rate of VAT for hospitality, holi...

UK Budget 2021: New measures on Inheritance tax, Corporation Tax, ATED and Stamp Duty.

"Whatever it takes". These are the words with which the chancellor Rishi Sunak made his debut at the annual conference in ...

Finance Bill 2021: Personal Tax and Capital Gain Tax

Following the announcement of the approval of the Finance Bill 2021 by the UK Parliament it is now worth explaining all th...

Brexit Insights: Goods sold to customers based in Great Britain for a value exceeding £135

Before Brexit, goods supplied within the EU were not considered imports or exports because the United Kingdom was part of ...

Brexit: the last issues to solve

There are less than five weeks left to the end of the transition period that will deliver Brexit and give to the history a...

Covid-19: Further extension of furlough scheme until 31st March 2021

Due to the job instability provoked by the second wave of Covid-19 pandemic and its consequent restrictions adopted by the...

Covid-19: Extension of the Coronavirus Job Retention Scheme until December 2020

In response to the new coronavirus lockdown announced by the Prime Minister on the 31st of October and the tougher restric...

Brexit: Ursula Von der Leyen believes good progress has been made

Brexit talks moved back to Brussels after seven days in London and yesterday Ursula Von der Leyen, the European commission...

Covid-19: New support package for Tier 2 businesses and workers announced by UK government

This morning Mr Rishi Sunak, the Chancellor of the Exchequer, announced a new and more generous support scheme in order to...

BREXIT: MICHEL BARNIER SAYS A DEAL IS WITHIN REACH

This morning the EU’s lead negotiator, Michel Barnier, during his speech at the European Parliament, said that an EU...

Brexit: New update on trade negotiations

Last Friday, Prime Minister Boris Johnson, on live television, called on Britain to prepare for a no-deal Brexit and blame...

How employees forced to work from home can claim a compensation

Employees can get an allowance of £6 a week or £26 a month from their employers (paid tax free). Alternatively...

COVID19 - ADDITIONAL HELP FOR UK EMPLOYEES WHOSE FIRMS ARE SHUT BY LAW

Today the Chancellor Rishi Sunak has announced that additional help will be provided to workers who can’t work becau...

JOB SUPPORT SCHEME FROM NOVEMBER

Yesterday the Chancellor Rishi Sunak has introduced the Job Support Scheme, which will come into effect from the 1st of No...

BREXIT - HOW MUCH WOULD A NO-DEAL COST TO THE UK?

A study recently conducted by the Business School of Economics revealed that a no-deal could cost the UK more than the Cov...

Bank of England: the Monetary Policy Committee has decided to keep rates at 0.1%

Yesterday, the Monetary Policy Committee (MPC) of the Central Bank of England met to assess whether the UK's recovery ...

UK: new government policies to support the economy

On July 8th, the Chancellor Rishi Sunak unveiled his summer economic plan to help the UK economy recover from the impact o...

UK ready for no-deal

During an informal dinner between Boris Johnson, British Prime Minister, and Angela Merkel, German Chancellor and Presiden...

Temporary variations to Companies House filing obligations

  On 26th June 2020 the UK government has introduced temporary variations to enhance a greater economic recovery and...

England’s end of quarantine for low-risk countries

From 10 July some low-risk countries, including France, Germany, Italy and Spain (the full list is available below) will b...

Brexit: a no-deal is increasingly likely

In mid-June, Boris Johnson said he did not want to request an extension of the transition period for the completion of neg...

Covid-19: Full report on the UK economy and what to expect next

More information on future economic measures in the UK, including tax cuts and spending pledges, are expected in the Autum...

Analysis and trend of the Pound Sterling

As is now well known, the pound has long been paying duties due to the British geopolitical situation (Brexit in particula...

Covid-19 impact on the world economy according to the IMF

Yesterday (24.06) the IMF (International Monetary Fund) released an updated forecast on the world economy (World Economic ...

Coronavirus: Update on lockdown measures in England

Yesterday (23.06) the Prime Minister Boris Johnson released information regarding the new lockdown measures in England, wh...

Impact of coronavirus on the UK property market

It might well be plausible that the economic consequences of the coronavirus in the UK will cause financial uncertainty fo...

Brexit negotiations in the light of covid-19

The UK Parliament has agreed on introducing extensive checks on European goods from January 2021 after the ministers&rsquo...

UK economy shrinks record 20.4% in April due to lockdown

The services sector, including financial services, hospitality and tourism, makes up about three-quarters of the UK's ...

Self-Employment Support Scheme extension

On Friday 29th of May, the Chancellor Mr. Sunak announced that the SEISS support, provided to self-employed which have bee...

Brexit: Unmeaningful progress

Both the EU and UK negotiators said on June 5th they did not make a big progress during their last talks when Boris Johnso...

Furlough: how employers' contributions will change from August

On the 29th of May, Chancellor Mr. Sunak confirmed the extension of the Coronavirus Job Retention Scheme until the end of ...

Furlough Scheme: New changes from July

Furloughed workers will be allowed to go back to work as part-time from 1 July. This decision was taken to help people gra...

Have you been made redundant or left your job on or after February 28th? Useful information

An employer can decide to re-employ someone who was made redundant or stopped working for the company on or after the 28th...

Coronavirus Bounce Back Loan

The British Chancellor, Mr Sunak, has recently announced the launch of a new scheme, the “Bounce Back Loan Scheme (B...

Extra Top-up to local business grant funds scheme

On Friday 1st of May 2020, the UK Government announced to the local authorities in England that an increase of up to 5% wo...

Universal Credit - Guidance

Increased support available through tax credits and Universal Credit The UK Government has made some changes to the suppo...

Support for self-employed through the Self-employment Income Support Scheme.

This scheme will allow Self-Employed to claim a taxable grant worth 80% of their trading profits up to a maximum of £...

Support for businesses through the Coronavirus Job Retention Scheme.

From Monday 23 March, the entire UK has been put into lockdown by the government and citizens have been instructed to stay...

Support for businesses through deferring VAT payments

All UK businesses registered for VAT have the option to defer VAT payments due between 20 March and 30 June 2020. Busines...

Protection from eviction for commercial tenants

Commercial tenants who cannot pay their rent because of Coronavirus will be protected from eviction. These measures will ...

Support for businesses paying tax: Time to Pay service & Commercial Insurance Cover

All businesses and self-employed people in financial difficulties, and with outstanding tax liabilities, may be eligible t...

Support for businesses that pay little or no business rates

The Chancellor has announced measures that will cover and provide additional Small Business Grant Scheme funding for ...

Companies House - 3-months extension period to file accounts

Due to the current situation, Companies House together with the UK government has granted a further 3 months extension for...

UK practical business advice: COVID-19

Here’s a quick summary of new measures announced by the government to assist businesses experiencing disruption to t...

Brexit: Scenario after general election.

OVERVIEW As we all know, the Conservative Party has won the previous election by a clear majority to the detriment of the...

How to Transfer UK Private Pension Funds to Italian Funds

Current UK legislation allows EU citizens to transfer the full amount of state pension contributions from the UK to any ot...

Distributing dividends – how to do it in the right way

It is important to be aware that the payment of dividends has a strict legal framework. Whatever the size of the company, ...

Switzerland and United Kingdom: together we stand

Federal Councillor Guy Parmelin and British Trade Minister Liam Fox signed a bilateral trade agreement in Bern on 11 Febru...

UK-Italy partnership will remain strong despite Brexit concerns

The Italian Ministry of Economics and Finance, Mr Giovanni Tria, has officially announced the Anglo-Italian collaboration ...

The importance of Customer Service in the accounting world.

A respectable business, regardless its nature and size, must be capable to offer a sound service to his all clients. Looki...

Self assessment - Don't miss the deadline!

It is not a wise choice to leave your tax return filing close to the deadline. Dealing with your self-assessment ahead of...

How to change your Accountant

The most important feature of a successful business is the attention to details. When you realize that the service receive...

Autumn Budget 2018 - Finance

The future scenarios for the UK economy were outlined last Monday when Phillip Hammond delivered his Autumn Budget. But wh...

Not sure between LTD company or sole trader?

Starting a new business? Are you already a sole trader? When should a sole trader become a limited company? Our article sh...

All you need to know about dormant companies

There are several reasons why a dormant company can be set up. Nowadays, more than 300,000 dormant companies are regist...

How much does it cost to hire an accountant?

Registering revenue and expenses, billing, meeting tax deadlines with related payments are time consuming activities and r...

London - Business City 2018

Colliers International is a multinational real estate services company operating in 68 countries worldwide, a giant of $ 2...

Wallace & Partners changes to WellTax.

Wallace & Partners changes its name to WellTax! The main reason for this change has been the evolution of the marke...

WellTax

Income tax return – fiscal year deadline

The British tax authorities put us in front of an important deadline, the fiscal year deadline on 6th April. A year of ...

The unexpected growth of the UK

The growth estimates of the British economy have been continuously revised downwards over the past few years. Brexit playe...

Self assessment - Don't miss the deadline!

It is not a wise choice to leave your tax return filing close to the deadline. Dealing with your self-assessment ahead ...

Brexit and tax evasion

Mr Hammond announced last Wednesday an allocation of additional £1.5bn in each of the next two financial years for B...

Budget 2017: Property and Housing measures

UK Chancellor Philip Hammond has delivered the Autumn Budget that gave us the first indications of the government response...

NHS and Pensions – Budget 2017

The Budget 2017 has revealed the plans Mr. Hammond has for the next year in regards to public spending and state pension. ...

Tax, allowance and Enterprise Investment Scheme (EIS) – Budget 2017

From the next tax-year (April 2018) there will be changes in the personal income tax-free threshold at £11,850 from ...

Economy and Growth - Budget 2017

In the Autumn Budget, the Government has downgraded the forecast for productivity growth, firm investment and GDP growth o...

Benefits of writing a business plan

When you are running a business, it is crucial to writing a business plan to implement a feasible company strategy. The...

Cash flow definition and meaning

Understanding cash flow is fundamental for running a successful business Specifically, cash flow is the amount of net f...

Permanent residence process

How to get the right to permanently reside in the UK? (for “EU citizens“) It will apply specifically to the...

CIS Scheme - What you need to do

The CIS scheme was introduced only in recent years, as HMRC had found formal and substantial irregularities as a result of...

What do you need to do when using Airbnb

Airbnb is an online community created in 2008 that allows you to rent a cheaper accommodation than traditional hotels and ...

Pension scheme at a glance

The UK has taken big steps in recent years to improve the weaknesses in its pensions system. With the auto-enrolment, the ...

Key financial terms: Understanding business dynamics

Being aware of the main financial terms is an essential requirement to understanding business performance and optimising c...

Starting a business in the UK. What do you need to consider?

The United Kingdom is ranked as the fifth best countries for business in 2017. In recent decades, there have been countles...

London calling: hints and suggestions

Youth unemployment is a “plague” affecting Europe for about ten years and it goes hand in hand with the overal...

Business insight for UK startups

In the last decade, European and non-European countries implemented laws, regulations and incentives to encourage young pe...

Brexit: The Facts

The "leave" victory in the Brexit referendum has initiated a socio-political-economic breakthrough with the past. Und...

Trumponomics

The USA election in 2016 has seen lots of changes in the global scenario. The election of Donald Trump will have major rep...

Overview UK tax system

Her Majesty Revenue and Customs (HMRC) deals with the taxes compliance and registration for individuals and companies. ...

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