As mentioned in a previous blog, and trailed in the media for the last couple of years, the rate of corporation tax has changed from 1st April 2023. For the last few years, corporation tax for small companies has been relatively simple, there has been a single rate of corporation tax, which was 19%. From …
On 23rd September 2022 Kwasi Kwarteng, the new Chancellor, delivered a ‘mini’ Budget with some quite significant changes to the tax system. There have been a lot of changes in respect of tax increases announced by the previous Chancellor (& Prime Minister). The following is a summary of the changes which impact small business. National …
The dividend tax was introduced in April 2016 and the first tax year it related to was 2016/17 (year to 5 April 2017). We have now gone through the cycle a couple of times. It is currently 7.5% if you are a basic rate taxpayer, 32.5% if you are a higher rate taxpayer, and 38.1% …
If you don’t believe that HMRC make mistakes, read this! We act as agents with our client’s dealings with HM Revenue and Customs (HMRC) and sometimes they get it wrong. A recent incident has highlighted how easy this can be. We had finished a VAT return for a client, ABC Contracting Limited (*), and went …
April is traditionally a time for change, as it signals the end of one tax year and the start of the next. We have identified 8 changes in April this year which may affect small business owners. 1. The personal allowance is increasing The personal allowance for the 2018/19 tax year is increasing to £11,850. …
The staff Christmas Party is a time for fun. However, if you are an employer and hold an annual Christmas Party, you need to be aware of restrictions, otherwise you may end up with an unexpected tax bill. Provided that an annual Christmas party is open to all staff generally, HM Revenue & Customs (HMRC) …
If you own buy to let property, there were a couple of changes announced in the Summer Budget which may affect you. Wear and Tear Allowance Landlords of furnished properties are allowed to deduct a flat rate 10% of rental income in respect of a wear and tear allowance. This is being removed from April 2016, …
OK I expect there are a few people who are scratching their heads, thinking they’ve read the title wrong. Does it say ‘early’? Why on earth would an accountant suggest paying taxes early? Aren’t they supposed to reduce the amount of tax I pay? Well yes, we do minimise the amount of tax payable, through …
When you start self employment, tax rates start having more relevance. Unlike PAYE, where your taxes are taken off you by your employer throughout the year, self employment will result in a tax bill at the end of the year. If you are currently self employed, either as a sole trader or a partner in …
We speak to a lot of businesses, and the clear (and probably obvious) message is that they don’t like paying tax. They may recognise the importance and the reason for paying tax, but it still doesn’t make it any more palatable. However, there are quite a few ways to legally reduce your business tax bill, …