If you have your own business and are self-employed rather than operating through a company, you may find a substantial change in the coming years. This is because the timing of when profit is recognised on your tax return is changing.
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From 1 April 2023, the rate of Corporation tax has gone up. This won’t hit all companies but will have an impact on many businesses so now is a great time to think about some tax planning.
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There have been some significant changes around the administrative side of research and Development (R&D) for companies.
One change is that from 8 August 2023, it is necessary to complete and submit an additional information form (AIF) in advance of submitting the actual claim and corresponding corporation tax return. If this is not done, the claim will get rejected.
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The tree is up in the office at our lovely country base and looking fantastic!
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The Autumn statement has been announced and perhaps the most surprising part for many was the fall in Employee National Insurance. It was anticipated that this would fall, but it has been cut more than some predicted; by 2% (from 12% to 10%).
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With taxes on the rise, now is a really good time to be thinking about where savings can be made. An employer supplying an electric car (which can be through a salary sacrifice) can be really tax efficient, particularly for an owner managed business.
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Wishing all of our clients a restful and happy Christmas, and a healthy and prosperous new year.
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The tree is up, the jumpers are festive, and we are starting to turn our thoughts to Christmas once again!
There are many ways to reward employees in a tax efficient way, and even though some of these can be complex, there are other ways of providing tax efficient or tax-free benefits which are very simple.
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The deadline for filing your 2021.22 tax return is fast approaching. If you haven’t gotten round to completing it yet, we might be able to help!
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After a dizzying few weeks in British politics, which have seen an almost complete reversal of the measures announced in the September mini budget, as summarised in our previous article, we thought it might be helpful to set out what remains of the economic measures announced in September, and how they might affect you.
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