From April 2026, sole traders earning over £50,000 will say goodbye to the traditional self-assessment. People in this bracket will have to then use Making Tax Digital (MTD) for their income tax. The following year, in April 2027, this will apply to any sole trader earning over £30,000. This timetable has changed – the initial […]
If you’re starting to think about your next self-assessment and tax bill, you may be able to reduce the amount you owe by claiming for allowable expenses. What are allowable business expenses? Allowable expenses are essentially the costs of running your business, as defined by HMRC. You can deduct these costs from your business accounts […]
The November 2022 budget is a package of tax rises and public spending cuts as new Chancellor Jeremy Hunt seeks to battle recession and inflation. Here’s a summary of the main announcements. UK now in recession The government has confirmed that the UK has entered recession. The Office for Budget Responsibility (OBR) says higher […]
The government’s Energy Bill Relief Scheme went live on 1 October 2022 and is designed to give you a discount on your energy bills. Here’s how it all works. What is the Energy Bill Relief Scheme? The purpose of this scheme is to reduce energy bills for businesses, as prices soar and costs increase. It […]
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 […]