Blog
Advisory Fuel Rates
The HMRC recently published the latest advisory fuel rates (AFR) for company car users. The rates for some petrol engines and all vehicles with diesel engines increased by 1p per mile. LPG engine rates for 2000cc plus vehicles have fallen by 1p and the advisory...
Will your New Year resolutions save you and your loved ones tax?
At this time of year, we all think about New Year’s resolutions. It is also a good time to start thinking about tax planning opportunities before 5 April 2024. Please think about 1. Equalling income between you and your spouse/civil partner to make best use of your...
If you’ve submitted your 2023 Tax Return, please don’t forget to pay your tax bill on 31 January 2024!
...but if you are struggling to pay, did you know that H M Revenue and Customs (HMRC) provide an option to pay monthly under their ‘Time to Pay’ arrangement? Providing you owe less than £30,000 under self-assessment, you might be able to set up a payment plan online. ...
Going Digital? A sensible accounting decision in 2024?
If you haven’t yet made the switch to a cloud-based accounting solution, what’s holding you back? A lack of understanding? Scepticism? Concern over costs? Whatever your feeling is, digital cloud-based accounting software now has a history, having been around for a...
Have you had enough of running your own company?
There are many reasons a solvent limited company needs to be brought to an end; perhaps due to retirement, illness, or simply a desire to extract the cash tied up. Once a decision has been made to wind down and cease trading, the next step is to determine the most...
Why we choose to work with Xero
We’ve been supporting businesses manage their accounts with Xero since 2012. The online accounting software offers business users the chance to streamline financial processes and is used by both small and medium-sized companies. The ability to record, process, track...
If the end of your accounting period is fast approaching, you might want to think about the following …
In recent years, many accountants have advised their director/shareholder clients that the most tax efficient method of extracting profit from their family company was to pay themselves a low salary, at or around the £12,570 personal allowance, with the balance in...
The 2023 Autumn Statement – the leaves are falling but is our economy growing?
The Chancellor has just delivered his Autumn Statement alongside the latest economic and fiscal forecast from the Office for Budget Responsibility (OBR). With confidence, the Chancellor announced that the government has met their pledges to half inflation, lower the...
Are you paying employees early at Christmas? Are you reporting your PAYE information in real time?
HMRC eased reporting PAYE information in real time, in 2019, and so employers can continue to opt to pay employees early over the Christmas period. If you do pay early, you should still report your normal or contractual payday as the payment date on your Full Payment...
All you need to know about Trust Registration
From 6 October 2020 new legislation brought more Trusts within the scope of the Trust Registration Service (TRS). This requires more Trusts to be registered, and make annual declarations. For many Trusts, the need to register has been in place since 2017. The new...
Family Investment Companies – what are they?
We have all heard of Trusts but probably find the concepts of how they work rather complicated – they certainly aren’t the tax-free vehicles that US television would have us believe! The mystery of Trusts has somewhat led to the Family Investment Company (FIC), a...
End of 12.5% Temporary VAT Rate
The hospitality, holiday accommodation, and attraction industries benefited from reduced VAT rates during the pandemic, with the chancellor first announcing a reduction to 5% which was then increased to 12.5%. This reduction in rate has now ceased, as of 31 March...
Spring Statement – What this means to your business
An update on how recent and known changes will affect your Business from now onwards … Making Tax Digital for Business: VAT April 2022 sees the final phase of the introduction of the Making Tax Digital (MTD) for VAT regime. All VAT registered businesses, regardless of...
Spring Statement 2022
Against a backdrop of rising inflation Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022. In his Spring Statement the Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the impact of rising prices...
Spring Statement 2022 – What this means to Individuals
An update on how individuals will be affected on changes announced this month. The UK personal allowance tax rates and bands for the tax year 2022/23 were announced by the Chancellor in the October 2021 Budget. Income Tax The personal allowance is currently £12,570...
Should you consider a Salary Sacrifice Arrangement to reduce Income Tax and NIC’s?
With the increases in National Insurance Contributions (NICs) from 6 April 2022 many employers and their employees are considering swapping some of their salary for either tax-free benefits or benefits that have a low tax and NIC charge such as an electric company...
New VAT penalty regime due to come in 1 April 2022 has been delayed
The new VAT penalty regime which was due to be introduced for VAT return periods beginning on or after 1 April 2022 has now been deferred to January 2023. The regime was set to be amended to the following: A single penalty point issue for a late submission once the...
Making the most of your tax allowances for the 2021/2022 tax year
The end of the 2021/22 tax year is fast approaching what should I be thinking about? Make plans to manage your tax liabilities for the current tax year ending 5 April 2022 now whilst current reliefs exemptions and allowances are still with us. There are allowances...
Capital allowances effectively take the place of depreciation - an accounting concept which for tax purposes is not an allowable expense. Capital allowances allow you to claim the cost of assets that you intend to keep for use in your business against your profit.... In the Spring Budget 2021 Chancellor Rishi Sunak announced that the UK's main rate of corporation tax would increase to 25% on profits over £250,000 from April 2023. At the same time a separate small-profits tax rate of 19% will be introduced for profits up to... Additional help for the self-employed has been announced - with the final two income support grants available until the end of September 2021. The fourth taxable grant available through the self-employed income support scheme (SEISS) covers athree-month period from 1... If your company is anticipating losses in its current accounting period - due to the impact of COVID - you could claim Corporation Tax Relief for losses earlier. Losses could be carried back against the previous year to generate a Corporation Tax refund - but how can... Those of us that are working in the office today listened with baited breath to the Chancellor's 2021 Budget announcement. We all know that Coronavirus has fundamentally changed the way we live. Our economy has shrunk to its lowest level in over 300 years - it's going... From 1 March 2021 VAT-registered subcontractors will no longer charge VAT on certain construction services to another VAT-registered business. Instead the customer will 'self-account' for any VAT due this is known as the Reverse Charge. This change affects both... The third round of the Self-Employed Income Support Scheme (SEISS) grant is now available until 29 January 2021 BUT .. Some of the terms and conditions have changed which could mean that you are not eligible to make a claim. In brief the following conditions must all... Managing cash flow is the key to running a successful business. Being able to forecast and analyse cash flow accurately depends on your access to real time up to date accounting information. Given the current climate and with the uncertainties that businesses are... This year has been a tough year for us all. The Pandemic has ripped through our society affecting our businesses and changing our lives in a way no one could have thought imaginable less than a year ago. When we found out that Guinness World Record holder Ben Blowes...
Will the new ‘super-deduction’ tempt you to invest in new assets for your business?
The Future of UK Corporation Tax
Guidance on the final two self-employed grants
Anticipating losses? Claim Corporation Tax Relief for your losses earlier!
Budget 2021: What it means for you your family and your business
Changes to the VAT Reverse Charge for the Construction Industry Scheme
3rd Round of the Self-Employed Income Support Scheme grant is now available
Managing cash flow – why is it so important for business survival?
Ben Blowes runs 31 Marathons in 31 days for Tom’s Trust
Get in touch
Please note we do not give free advice by email or telephone.
Phone
Find Us
9 Quy Court, Colliers Lane, Stow-cum-Quy, Cambridge, CB25 9AU