The new chancellor, Kwasi Kwarteng, has delivered a mini-Budget 2022 featuring a string of tax cuts. The stated aim is to ‘deliver growth for the economy’. This mini-budget had been billed as new Prime Minister Liz Truss’ response to the ongoing cost of living crisis. Reversing National Insurance increase A 1.25 per cent cut to […]
National Insurance increased in April – but this month the threshold changed. Could this mean you save money? In April, new rates of National Insurance rates came into play, as part of the Government’s changes to Health & Social Care budgeting. We explored this change in this blog last year, which essentially increased most people’s […]
We’re often asked about the process to start a business and are always happy to help and advise. There are a number of important things to have in place to make sure your new company complies with UK law and is protected should anything go wrong. In this month’s blog we take a look at […]
One of the main reasons to set up your own company is to reduce your liability for tax. A common question is how much should I pay myself? There’s no standard amount to set as your salary, and it’s well worth seeking advice on what works best for you. But generally, most limited company directors […]
It’s no secret that costs are rising rapidly in the UK and the wider world, not least with the pressure of soaring oil prices, energy bills, increasing wages and the cost of materials. Research by The British Chambers of Commerce found earlier this year that 73% of UK firms are planning to raise prices. 62% […]
From April 2024, sole traders and landlords will need to join the Making Tax Digital programme for Income Tax Self Assessment. The deadline has been moved back from 2023 due to the pandemic. This government programme is designed to move the UK towards a fully digital tax system. The aim is to reduce errors and […]
Most British taxpayers will see their tax bill rise in the coming tax year, as measures announced in the 2021 autumn budget come into play. Here’s a quick rundown of the changes that could affect you. National Insurance rates On April 6 2022, National Insurance rates will rise by 1.25% points under the government’s […]
HMRC has announced that it will waive its usual penalties for a month if you file your Self-Assessment late. This gives taxpayers extra time to complete their 2020 to 2021 tax returns and pay any tax due. The move is a response to the latest COVID-19 wave, which has impacted both businesses and accountants. Despite […]
The deadline for online tax returns for the 2020/2021 tax year is 31 January 2022. But don’t wait until the last minute. If you haven’t completed Self Assessment and submitted your return yet, make time to do it as soon as possible. Did you know that more than 63,000 people filed their tax return on […]
While many of us were poised for big news about tax increases to cover pandemic spending, the Autumn budget 2021 was not as dramatic as anticipated. Here’s a round up of the most important points for UK taxpayers and small business owners. The National Living Wage (NLW) is increasing From 01 April 2022 the […]