Mini-Budget 2022: A Summary for Business
The new prime minister Liz Truss and her chancellor Kwasi Kwarteng set out their vision for a “new era” of growth in their mini-Budget statement…Read More
Income tax
Increase in National Insurance thresholds from 6 July
In the Spring Statement 2022, the UK Government announced an increase in National Insurance thresholds affecting the 2022 to 2023 tax year. We want to take…Read More
Get ready for the MTD ITSA pilot this July
Making Tax Digital (MTD) for income tax self-assessment (ITSA) will be mandatory from April 2024. However, HMRC is encouraging taxpayers to register early through the…Read More
Changes to how tax is calculated for the self-employed
New legislation taking effect in the tax year ending 5th April 2024 will affect how self-employed businesses that prepare accounts to a date other than…Read More
Company vs. Sole Trader/Partnership: Pros & cons
One of the first major decisions you will have to make as you start your new business is the form of legal entity it will…Read More
Spring Statement 2022 Summary
Mounting costs for all of us forced the UK Chancellor Rishi Sunak to deliver a more extensive Spring Statement this March than first envisaged. Although…Read More
Guide to buying electric company cars
When it comes to buying a company car, there are more advantages to purchasing fully electric vehicles for two reasons: The car attracts 100% relief…Read More
Valentine’s Tax Benefits! – Saying ‘I do’
As couples around the UK celebrate Valentine’s Day, for those who are considering if it is the right time to pop the question, the ICAEW…Read More
Switching Accountants: What are you waiting for?
Switching accountants can be tricky, and in busy times it’s easier to avoid disruptions and keep your head down. But, could indecision be holding your…Read More
Autumn Budget 2021 Guide for Business
The UK Chancellor Rishi Sunak delivered a more extensive Autumn Budget statement than some were expecting. It began by promising stronger growth, stronger economy, stronger…Read More
MTD For Income Tax Delay to 2024/25 Explained
HMRC has made the bold decision to delay MTD for income tax to 2024/25. Having listened to stakeholder feedback from businesses and the accounting profession,…Read More
MTD for income tax coming soon
VAT registered business making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out…Read More
Cryptoassets guide for individuals
HMRC does not consider buying and selling cryptoassets/cryptocurrencies to be gambling. So, gains made following the disposal of tokens may be subject to UK tax.…Read More
Overdrawn Directors Loan Account: Penalties
Directors can borrow money from their company, but HMRC imposes a limit of £5,000 per director before there are tax considerations at play. If a…Read More
Tax avoidance schemes targeting middle earners
A new report by The Sunday Times suggests that more workers are being tied to tax avoidance schemes, whether they like it or not. As…Read More
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