Early Self Assessment Tax Returns Offers Benefits With the deadline for self-assessment tax returns for the 2022 to 2023 tax year approaching on 31 January 2024, HM Revenue and Customs (HMRC) is encouraging taxpayers to consider filing their returns early to secure several advantages. Filing ahead of the deadline can result in more control over … Read more
Drawing a Salary from your Limited Company. Do’s and Don’ts. For owner-director limited companies, you may be tempted to believe that if the company makes money, so do you. However, you need to be aware of the legal distinction between you and your limited company and how that impacts the tax you pay, the money … Read more
Unlocking Financial Success: Exploring Funding Options for Your Business Following on from our article on cash flow, I wanted to explore the various ways a company can raise cash to help fund their business venture. Whether you’re just starting out or expanding your existing operations, there are several ways to fund your business. If you … Read more
Essential Guide to Claiming Expenses for your Business: Dos and Don’ts When it comes to business expenses in the UK, knowing what to claim and what not to claim as a business expense can be a minefield. Any tax-savvy business owner will want to claim as much as possible in order to reduce the amount … Read more
A Guide to Repaying Student Loans when you’re Self-Employed Student Loans – How are they repaid if I am self-employed? In the UK, student loan repayments for PAYE employees are deducted automatically from their salary by their employer, using the PAYE (Pay As You Earn) system. The amount that is deducted depends on the employee’s … Read more
New UK Corporation Tax Rates Effective from April 2023 Corporation tax is a tax on the profits made by companies and businesses. Since 2017, the UK rate of corporation tax has been at a historic low of 19% for all companies regardless of profit levels. However, from April 2023, the tax rates on company profits … Read more
What you can expect from your Accountant What does an Accountant do for me? When starting out on your own, you get to the point where enough people have mentioned their Accountant that you think maybe it’s time to get one yourself. Many people wonder why they need an Accountant and what benefits they bring. … Read more
A Break Down of the 2023 Spring Budget: Key Highlights and Implications The Chancellor of the Exchequer, Jeremy Hunt, has announced a range of new measures in his Spring ‘growth’ Budget. One of the biggest shake ups was the increase in the tax-free allowance for pension contributions rising from £40,000 to £60,000 and abolishing the … Read more
Is a Company Car Right for You? A Director’s Guide Read on before buying a company car Did you know that just over half of all newly registered vehicles in the UK are owned by a company? Surely that means that they’re raking in a huge tax benefit, right? Have you got your eye on … Read more
Navigating UK Personal Taxes: What You Need to Know About 6 Common Taxes Introduction to taxes Tax; even the word seems… well, taxing. The bane of people’s existence and yet a lifeline for many. It can fill someone with rage or make them feel that they are contributing to something greater. However, I’m not here … Read more