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Autumn 2022 Statement

Autumn 2022 Statement

On 17 November, the Chancellor, Jeremy Hunt issued the Autumn Statement. It follows several dramatic changes in Government and fiscal announcements over the past couple of months, but it is hoped to be the last for a while. The key personal tax announcements included:...

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NIC Increase Removed

NIC Increase Removed

What does the reversal of the National Insurance increase mean for your business? It was announced last month, that the 1.25 percentage point rise in National Insurance which has been in place since April 2022, will be reversed from 6 November. Following the increase...

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Self-Assessment Explained

Self-Assessment Explained

With less than 3 months to go until the self-assessment deadline, now is the time to get started if you need to file a personal tax return, and with that in mind, we have prepared a beginners guide to self-assessment. Below you will find an overview of the process,...

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Mini Budget 2022 – Key Points

Mini Budget 2022 – Key Points

OCT 2022 UPDATE: During the course of October, the Government announced a series of u-turns in relation the 'mini-budget'. These u-turns included 45% additional income tax rate to remain indefinitely  Corporation Tax increase (from 19% to 25%) to go ahead in 2023 IR35...

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The Construction Industry Scheme (CIS)

The Construction Industry Scheme (CIS)

What is the Construction Industry Scheme (CIS) and how does it operate? In the following guide, we will explore how the HMRC scheme works for freelance subcontractors in the UK construction industry. The scheme was set up by HMRC to collect income tax from those...

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Taking Advantage of Marriage Tax Allowance

Taking Advantage of Marriage Tax Allowance

Marriage Allowance is one of the most under-utilised personal tax saving options and at a time when cost of living pressures are only increasing, it’s worth taking advantage if you can. One of the reasons for such a low take up of the scheme is probably because the...

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Register of Overseas Entities – Now in operation

Register of Overseas Entities – Now in operation

  In response to a need for greater transparency regarding the ownership of UK land and property, the Government has introduced a new requirement for Overseas Entities to register with Companies House. The Register of Overseas Entities came into force on 1 August...

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Taking a Break from Your Business

Taking a Break from Your Business

With the summer upon us, this seems like a good time to be reminded about the importance of taking a break from your small business. Running a business can be all encompassing and despite the flexibility and control that comes from working for yourself, in some ways...

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Accounting for Sole Traders

Accounting for Sole Traders

The freedom of setting up as a sole trader and being your own boss is inevitably one of the reasons many people choose to do it, but it’s not without significant responsibility and administrative burden. However, we are here to help with this simple guide to tax and...

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