Since the Budget announcement on 30th October 2024, concerns have been raised by the businesses and individuals who are affected by some of the key measures. The biggest changes affecting small businesses are those to the employer National Insurance rate, the secondary threshold and the National Living and Minimum Wage. Read on to see how […]
On Wednesday October 30 the Chancellor Rachel Reeves presented Labour’s first Autumn budget in 14 years. She confirmed her priorities as putting ‘more pounds in people’s pockets’, improve living standards and restore economic stability. Overall, the budget measures will raise an additional £40 billion in tax. Below, we explore key elements from the Budget that […]
Last year, HMRC received more than 130,000 reports of scams and phishing attempts. With fraudsters becoming ever more sophisticated in their attempts to fool us, it’s important to know what to look out for. We round up the latest advice and examples of phishing and fraud. Text or WhatsApp messages The number of fraudulent […]
If you plan to set up a small business, the structure you choose can make an important difference. It can influence the amount of tax you pay, how you pay it and how the business operates. Each type has its pros and cons, and the best way to set up your new venture will depend […]
We’re often asked for advice on whether or not to buy an investment property via a limited company. The answer, as always, is that it depends on the circumstances. There are pros and cons to either approach, as we explain in this month’s blog. The options You can either buy property personally or through […]
Not all tax-free allowances disappear at the end of the tax year, which can help save you money. We explore those that do, and those that don’t. Tax allowances that you can carry forward Your pension allowance You can pay 100% of your annual income into your pension up to a maximum of […]
For businesses with profits over £50,000, corporation tax rose on 1 April 2023. If you’re looking to find ways to reduce your tax liabilities this year, here are some helpful options to consider. How much corporation tax do you have to pay? If you own a limited company, you’ll need to pay corporation tax on […]
If you run a business that pays tax via self-assessment, a new HMRC reform will probably affect you. Called the Basis Period Reform, it could impact how you report your profits to HMRC for the 2023/24 tax year onwards. You might even end up paying more tax than you need to. Why is the […]
On Wednesday 6 March 2024 Jeremy Hunt presented the Spring budget. He explained that while interest rates remain high to bring down inflation, his budget would help families manage the higher cost of living with permanent cuts in taxation. He described it as a ‘budget for long term growth.’ Mr Hunt announced that inflation is […]
HMRC uses some clever tactics to keep an eye on UK taxpayers and their activities, by making the most of the data available. Here we look at some of the ways HMRC gathers information – and why it’s so important to make sure you keep your tax affairs in order. General information powers HMRC […]