New Vat Late-payment Penalties
In addition to the new penalties for late VAT returns (see above) there is also a new system of penalties for late paid VAT. For VAT periods beginning on and after 1 January 2023 you will have up to 15 days to pay your VAT…
New Vat Late-filing Penalties
All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime. If you submit a VAT return late for a period starting on or after…
Mind the Nic Gap
Do you know whether your national insurance contributions (NIC) record is complete and correct? You can check the NIC record over your entire working life on your online personal tax account (www.gov.uk/personal-tax-account). This will also provide an estimate of the state retirement pension you should…
Vat Changes
The VAT registration threshold has already been frozen at £85,000 since April 2017 and it will now be fixed at that level until April 2026. The Chancellor made the point that the UK’s VAT registration threshold is more than twice as high as the average…
Income Tax
The main income tax thresholds and allowances had already been frozen at the 2021-22 levels until 2026 and that has been extended to 6 April 2028. The main income tax rates are unchanged for 2023-24 at: 20%, 40% and 45%. Individuals in England, Wales and…
Home buyers pay less stamp duty
When buying a residential property in England or Northern Ireland you must pay stamp duty land tax (SDLT) if the purchase price exceeds a minimum threshold set at £125,000 since 2006. In September’s mini-Budget the then Chancellor announced that the entry threshold for SDLT payable…
Dividend Tax
Dividends are taxed at much lower rates than other forms of income and they are not subject to national insurance contributions (NIC). The Chancellor has decided to cut the dividend allowance to £1,000. This can make taking income from your own company in the form…
Corporation Tax Up
When the current Prime Minister was Chancellor he announced an increase in the main rate of corporation tax to 25% to apply to profits above £250,000 from 1 April 2023. We can help you decide whether the IR35 rules apply to your contracts. Under the…
Capital Gains and Inheritance Tax
Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year. This exemption will be reduced to £6,000 for the tax year 2023-24. This exemption…
5 ‘resolutions’ to help your small business finances in the new tax year
While cutting down on chocolate or hitting the gym are the classic resolutions for January 1st, have you thought about changes you’re going to make for the new tax year on the 6thof April? The new tax year is just around the corner, so it’s…
The autumn 2018 budget: what it means for your small business
Consider yourself, in chancellor Phillip Hammond’s words, a striver or a grafter? Then, the autumn 2018 Budget was aimed at people like you. With a number of specific concessions and incentives targeted at small business owners, the budget offers a fair few benefits to entrepreneurs…
Do I need professional indemnity insurance?
One of the most exciting parts of launching a business for the first time is the learning curve involved. There’s a certain amount of making it up as you go along, discovering things by trial and error and working out what does and doesn’t work….