Inheritance Tax – Have you given this any consideration recently?
Inheritance tax is a charge that can be applied on the estate (the property, money and possessions) left behind when someone dies. You shouldn’t need to worry about IHT if: If your estate is worth more than £325,000, anything above this threshold could be subject to IHT at a rate of 40%. There is also […]
Turmoil in the finance world!!
The recent announcements by then Chancellor Kwasi Kwarteng regarding tax and NI cuts, changes to proposed corporation tax rates etc were welcomed by some, but it threw the financial markets into meltdown. The announcement that the additional tax rate of 45% for those with income over £150,000 was to be cut to 40% was the […]
The upsides (and downsides) of being a higher rate taxpayer
The payment of tax is a necessary evil and a way of life, although no one likes paying it! A pay rise is always welcome, but the downsides may be an increase in student loan repayments and, withdrawal of child benefit as earnings increase and additional tax and NI; sometimes there is really can be […]
“Bookkeeping – its so easy with accounting software these days” -but is it “right”?
Developments in accounting software has automated significantly the process of entering transactional data into the records. With the likes of bank feeds to bring in bank transactions and tools to automate the extraction and population of supplier invoices, many postings can now be done by simply clicking an OK button. However, there is still considerable […]
How do you deal with VAT?
There are various VAT schemes and methods available to calculate VAT. The standard method is to account for VAT based on the dates of the invoices, so VAT could be payable to HMRC before you have received the monies from your customer, but conversely, VAT can be reclaimed on supplier invoices even though they have […]
Good news for limited companies!
The mini budget in September had a raft of tax cuts One proposed tax increase where tax planning has been ongoing for around 2 years now to reduce the impact has been scrapped! Good news for limited companies – the corporation tax rate is to remain at 19% whereas it was planned to increase to […]
The Recovery Loan Scheme (RLS) – extended time limits
The new iteration of the Recovery Loan Scheme, details of which were published on 1 August 2022, will run for a further two years, supporting access to finance for UK businesses as they look to invest and grow. Unlike the previous iteration of the scheme, (for most borrowers), there is no requirement to confirm they […]
The four-day week – would it work for you?
More than 70 companies and organisations with over 3,000 staff are taking part in a pilot four-day working week, with no loss of pay for the employees. So,that’s 100% of the pay for 80% of the time, as long as at least 100% productivity is maintained. Similar pilot schemes are running in other parts of […]
Do you have significant capital expenditure plans for your limited company?
Get the timing right to maximise tax benefits. Life in taxation is always a moving goalpost – and things might change. However, as the rules currently stand, the 130% “super deduction” capital allowances will cease on 31 March 2023 and the 100% Annual Investment allowance limit reduces from £1 million to £200,000 from that date […]
Pensions for employees – be careful with seasonal or temporary staff
If you employ seasonal or temporary staff, you must assess them individually based on their ages and how much they earn every time you pay them. Any staff that are aged between 22 to State Pension Age and earn over £192 a week, or £833 a month, must be put into a pension scheme which […]
