In 2017 a new allowance was introduced to provide simplicity for those who receive small amounts of self-employed/miscellaneous income or property income. It is called the Trading and Property Allowance (TAPA) and it can be very useful when you have either earned small amounts of trading or rental income, or when your expenses amount to … Read More
Mini budget 23 September 2022 – Our Round Up
[UPDATE – blog edited on 4th October 2022 to remove abolishment of additional rate of income tax] You are probably already aware that the Chancellor announced numerous significant changes on Friday, many of which will benefit small businesses, including abolishing the recent Off Payroll Working reforms. It is great to know that the lobbying … Read More
Scams and how to avoid them
Author: Sharon Wright We are all aware of the troublesome rise in scams, and most of us will have experienced at least one attempt to obtain sensitive information from us over the last year. Scammers are now using more sophisticated technology, and the financial loss as a result of scams are at a record high. … Read More
How to be tax efficient with salary and dividends in 2022/23
Author: Sharon Wright A popular profit extraction strategy for personal and family companies is to extract a small salary, taking further profits as dividends. Where this strategy is pursued, at what level should salary be set? Salary Taking a small salary each tax year is tax efficient because it is a tax-deductible expense in your … Read More
A Simple Guide to the Spring Statement 2022
Provided by ACCA This is a basic guide, prepared by ACCA’s Technical Advisory team, for members and their colleagues or clients. It’s an introduction only and should not be used as a definitive guide since individual circumstances may vary. Specific advice should be obtained, where necessary. The headline message from the Chancellor was future tax … Read More
Year-end tax planning for small companies
The end of the tax year is approaching, and now is an important time to be thinking about your remuneration strategy and tax planning. You will need to consider appropriate levels of salary, pension contributions and dividends, before the end of the tax year on 5 April 2022, and plan for the new one. Tax … Read More
October Small Business Update
This article looks at current and proposed changes to tax in the short term, that may affect you. Further announcements are due to be detailed in the Autumn Budget and Spending Review which will take place on 27 October 2021. National insurance (NI) You have probably heard that the Government has announced from 6 April … Read More
What State Pension am I likely to get?
As it is something we are frequently asked about, we thought it might be useful to provide a summary of how the state pension system works. Under the new rules you need 35 qualifying years to be entitled to a full state pension. Even then, your pension may be reduced if you were contracted out … Read More
July Small Business Update
Here is an update on some current topics that may be of interest to you. Making Tax Digital (MTD) HMRC are progressing with their plans to encourage all businesses and individuals to maintain records in digital format. The aim is for the tax system to operate completely paperless. HMRC says this will lead to a … Read More
Should my company purchase or lease an electric or low emission car?
Until recently, company cars have been unpopular because of the high benefit in kind (BIK) charges associated with them, and it has been simpler and more tax efficient for employees and directors to claim business mileage. However, the Government is committed to ending the sale of new petrol and diesel cars in the UK by … Read More