Should your business declare the cost of the Christmas party?
Christmas parties or even regular summer BBQs, or annual team-building events may need to be declared to HMRC for the current 2022/23 tax year if they do not meet certain rules, so you need to be sure you meet all the relevant rules for the exemption. The key...
Self-Assessment – now is the time to get your tax return sorted
Yes, here we are again, the Christmas tradition of dealing with your self-assessment tax return is back for another year, and you need to get everything sorted as soon as you can. The final deadline for filing your self-assessment is January 31, 2023, for the...
Additional tax rate threshold to be lowered – take advantage with your pension contributions
The 45% additional tax rate was briefly removed by Kwasi Kwarteng, then reinstated by Chancellor Jeremy Hunt, and in the latest twist, Mr Hunt announced that the point at which people would start paying this highest rate of tax would fall from £150,000 to £125,140...
Landlords, what should you be doing now?
Changes to the Capital Gains Tax (CGT) allowances announced in the Autumn Statement mean that from next April, the current £12,300 allowance will fall to £6,000 and then to £3,000 in 2024. This is a major concern for landlords with rental property, as this will make a...
Autumn Statement – what you need to know about upcoming changes.
You could be forgiven for thinking Budget statements are a bit like buses lately – we don’t have one for ages, and then three come along almost at once. While the latest financial proclamation from the Government is known as the Autumn Statement, it is a Budget just...
Tax year end – get your accounts ready before the rush
It’s that time of year again – the shops are playing Christmas music, there are Christmas films starting to appear on the TV, and for many of us, there is a tax deadline looming, whether that is personal or for our business. This is the busiest time of year for...
The Plastic Packaging Tax – what you need to know
Do I need to pay plastic packaging tax? How much is plastic tax? And how do I register a breach of plastic tax regulations? The Plastic Packaging Tax came into effect in April this year, and if your business deals with any kind of plastic packaging in relation...
How to protect your business in a recession
The UK’s GDP fell by 0.3% in August according to official figures, and if GDP falls for two quarters in a row, that is the definition of a recession. Experts at the EY ITEM Club predict the UK will be in recession for three quarters, which would take us up to the...
What does the market volatility mean for you?
The market volatility resulting from the ill-fated mini-Budget on September 23 has created real concern for investors. Most of the measures announced that day were reversed just weeks later, but the fallout has left markets in a state of turmoil. The FTSE 100 was at...
U-turns and changes – what happened to the mini-Budget announcements?
The majority of measures in former Chancellor Kwasi Kwarteng’s mini-Budget have been scrapped after new Chancellor Jeremy Hunt tried to settle markets and politicians across the House of Commons with an Emergency Statement on October 17. Gone is the controversial plan...