We have taken this article from the FreeAgent website as it is a bit light-hearted, but also has a serious message and gives a couple of tips which can really help us to help you! These are their top five tips on how to become our favourite client….. failing that biscuits...
In his March Budget, the Chancellor announced a number of changes to the pension tax rules, including an increase in the annual allowance and the abolition of the lifetime allowance. We have summarised some of these changes and how the may affect you below. Annual allowance The annual allowance places a...
Key dates in May 2023
If you have a personal or family company, taking dividends is a popular and tax-efficient way to extract profits. However, while they remain tax efficient, recent tax changes have eroded some of the advantages, so what do you need to know when planning your dividend extraction strategy for 2023/24? Impact of corporation...
Following the start of the new tax year we have updated our key dates and deadlines for small businesses for 2023/2024. You can use these as a reminder to keep on top of your tax payments and deadlines. We also give a more detailed day-to-day activity deadline reminder for the...
High inflation can put the squeeze on small businesses as costs rise and customers think twice before spending. You might already be feeling the pinch, but with planning and smart tactics, you can position your business to come out the other side happy and (hopefully) profitable. What is inflation? Inflation is the...
1st Corporation tax payment deadline for companies with a year ending 30 June 2022. 6th Happy new tax year! We are now in the 2023/2024 tax year and any changes to tax rates, wages and pension contributions will come into effect today. 19th Year-end payroll deadline – if you have employees, these all need to...
Taking on a renovation project can be hugely appealing, particularly if the property is subsequently sold at a profit. However, from a tax perspective, it may not always be clear-cut how any ‘profit’ should be taxed – is it a capital gain liable to capital gains tax or a trading profit...
The Employment Allowance is an allowance that eligible employers can claim to set against their secondary (employer’s) Class 1 National Insurance liability. The employment allowance is set at £5,000 for 2023/24, capped at the employer’s secondary Class 1 National Insurance for the year where this is less. It is not given...
Post-pandemic, some businesses are finding that their trading circumstances have now changed and that the non-standard VAT scheme under which the business is registered is no longer appropriate. For example, turnover may have increased so they are no longer eligible. VAT schemes are designed to simplify how some VAT-registered businesses calculate...
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