If you have a company car, then your personal tax code will have now been updated for this year by HMRC, so that they can start deducting the tax cost of it from your salary. If you have chosen a car that is not tax efficient, this then this will likely [...]
Normally I hate articles that speculate about what will happen. Often, they are just trying to grab views and then you read them and come away none the wiser. But I have decided to write one and add to the speculation, to try and forewarn you so at least you can prepare [...]
As we approach the end of another tax year, it’s time to consider the things you should be doing to ensure you don’t lose out on the allowances and tax planning opportunities available to you. Many of these are specific to your individual circumstances but are worth considering and raising in [...]
I am sure it didn’t escape your attention that Boris Johnson was on TV this week announcing a new tax / increase in national insurance and dividends. The announced increase is 1.25% on top of the current National Insurance already deducted from employees and the self-employed. Possibly the most interesting (or [...]
Here are the changes explained. Corporation Tax is set to rise from 19% to 25% from 1st April 2023. The full rate of 25% will only be applicable for those businesses making profits of over £250,000. Businesses earning profits of between £50,000 to £250,000 will be able to claim marginal relief. Tax is higher [...]
There is tax to pay on any benefits that you provide to yourself and your employees. These are reported on form P11D each year and we regularly prepare these for our clients. The deadline for form P11D is 6th July and any liability is due to be paid by 19th July. [...]
For capital expenditure incurred from 1 April 2021 until the end of March 2023, companies can claim 130% capital allowances on qualifying plant and machinery investments. Under the super deduction, for every pound a company invests, their taxes are cut by up to 25p. For example, a Limited Company that purchases [...]
As we approach the end of another tax year, its time to consider the things you should be doing to ensure you don’t lose out on the allowances and tax planning opportunities available to you. Many of these are specific to your individual circumstances but are worth considering and raising in [...]
One of the perpetual fears of many business owners is HMRC. Sometimes this is an irrational fear and sometimes it justified. HMRC have enormous powers that seemingly increase year on year. Tax, Payroll and VAT are getting increasingly complex and its up to you, as a business owner, to get it [...]
A Limited Company is arguably the most tax efficient structure to run your business through, but there are hidden tax traps that are easy to fall into. The biggest one is how you get paid from your company. Companies are taxed at 19% on all the profit they make, if you [...]
