Pay Less Tax – Summer Edition

The latest edition of The Catering Accounting Company and James, Stanley & Co’s Pay Less Tax newsletter has arrived.

The newsletter is a parable of useful information for caterers, aiming at helping traders pay less tax and therefore maximise their earnings.

This summer edition deals with the value of land or property, and how these may have been affected during the cost of living crisis. Furthermore, it goes on to explore how the appropriate person can make an inheritance tax loss relief claim in the certain circumstances. However, once such a claim has been made, it cannot be withdrawn. This means the timing of making such a claim and even whether or not it is beneficial to make this claim needs to be considered.

The newsletter provides multiple example scenarios to make what can seem and sound complex processes simple to understand.

It goes on to talk about differences in tax those that are self-employed will face in 2024. Namely how in the past the self-employed (S/E) were normally taxed on the profits per the accounts which ended in that tax year. From now on, they will be taxed per the profits earned in the tax year irrespective of the period they draw up their accounts.

It is important to make sure you are aware of impending changes and don’t get caught short by shifts in legislation that ultimately translate to you paying more tax, and therefore having your earnings squeezed.

To read the newsletter in full, click here. For more industry relevant news and updates, click here.