by admin | Jan 31, 2023 | Uncategorized
Self-assessment late payment rates changed this month –what to expect if you miss the deadline The taxman has been busy this month – no surprise given it is the time when self-assessment returns need to be filed. But anyone who misses the deadline of... by admin | Jan 31, 2023 | Uncategorized
Filing a self-assessment return for the deceased – can you do this yourself? It is a fact of life that when we lose a loved one, the loss and grief is not all we have to deal with, even though that would be enough. Sadly, there is also a lot of administration... by admin | Jan 31, 2023 | Uncategorized
New VAT penalty regime – the changes explained A new VAT penalties regime was brought in this month, and any firms or individuals missing their filing deadline from January 2023 onwards will receive penalty points even if there is no VAT due to be paid. While... by admin | Jan 31, 2023 | Uncategorized
MTD for ITSA delayed to April 2026 – what does this mean for you? Making Tax Digital (MTD) has been on the cards for years now, with businesses already pushed towards dealing with their VAT this way. But plans to extend this for Income Tax Self-Assessment (ITSA)... by admin | Dec 21, 2022 | Uncategorized
Self-Assessment – now is the time to get your tax return sorted Yes, here we are again, the Christmas tradition of dealing with your self-assessment tax return is back for another year, and you need to get everything sorted as soon as you can. The final deadline... by admin | Dec 21, 2022 | Uncategorized
Should your business declare the cost of the Christmas party? Christmas parties or even regular summer BBQs, or annual team building events may need to be declared to HMRC for the current 2022/23 tax year if they do not meet certain rules, so you need to be sure you... by admin | Dec 21, 2022 | Uncategorized
New Extended Producer Responsibility rules come into effect on January 1, 2023 – is your business ready? New Extended Producer Responsibility (EPR) come into effect at the very start of 2023, and companies need to be aware of their responsibilities when it comes... by admin | Dec 21, 2022 | Uncategorized
Rateable property values change from April 2023 – find out what this means for you Working out rateable property values may feel like something of a dark art to those not in the know, and the news that these values are set to change again from April 1 next year... by admin | Nov 30, 2022 | Uncategorized
Autumn Statement – what you need to know about upcoming changes. You could be forgiven for thinking Budget statements are a bit like buses lately – we don’t have one for ages, and then three come along almost at once. While the latest financial... by admin | Nov 30, 2022 | Uncategorized
Landlords, what should you be doing now? Changes to the Capital Gains Tax (CGT) allowances announced in the Autumn Statement mean that from next April, the current £12,300 allowance will fall to £6,000 and then to £3,000 in 2024. This is a major... by admin | Nov 30, 2022 | Uncategorized
Additional tax rate threshold to be lowered – take advantage with your pension contributions The 45% additional tax rate was briefly removed by Kwasi Kwarteng, then reinstated by Chancellor Jeremy Hunt, and in the latest twist, Mr Hunt announced that the point... by admin | Nov 30, 2022 | Uncategorized
Tax year end – get your accounts ready before the rush It’s that time of year again – the shops are playing Christmas music, there are Christmas films starting to appear on the TV, and for many of us, there is a tax deadline looming, whether that is... by admin | Oct 31, 2022 | Uncategorized
U-turns and changes – what happened to the mini-Budget announcements? The majority of measures in former Chancellor Kwasi Kwarteng’s mini-Budget have been scrapped after new Chancellor Jeremy Hunt tried to settle markets and politicians across the House of... by admin | Oct 31, 2022 | Uncategorized
What does the market volatility mean for you? The market volatility resulting from the ill-fated mini-Budget on September 23 has created real concern for investors. Most of the measures announced that day were reversed just weeks later, but the fallout has left... by admin | Oct 31, 2022 | Uncategorized
How to protect your business in a recession The UK’s GDP fell by 0.3% in August according to official figures, and if GDP falls for two quarters in a row, that is the definition of a recession. Experts at the EY ITEM Club predict the UK will be in recession for... by admin | Oct 31, 2022 | Uncategorized
The Plastic Packaging Tax – what you need to know The Plastic Packaging Tax came into effect in April this year, and if your business deals with any kind of plastic packaging in relation to your products, you may need to be registered for this. Anyone importing... by admin | Sep 30, 2022 | Uncategorized
Mini-Budget wreaks havoc on markets and the pound – but will you benefit? New chancellor Kwasi Kwarteng delivered his first mini-Budget, officially labelled ‘The Growth Plan 2022’, on September 23, and while it largely consisted of tax giveaways, it... by admin | Sep 30, 2022 | Uncategorized
Act now to maximise your pension contributions The changes to income tax rates are going to benefit all taxpayers from April next year as they get to keep more of the money they have earned. But one knock-on effect is that the amount of tax relief you can get on your... by admin | Sep 30, 2022 | Uncategorized
Business insolvencies up in August – is your business vulnerable? Registered company insolvencies in England and Wales rose by 43% in August this year compared to the same period in 2021, and they were 42% higher than in August 2019, the comparable period before... by admin | Sep 30, 2022 | Uncategorized
Changes made to Corporation Tax filing in September – what you need to know HMRC made some changes to the way Corporation Tax needs to be filed online in September, and companies need to be aware of what they are now expected to do and where there could be... by admin | Aug 31, 2022 | Uncategorized
PAYE round-up – what’s new and what you need to know Dealing with PAYE is one of the main roles of any accounts department, and HMRC has been busy in this area over the past month, meaning there is plenty for businesses to know for the months ahead. One of... by admin | Aug 31, 2022 | Uncategorized
Self-Assessment – it’s getting to that time again Self-assessment is an annual event, and it is always towards the back end of the year that you need to start thinking about it. Many people will already be registered for self-assessment, but there are... by admin | Aug 31, 2022 | Uncategorized
End of the summer holidays – are you claiming all the benefits available for your children? The end of the summer holidays is upon us and not only does this mean the children going back to school, but also a return to more normal work and family life as we head... by admin | Aug 31, 2022 | Uncategorized
VAT and COVID – what you need to know if you still have delayed payments outstanding All deferred VAT payments should have been dealt with by now, but HMRC has flagged in its latest bulletin for August that if your business is one of those that still has... by admin | Jul 28, 2022 | Uncategorized
How your business can fight inflation Inflation is a word on many of our lips at the moment as the cost-of-living crisis continues unabated. While the headline rate of inflation – which hit 9.4% in June this year – relates to the average inflation rate... by admin | Jul 28, 2022 | Uncategorized
Payroll a pain heading into summer? Here’s what to do We have all been there. The rising number of employees off over the summer months – especially now the kids have finished school until September – means some departments will be lacking in numbers... by admin | Jul 28, 2022 | Uncategorized
Business borrowing – how to access money if you are not eligible for grants If your business does not qualify for a grant but you still need to get some capital to boost your business, then you may want to consider a business loan. There are many ways to access... by admin | Jul 28, 2022 | Uncategorized
Business grants – do you know what your business is entitled to? Many businesses benefited from grants during the pandemic, but how many realise there are other grants they may be able to access at any time to help their business grow and thrive? In fact, there... by admin | Jun 30, 2022 | Uncategorized
Last chance to make sure your business is ready for MTD Companies and sole traders who have not yet finalised their plans to comply with Making Tax Digital are in the last chance saloon this month, and the very latest date you have to comply with MTD for paying VAT is... by admin | Jun 30, 2022 | Uncategorized
Can your business claim a super deduction? If your business has spent money on plant and machinery and it is subject to corporation tax, then it may qualify for a super deduction which is a temporary allowance you do not want to miss. Qualifying purchases will need to... by admin | Jun 30, 2022 | Uncategorized
Are you claiming everything you are entitled to from the taxman? Tax is something that is a certainty in life, as former US President Benjamin Franklin said, but there are lots of ways you can reduce the amount of tax you have to pay by claiming for expenses you may... by admin | Jun 30, 2022 | Uncategorized
Change in National Insurance contribution levels in July A change in National Insurance contribution (NICs) levels comes into force at the beginning of July, which should save around 30m people £330 each, according to the Government. From July 6, the amount you... by admin | May 31, 2022 | Uncategorized
End of bulk appeals for tax fines in May If you are unlucky enough to be fined for a late filing, then the way in which any appeal can be made changed as of May 7. Prior to this, HMRC had temporarily reintroduced the ability to bulk appeal late filing penalties for... by admin | May 31, 2022 | Uncategorized
Currency exchange – why it can pay to not rely on your bank International trading is something many businesses are involved in, whether it’s because you are selling your good or services abroad or buying raw materials in from overseas to help with... by admin | May 31, 2022 | Uncategorized
Where is the best place to hold your tax money? Putting aside the tax money due each time you have an invoice paid is sensible planning, but is that money working as hard for you as it could be? Many current accounts are paying no interest whatsoever, and when it... by admin | May 31, 2022 | Uncategorized
Deal with your tax return early and help with your cashflow There is a tendency for many of us to leave our tax returns until the last minute. It’s human nature to want to delay dealing with something we find uncomfortable. However, if you get your tax return... by admin | Apr 28, 2022 | Uncategorized
Payments on account due July 31 Some taxpayers must pay a tax more than once a year, and if this is you then you are facing a second tax bill before July 31. Those exempt from making a payment on account in July include those who had a self-assessment tax bill of less... by admin | Apr 28, 2022 | Uncategorized
MTD D-Day has arrived – here’s how to make sure you comply Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase. All businesses registered for VAT – even... by admin | Apr 28, 2022 | Uncategorized
Get a business health check at the start of the tax year Using up personal allowances is not the only reason you should see your accountant at the start of the tax year, it is also the best time to get a health and wealth check for your business too. The end of the... by admin | Apr 28, 2022 | Uncategorized
Use up your tax allowances early in the tax year If you are one of those people who is always racing to use up your tax allowances, such as Individual Savings Accounts (ISAs) at the last minute before the end of April 5, then you are not alone. But you could be making... by admin | Apr 28, 2022 | Uncategorized
Basis Period Reform – what it is and how it could affect you Unincorporated businesses – including sole traders, trusts and those businesses working as partnerships, and anyone else that pays tax on trading income – face a major change that will... by admin | Mar 31, 2022 | Uncategorized
End of year tax planning – what you need to consider The new tax year on April 6 is accelerating quickly towards us, and now is the time to make sure that any last-minute allowances you may not have made the most of in the 2021/22 tax year are mopped up. There... by admin | Mar 31, 2022 | Uncategorized
Spring Statement round-up The Chancellor’s Spring Statement on March 23 was limited on giveaways, but there were some measures designed to help people struggling with the highest rates of inflation in 30 years. The Office for Budget Responsibility (OBR) has... by admin | Mar 31, 2022 | Uncategorized
Reclaim Married Couple’s Allowance before 5 April Married Couple’s Allowance can be transferred between spouses and civil partners, and while 2m couples have claimed this since it was introduced back in 2015, there are many more people who are entitled to... by admin | Mar 31, 2022 | Uncategorized
Strong Customer Authentication (SCA) rules – what they mean for businesses and consumers You may have already noticed when you are buying things online that you are now being asked to confirm your purchase in more than one way to improve security, and this is... by admin | Mar 31, 2022 | Uncategorized
Bank of England (BoE) base rate rises to 0.75% – what it means for consumers and businesses The Bank of England (BoE) base rate rose to 0.75% in March in response to Consumer Prices Index (CPI) inflation rising to 5.5% – almost triple the BoE’s... by admin | Feb 28, 2022 | Uncategorized
Stamp Duty Land Tax – why this will increase as house prices rise and what you can do to reduce it Stamp Duty Land Tax (SDLT) receipts were somewhat skewed in the last year as the SDLT holiday for properties worth up to £500,000 was phased out on June 30,... by admin | Feb 28, 2022 | Uncategorized
IHT receipts up by £700m – but why you should see this as a ‘voluntary’ tax Inheritance tax (IHT) is one of the most hated taxes there is, mainly because for many people their estate faces a 40% tax rate which is higher than they would have... by admin | Feb 28, 2022 | Uncategorized
Bounce-back loans – where are we now? The bounce back loans, CBILS and CLBILS for larger companies were some of the most generous schemes available to businesses suffering from the impact of lockdowns due to the Covid-19 pandemic, paying out a total of £80... by admin | Feb 28, 2022 | Uncategorized
NI to increase by 1.25% from April to fund the Health and Care Levy – what you can do about it The Government is set to increase National Insurance Contributions (NICs) by 1.25% from April to fund the Health and Social Care Levy, and while this may be a laudable... by admin | Jan 31, 2022 | Uncategorized
Businesses must prepare as wider creditor action protections end in March Companies with debts outside of their rental arrears face the removal of protection against creditor actions from March 31, 2022. Other debts outside rental arrears affected Currently, rent... by admin | Jan 31, 2022 | Uncategorized
Landlords and tenants face legally binding arbitration over rent arrear disputes Companies forced to close due to Coronavirus restrictions are currently protected from eviction by landlords until March 25, but a Government Bill currently before Parliament is expected... by admin | Jan 31, 2022 | Uncategorized
Taxpayers get extension to self-assessment filing dates Millions of taxpayers who are yet to submit their completed Self-Assessment tax return which is due before January 31 are being given a grace period to file until February 28. More than 12.2 million customers are... by admin | Jan 31, 2022 | Uncategorized
Businesses helped by COVID-19 support could face unexpected tax bills Businesses and self-assessment taxpayers are being reminded they need to include all grants paid as part of the COVID-19 support payments in their tax returns, as some may think these were... by admin | Dec 31, 2021 | Uncategorized
ITSA registration HMRC have published a call for evidence on the case for reforming the rules for registering for Income Tax Self Assessment (ITSA). The call for evidence is interested in hearing views on whether it would be beneficial to bring forward the deadline by... by admin | Dec 31, 2021 | Uncategorized
SSP changes To help employers affected by the spread of the Omicron variant of COVID-19, the Statutory Sick Pay (SSP) rebate scheme for small employers is being reintroduced. In addition, the period for which an employee can self-certify a sickness absence is... by admin | Dec 31, 2021 | Uncategorized
Help if you are struggling to pay your tax bill Financially, 2021 has been a difficult year for many, and you may be struggling to pay your January tax bill in full. Any tax and National Insurance that remains unpaid for 2020/21 must be paid by 31 January 2022, along... by admin | Dec 31, 2021 | Uncategorized
Payments on account Payments on account are advance payments towards your tax and, where relevant, your Class 4 National Insurance bill. You may need to make them if you are self-employed or if you are a landlord. You may also need to make them if you operate your... by admin | Dec 31, 2021 | Uncategorized
File your 2020/21 tax return by 31 January 2022 If you need to file a self-assessment tax return for the year to 5 April 2021, you have until midnight on 31 January 2022 to file your return if you have not already done so. You must also pay any tax that you owe for... by admin | Nov 30, 2021 | Uncategorized
Company cars and vans A tax charge may arise if an employee is able to use a company car or van for private use. A further charge will arise if you provide the fuel for any private use. The taxable amounts that will apply for 2022/23 have now been announced. Company... by admin | Nov 30, 2021 | Uncategorized
Seasonal gifts to employees Christmas is a time of giving, and you may wish to give your employees a small token of your appreciation for their work during the year. To prevent the gift being accompanied by an unwanted tax liability, you can take advantage of the... by admin | Nov 30, 2021 | Uncategorized
Keeping the Christmas party tax-free If you are holding a Christmas party for staff this year, you may want to take advantage of the tax exemption for annual parties and functions to prevent your employees from suffering a benefit-in-kind tax charge. Keeping the... by admin | Nov 30, 2021 | Uncategorized
New MTD timetable Making Tax Digital (MTD) is a Government initiative that aims to provide the UK with one of the most digitally advanced tax administrations in the world. Under MTD, taxpayers are required to keep electronic records and report to HMRC digitally. MTD... by admin | Nov 30, 2021 | Uncategorized
Paying employees early at Christmas Under Real Time Information (RTI), you must report payments made to employees and associated deductions to HMRC on a Full Payment Submission (FPS) at or before the time at which you make the payment to your employee. However,... by admin | Oct 29, 2021 | Uncategorized
Budget highlights The Chancellor presented his Autumn Budget and Spending Review on 27 October 2021. Some of the highlights are discussed below. Income tax rates and thresholds The rates and thresholds applying for 2022/23 were confirmed. Personal allowance As... by admin | Oct 29, 2021 | Uncategorized
File your tax return by 30 December 2021 to have underpayments coded out The deadline for filing your 2020/21 self-assessment tax return is midnight on 31 January 2022. However, if you have underpaid tax and you are employed and would prefer HMRC to collect that... by admin | Oct 29, 2021 | Uncategorized
Tax checks for licence renewal applications From 4 April 2022, applicants applying to renew certain licences will need to pass a tax check before their licence application can be considered. Initially, the requirement will only apply in England and Wales. However, the... by admin | Oct 29, 2021 | Uncategorized
New VAT rate for hospitality and leisure To help the hospitality and leisure industries recover from the impact of the COVID-19 pandemic and associated lockdowns, a reduced rate of VAT of 5% applied from 15 July 2020 until 30 September 2021. This rate has now come to... by admin | Oct 29, 2021 | Uncategorized
AIA transitional limit extended The Annual Investment Allowance (AIA) is a capital allowance that enables you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The AIA limit was temporarily increased... by admin | Sep 26, 2021 | Uncategorized
Paying tax and National Insurance due under your PSA If you agreed a PAYE Settlement Agreement (PSA) with HMRC for 2020/21, you will need to pay the tax and Class 1B National Insurance that is due in October 2021. The deadline for paying the tax and National Insurance... by admin | Sep 26, 2021 | Uncategorized
Extension of Making Tax Digital for VAT Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT is above the VAT registration limit of £85,000. However, this is set to change from April 2022. Extension... by admin | Sep 26, 2021 | Uncategorized
End of the CJRS The Coronavirus Job Retention Scheme (CJRS) came to an end on 30 September 2021. The scheme has provided financial help to employers and employees during the COVID-19 pandemic, allowing employers to claim grants with which to pay furloughed and... by admin | Sep 26, 2021 | Uncategorized
Plan ahead for increases in the dividend tax rates As part of the Government’s funding strategy for health and social care, the dividend tax rates are to be increased from April 2022, alongside the temporary increases in National Insurance, and, from April 2023,... by admin | Sep 26, 2021 | Uncategorized
National Insurance rises and the Health and Social Care Levy On 8 September 2021, the Prime Minister outlined the Government’s plans for health and social care, including a new funding strategy designed to meet social care costs. A new tax, the Health and Social... by admin | Aug 31, 2021 | Uncategorized
Kickstart Scheme You may be able to benefit from funding under the Kickstart Scheme if you are looking to create new jobs for young people. Information on the scheme can be found in the Kickstart Scheme Employer Prospectus. Nature of the scheme The scheme aims to... by admin | Aug 31, 2021 | Uncategorized
Get ready for the plastic packaging tax The plastic packaging tax is a new tax which is being introduced from 1 April 2022. The tax aims to provide a financial incentive to use recycled plastic in plastic packaging, which in turn will boost recycling and divert... by admin | Aug 31, 2021 | Uncategorized
Check you are paying the NMW The Government have recently named and shamed well-known employers who have fallen foul of the National Minimum Wage legislation. They have also published a list of ‘outrageous excuses’ cited by employers who have failed to pay... by admin | Aug 31, 2021 | Uncategorized
Reclaiming SSP for periods of self-isolation The recent ‘pingdemic’ has resulted in large numbers of employees self-isolating. Where an employee meets the qualifying conditions, you must pay them SSP while they are self-isolating. As qualifying periods of... by admin | Aug 31, 2021 | Uncategorized
Basis period reform HMRC have been consulting on the reform of the basis period rules in preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA), which comes into effect from April 2023. A consultation paper was published in... by admin | Jul 30, 2021 | Uncategorized
Back to the office Now that the ‘work from home if you can’ guidance has been lifted, employees are returning to the office. If, following their return, you allow employees to keep their homeworking equipment for personal use, there may be tax consequences... by admin | Jul 30, 2021 | Uncategorized
NMW reminder for summer staff If you take on temporary staff over the summer, you will need to pay them at least the National Living or Minimum Wage appropriate to their age. Workers aged 23 and over Workers aged 23 and over are entitled to be paid at least the... by admin | Jul 30, 2021 | Uncategorized
Collection of tax debts after COVID-19 During the COVID-19 pandemic, HMRC paused much of their debt collection work, both to divert resources to administering the various COVID-19 support schemes and to help taxpayers whose finances were adversely affected by the... by admin | Jul 30, 2021 | Uncategorized
EU e-commerce package for VAT The EU e-commerce package came into effect on 1 July 2021. It introduced reforms in respect of the movement of goods from Northern Ireland to the EU and imports of low value goods into the EU or Northern Ireland. Who is affected? The... by admin | Jul 30, 2021 | Uncategorized
Reporting SEISS payments on your tax return If you have received one or more grants under the Self-Employment Income Support Scheme (SEISS), it is important that you report the payments correctly on your tax return. 2020/21 self-assessment tax return SEISS grants that... by admin | Jun 30, 2021 | Uncategorized
Accessing the Government Gateway From 15 June 2021, all businesses and organisations will need multi-factor authentication in order to sign into the Government Gateway. Multi-factor authentication Businesses and organisations that use HMRC’s online services and... by admin | Jun 30, 2021 | Uncategorized
Paying CJRS grants back As the Coronavirus Job Retention Scheme (CJRS) enters its final months, now is the time to review grants that you have claimed under the scheme, and pay back any amounts claimed in error. You may also choose to repay voluntarily funding that... by admin | Jun 30, 2021 | Uncategorized
New lower temporary SDLT threshold The residential stamp duty land tax (SDLT) threshold applying in England and Northern Ireland was temporarily increased to £500,000 from 8 July 2020 to 30 June 2021 (extended from the original end date of 31 March 2021). From 1... by admin | Jun 30, 2021 | Uncategorized
NIC relief for employers of armed forces veterans A new relief has been introduced for employers of armed forces veterans which allows them to benefit from a zero rate of secondary National Insurance contributions on the earnings of the veteran up to a new upper... by admin | Jun 30, 2021 | Uncategorized
SEISS grant 5 Claims for the fifth grant under the Self-Employment Income Support Scheme (SEISS) will open from late July. If, based on your tax returns, HMRC think that you are eligible for the grant, they will contact you in mid-July and give you a date from which... by admin | May 28, 2021 | Uncategorized
Claim relief for shares of negligible value If you have some shares that have become worthless, you can make a negligible value claim. This will allow you to set the associated loss against any chargeable gains that you make in the same, or a later, tax year,... by admin | May 28, 2021 | Uncategorized
Voluntary Class 2 NICs where 2019/20 tax return filed after 31 January 2021 If you are self-employed, you will pay Class 2 and Class 4 National Insurance contributions if your profits exceed the relevant thresholds. Class 2 National Insurance contributions are the... by admin | May 28, 2021 | Uncategorized
Claim tax relief for expenses of working from home If you are an employee and you are, or have been, working from home as a result of the COVID-19 pandemic, you may be able to claim tax relief for the additional household costs that you have incurred as a result. HMRC... by admin | May 28, 2021 | Uncategorized
Amending a PSA for COVID-19 benefits You can use a PAYE Settlement Agreement (PSA) if you wish to settle the tax liability arising on the provision of a benefit-in-kind or an expense on an employee’s behalf. This can be useful if you wish to preserve the... by admin | May 28, 2021 | Uncategorized
Reporting expenses and benefits for 2020/21 If you are an employer and you provided taxable expenses and benefits to your employees during the 2020/21 tax year, you will need to report these to HMRC on form P11D, unless all benefits were payrolled or included within a... by admin | Apr 30, 2021 | Uncategorized
Higher residential SDLT threshold extended Stamp duty land tax (SDLT) is payable when you buy a property in England or Northern Ireland. Last year, the SDLT residential threshold was temporarily increased to £500,000 with effect from 8 July 2020. The threshold... by admin | Apr 30, 2021 | Uncategorized
Taxation of company cars in 2021/22 If you are an employee with a company car, you will be taxed on the benefit derived from the car being available for your private use. If you are an employer who makes company cars available to your employees, they will be taxed on... by admin | Apr 30, 2021 | Uncategorized
Recovery loan scheme If you need to access finance to help your business recover from the effects of the COVID-19 pandemic, the Recovery Loan Scheme may be for you. Nature of the scheme The Recovery Loan Scheme is designed to provide access to finance in order to... by admin | Apr 30, 2021 | Uncategorized
Family companies and the optimal salary for 2021/22 If you run your business as a personal or family company, you will need to decide how best to extract profits for your personal use. A typical tax-efficient strategy is to pay yourself a small salary and then extract... by admin | Apr 30, 2021 | Uncategorized
Extended carry-back for losses To help businesses which have suffered losses as a result of the COVID-19 pandemic, the period for which certain trading losses can be carried back is extended from one year to three years. The extended carry-back period applies for both... by admin | Mar 31, 2021 | Uncategorized
Corporation tax increase from April 2023 The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023. However, companies with profits of £50,000 or less will continue to pay corporation tax at the current rate...