You may recently have received a tax coding notice, because it is around now that HMRC start issuing codes for the new tax year. These codes determine the amount of tax that will be deducted from your employment and pension income. Different codes are issued for different streams of income, meaning that different amounts of … Read More
Guide to the 2024 Reforms at Companies House
According to the Home Office, the cost of organised fraud to businesses and the public sector is around £5.9 billion a year. Consequently, the Government has been working on a new Bill called The Economic Crime and Corporate Transparency Act which received Royal Assent on 26 October 2023. The Bill is targeted at reducing economic … Read More
Can I claim the cost of my mobile phone as a business expense?
The answer to this question is yes – with certain conditions. Mobile phone costs can be significant so it is worth claiming them if you can. How you claim them depends on whether you are a sole trader/partner or working through a company. Sole traders and partnerships For sole traders and partnerships, the allowable expense … Read More
Childcare Support – Your Guide to the Changes
The March 2023 Spring Budget announced some much-needed additional support for working parents of young children, which is to be phased in from April 2024. Currently, families with children aged 3 and 4 are entitled to 15 hours of free childcare per week, whether they are both working or not. Working parents can claim an … Read More
How to reduce corporation tax
From 1 April 2023, corporation tax rates changed. They now depend on the level of profits arising in the year. Companies whose profits do not exceed £50k will continue to be taxed at 19%. However, for companies whose annual profits exceed £250k the tax rate will increase to 25% and those with profits in the … Read More
VAT: Rules & Reminders
With new penalty rules coming into force for VAT, we have put together a blog outlining these and some further reminders for VAT. New penalty rules New penalties have been introduced for the late filing or payment of VAT. They apply to VAT accounting periods beginning on or after 1 January 2023. Whilst these may … Read More
Spring budget report 2023
Report provided by ACCA The headline message from the Chancellor The Chancellor highlighted that “In the autumn we took difficult decisions to deliver stability and sound money… Today, we deliver the next part of our plan. A budget for growth… long-term, sustainable, healthy growth that pays for our NHS and schools, finds jobs for young … Read More
Year-end tax planning for small companies
The end of the tax year is approaching, and now is an important time to be thinking about your remuneration strategy and tax planning. You will need to consider appropriate levels of salary, pension contributions and dividends, before the end of the tax year on 5 April 2023, and plan for the new one. Tax … Read More
Property Tax Focus: Non-resident landlords with property in the UK
Have you recently moved abroad and continue to own property in the UK? Or perhaps you are considering moving abroad and may rent out your house. If so, then you may be wondering what UK tax you will incur on the property. Who is a non-resident landlord? The HMRC definition of a non-resident landlord differs … Read More
Tax update: Autumn statement 17 November 2022
Last Thursday the Chancellor announced further tax changes, including the freezing of tax thresholds for an additional two years to April 2028 Here is a summary of the main announcements that may affect you: Income tax personal allowance of £12,570 and higher rate threshold of £50,270 frozen until April 2028 Main national insurance thresholds to … Read More