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What are Capital Allowances?
When a business incurs expenses, it is either capital or revenue (trading) expenditure. Expenses which are classed as capital expenditure, normally have a lasting benefit for the business (at least longer than a year). Revenue expenses on the other hand, usually...
Do I need to register my business for VAT?
This is the question we are often asked by small business owners and if you have recently launched a new business, you might also wonder the same. So, let’s explore the ins and outs of this key area of tax legislation, including the essentials such as when you must...
Cars in Limited Companies
Many employers provide their employees with company cars if their job requires frequent travel. However, the concept of company cars has become less attractive over recent years as a result of numerous tax changes. So how exactly do the tax rules work when it comes to...
Guide to Credit Control for Small Business
Good credit control is invaluable to any business that wants to improve its cash flow. A carefully considered credit control policy not only boosts cash flow, but it can help to prevent business failure because of payment delays and increasing bad debt from customers....
Making Tax Digital for ITSA
Changes are coming for anyone that pays Income Tax via Self-Assessment. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) will be a requirement for anyone with a business and/or property income of more than £50,000 per year, from April 2026.
Home-working Tax Relief Implications
For many employees the COVID-19 pandemic changed their working arrangements. Suddenly the ‘office’ took on a new meaning and location, namely their own homes. Here we discuss the tax implications that anyone working from home should consider. Choice or...
What is Capital Gains Tax?
If capital gains tax (CGT) is an area which is new to you or you’ve just encountered it following the sale of a property or other asset, then you may want to gain a better understanding of what it is, what it applies to and how you must report and pay for it. In this...
Employing a spouse or partner for tax efficiency
Many business owners opt to employ their spouse (or civil partner) in their business to benefit from tax savings. Chances are, that they would not otherwise be a taxpayer (or at least pay at a lower rate than the business owner) and therefore savings can be made by...
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...
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