Autumn Budget Statement 2023
This week , the chancellor Jeremy Hunt delivered the government's tax and spending plans for the year ahead. Below I have summarised the key points for small businesses and individuals. National Insurance reform for the self employed- Abolished Class 2 National...
Sole Trader Vs Limited Company
Which of the two structures is likely to give the best tax result? Summary How is a sole trader taxed? Pays income tax and class 4 NICS on his/hers taxable profits from trade. In addition, the individual pays Class 2 NICs. How is companies taxed? Companies are liable...
Data Capture Software?
Do you spend alot of time sending manual documents (Invoices, receipts etc.) to your accountant? The solution is to use a Data Capture Software like 'Hubdoc'. How it works- Snap a photo with the app Simply take a photo of your receipt, invoice or bill with our...
What is the P11D form? Deadline 6th July 2023
Its that time again and here we are looking at what we need to do about the P11D form. If you receive private healthcare, interest free loans (train season ticket loan), non-business entertainment/travel and company cars in addition to Salary, these are Benefits In...
New Tax Year 23-24 – Tax matters affecting individuals and businesses
Personal and Business Tax for 2023-24 6th April 2023 marks the start of the New Tax Year. I have put together this blog to highlight the main tax matters that affect individuals and businesses. Personal Tax, thresholds and allowances The Personal Allowance (amount you...
Key Dates to note in the UK Tax year 2023-24
There are important dates in the UK Tax year to keep a track of , here is a handy reminder: Dates 2023-24 April 5th 2022-23 Personal Tax year ends April 6th 2023-24 Personal Tax year starts April 19th Deadline to submit PAYE final RTI report 2022-23 May 3rd Deadline...
Spring Budget – 15th March 2023
Chancellor Jeremy Hunt announced the Spring Budget on 15th March 2023 (the "Budget"). Some of the measures announced by the Chancellor are summarised below: UK ECONOMY: INFLATION: The rate of inflation is expected to fall to 2.9% by the end of 2023. It should be noted...
The Construction Industry Scheme
One of the many services we offer is accounting for the Construction Industry Scheme. So What is the Construction Industry Scheme? The scheme aims to minimise tax evasion within the construction industry in the United Kingdom. The scheme covers most construction work...
New VAT Penalties from 1 January 2023
VAT penalties regime has changed, read on for more information... From 1 January 2023 , new VAT late submission and payment penalties apply which replaces the default surcharge for VAT. Under the new rules , late payment and filings of VAT will be treated separately....
What a CFO can bring to your business?
This weeks blog is about "What a CFO can bring to your business". I am often asked this question by many clients… It is often misunderstood that a CFO's position is often found in large corporates but actually a part time CFO can bring a huge amount of insightful...