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 corporation tax at 19%, with profits between the two limits being subject to a tapered rate.
Included in this month’s article:
This week, the Government’s proposals for fire safety reform come into force, following on from the commencement of the Fire Safety Act 2021 and the launch of the Fire Safety (England) Regulations 2022.
So, what does this mean for your business? Here’s everything you need to know…
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A side hustle is a piece of work or a job that an individual can get paid for in addition to their main job.
From driving for a ride sharing company to tutoring online, copywriting, and more, a side hustle could be any commercially viable endeavour.
Included in this month’s article:
– Treasury delays MTD for ITSA until 2026
– Economic outlook remains bleak despite rise in GDP
– SMEs owed £23.4BN in late payments
– Energy price cap removes risk for one in four businesses
A number of changes are coming to income tax in April 2023 that will affect taxpayers across the UK.
Many of these measures were announced by Chancellor of the Exchequer Jeremy Hunt in his Autumn Statement on 17 November. According to Hunt, these decisions will see everyone pay “a bit more tax” from the 2023/24 tax year onwards.
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Included in this month’s article:
With the new year just around the corner and tax season fast approaching, now’s a good time to get a head start on your self-assessment tax return.
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With the rising costs of living affecting every aspect of almost everyone’s finances, there’s no time like the present to start considering your retirement plans.
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Following the dramatic sacking of Kwasi Kwarteng after his October mini-budget unleashed market turmoil, a swift change in Prime Minister, and an ever-burgeoning cost-of-living crisis, Hunt promised that today’s Autumn Statement (delayed from 31st October) would ensure his tax and spending plans would “stand the test of time”.
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A combination of financial challenges, eviction bans and a perceived lack of support meant the rental market was hit hard by the COVID-19 pandemic. Now, landlords and tenants are feeling the effects of rising costs.
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Late September into mid-October has been a turbulent time for the Government and a confusing time (at best) for taxpayers, after former chancellor Kwasi Kwarteng’s fiscal statement.
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Included in this month’s article:
Included in this month’s article:
Nobody wants one, but a recession in the UK is looming, with the Bank of England (BoE) and British Chambers of Commerce (BCC) predicting the UK will enter one by the end of 2022.
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After much anticipation from accountancy bodies and businesses, HMRC has finally updated its guidance on Making Tax Digital (MTD), filling in several blanks.
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Straight out the gate: Kwarteng’s not-so-mini Budget
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Hiring an employee for the first time is an exciting moment for any business owner. Suddenly, you’ve got another pair of hands to help out with jobs that used to fall entirely on you – and with that extra support, new opportunities for growth are possible.
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When a business incurs costs, such as salary payments or stationary procurement, it can usually fully deduct them as expenses from its taxable profits, reducing the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward.
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A business exit strategy is a plan for what will happen when you want to leave your business.
A lot of people think of an exit strategy as a plan to guard against disaster or something that has to be carried out right away after its conception.
Just about everyone has heard of VAT (value-added tax). We’re used to paying it on many of the goods and services we purchase as we go about our everyday lives.
But when you have your own business, you’ll learn a whole new world of VAT exists as you work out how to apply it to your own trade. That’s because there are numerous VAT accounting schemes that HMRC offers, and which one is right for you will depend on the nature of your business.
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As you may have heard, there are changes happening to National Insurance contributions (NICs).
From 6 July, the new thresholds will come into effect. But what does that mean for you?
HMRC recently announced new powers to investigate companies they suspect of evading taxes, so as a business owner, you might be worrying about what happens if your company comes under scrutiny.
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The Government this week has issued it’s long awaited white paper on reforming private landlord rental property rights. Some of the headline changes are:
The Government has also issued a model tenancy agreement to support landlords and tenants to agree longer-term tenancies which can be found on our site and is free to use. You may need to seek legal advice to confirm it is appropriate for your intended use.
We have come across a great new charity raffle for those people who love guitars in aid of 2 fantastic charities:
So here it is https://thegeargiveaway.com
They have launched starting with a great charity raffle where the profits are split between Teenage Cancer Trust and Silver lining Brain Injury Charity. So if you know anyone who plays guitar please do pass it on to them. Its a very cool guitar and 2 incredibly worthy causes.
fender-jason-isbell-signature-telecaster-charity-raffle
Pass this on and have a go – someone has to win!
Most businesses rely on funding in one form or another to keep their operations running, invest in new equipment or projects, and grow.
(more…) Read MoreResearch and development (R&D) tax credits were once a little known tax incentive for companies which invested in innovation. But after rule changes in recent years, and a push by many tax advisers, they are now much more widely understood and used.
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We are all somewhat used to living with economic doom and gloom at present, from sky-high inflation rates to tax rises being splashed across the news headlines. But recent analysis from the Office of Budget Responsibility shows that you may also get stung harder after you are gone.
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Like most business owners, you have probably experienced the squeeze in recruitment and retention that has been prevalent for the last 12 months or so. It’s been so significant, it has even been dubbed “The Great Resignation”
(more…) Read MoreIncluded in this Month’s article:
Included in this month’s article:
By the time you’re reading this, the new tax year is either just about to start or has already started. Some of the changes have been public knowledge for months now and some of the rises have been anxiously awaited as the country continues to face a cost-of-living squeeze.
(more…) Read MoreYou don’t have to spend long running a business before you realise how important cashflow is: the balance between money coming into your company and the money going out on a weekly or monthly basis.
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Amid rising pressure to bring in significant relief measures to combat the current international emergency, Chancellor Rishi Sunak implied ahead of time that he could only do so much.
(more…) Read MoreCryptocurrencies continue to become more mainstream, and the taxman’s very aware of the gains investors have made in the last five or six years.
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We may only be three months into 2022 but plenty of big employers – both here in the UK and overseas – are making employees redundant for a myriad of reasons.
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Throughout 2021/22, COVID-19 has continued to dominate. Millions of employees and directors on payroll were furloughed, and the self-employed continued to rely on grants available via the income support schemes.
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Inheritance tax was thought to be ripe for reform in last year’s Autumn Budget but, as it happened, it was left untouched for another tax year.
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The last year has been challenging for all of us, let alone business owners who’ve had to claim emergency support and battled hard to stay afloat.
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Tax-efficient advice for limited company directors.
Believe it or not, there are more than 4.7 million limited companies registered in the UK, including the 810,316 incorporations that signed up in 2020/21.
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Business structures are essential for tax purposes.
If you’re looking to join the 4.3 million people in the UK who made the jump into self-employment, you might be wondering how to start your new business.
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The construction industry remains one of the UK’s key sectors, which also helps to underpin the UK economy, despite experiencing the effects of the COVID-19 pandemic.
In September 2021, construction output grew by 1.3% on the previous month – placing the sector just 1% below its pre-pandemic level – and worth a decent share of UK GDP.
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