Keeping on top of your business’s financial health is critical to its success. A great place to start is by understanding what a balance sheet is and what it can tell you about the health of your business. Let’s look at what a balance sheet is, why it’s important, and Read more…
A major overhaul of VAT penalties came into effect on 1 January 2023. This new approach changes how penalties are applied, as well as how interest is calculated and paid. In this article, we’ll break down what you need to know about the changes. What is changing? The biggest change Read more…
The exemption for paying Capital Gains Tax (CGT) is changing. The CGT annual exemption will fall from £12,300 to £6,000 from April 2023, before being cut in half again to £3,000 from April 2024. CGT is what you pay on any gains that you make when you come to sell Read more…
Companies House has gone fully digital after the announcement of the closure of its office in London and all filing being transferred online. It has also permanently shut the public counters in Cardiff, Belfast and Edinburgh. Online services will be available 24 hours a day, seven days a week. Changes Read more…
Chancellor Jeremy Hunt has announced a series of changes to the UK research and development (R&D) tax credit regime, including a cut to the deduction and credit rates for the SME scheme. The R&D SME scheme enhanced deduction rate will be cut to 86 per cent from the current Read more…
Planning for the future is essential when running a business and, ideally, you should have a perspective of where you want to be in three to five years. Goals or targets provide a sense of direction, focus, and motivation. But how do you set aims effectively? You could try the SMART Read more…
Millions of new taxpayers will be created by the extended freeze on the income tax thresholds. In the Autumn Statement, the Government froze the thresholds until 2028 – two additional years on its original plans. The income tax thresholds for basic (20 per cent) and higher rate Read more…
The message from the Chancellor, Jeremy Hunt, in the days before he rose to the despatch box in the House of Commons to deliver the Autumn Statement was clear; he would be outlining billions of pounds of tax rises and spending cuts.
Investing in property can still provide a strong return, but it needs careful planning to achieve the best outcomes. Just buying new properties without a clear strategy would be risky. While it is true that rates of interest continue to increase, as do many of the costs associated with being Read more…
If you are an owner of a limited company, taking money out of your business using dividends is a mainstay of effective tax planning, thanks to an additional £2,000 annual allowance and lower rates than apply when taking money in the form of salary. However, there are restrictions on the Read more…
