Blog
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:...
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...
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,...
Chancellor’s Fiscal Statement – 17 October 2022
In an attempt to stabilise financial markets which had been thrown into turmoil following the ‘mini-budget’ announcements in September, the (new) Chancellor, Jeremy Hunt made a statement to the House of Commons on Monday 17 October 2022. He announced what amounts to a...
Relevant Life Plan – A cheaper route to life insurance
If you’ve not heard of a Relevant Life Plan, it may be more familiar than you think. First introduced in 2006, Relevant Life Plans essentially provide life insurance through a company in a similar way to a personal life insurance policy but at a much-reduced cost due...
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...
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...
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...
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...
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...
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...
Corporation Tax for Small Businesses
This article provides all you need to know about corporation tax, from who it applies to, how to register, when the deadlines are, what the rates are, and how to file a return and make payment. What is Corporation Tax? Limited Companies in the UK are required...
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