Company director remuneration takes a hit
Changes announced in the Autumn Statement will be keenly felt by many company directors, especially where profit extraction has traditionally relied on a strategy of low salary and higher dividend payment. The freezing of the income tax personal allowance is one major factor, especially for company directors. This is now set at £12,570 until […]
Saving money during the quieter months of 2023
Many businesses will have gone into 2023 with scepticism. Against the backdrop of a cost of living crisis, rising energy bills and more, saving money during the quieter months of the year has never been as important. This doesn’t mean taking any drastic measures, but more considered efforts to focus on the parts of […]
Child benefit: High-income tax charge explained
You are able to claim child benefit if you are responsible for bringing up a child under the age of 16, or under the age of 20 where the child stays in approved education or training. However, some or all of the child benefit that you receive may be clawed by back by the High […]
What to do when HMRC comes calling?
Unfortunately due to circumstances beyond our control this event has been postponed. Please contact us if you would like to speak to a member of our Tax Investigations Team directly.
How to build an effective business plan
Something we are often asked is how do you go about building an effective business plan? In this blog post we take a look at some of the methods you can use to identify the risks ahead of time. Businesses at any stage in their life cycle can benefit heavily from creating and implementing […]
What’s going on with Making Tax Digital?
Although Making Tax Digital (MTD) has become a legal requirement for VAT reporting, there’s still uncertainty over how it will look in the future. MTD for income tax self-assessment (MTD for ITSA), was expected to roll out in April next year, but after substantial pushback from taxpayers, plans have changed. This has caused much […]
Voluntary National Insurance Contributions
Class 3 National Insurance contributions are voluntary contributions which an individual can choose to pay to increase their entitlement to the state pension. Individuals who have gaps in their contribution record from 2006/07 to 2015/16 have a limited window in which to take advantage of an extended time limit for making contributions. Key Dates […]
New VAT Penalties System
After many years HMRC have revised the VAT penalty regime for late submission and payment of VAT returns. The new regime applies to VAT return accounting periods beginning on or after 1 January 2023, so the first monthly return affected will be 1 Jan – 31 Jan 2023, and the first quarterly return 1 […]
Year-end tax guide 2022/2023
Download guide With many extraordinary tax years in the modern era, it seems 2022/23 has been no different. While 2020 and 2021 saw the heights of the pandemic, 2022 saw a surge in inflation mainly due to the continued supply chain issues after Covid, Russia’s war on Ukraine and rising energy prices. Arranging your […]
Corporation tax from 2023
How will the April Corporation tax rise affect SMEs? After multiple policy U-turns and much uncertainty, the main rate of corporation tax will rise from 19% to 25% from 1 April 2023, affecting companies with profits of £250,000 and over. The legislation provides that small companies with profits up to £50,000 will continue to pay […]