The Spring Budget 2023 brings several significant changes to corporation tax, capital allowances, private pension contributions, and personal tax and capital gains. Some of the measures have been announced previously, but were effectively confirmed to go ahead by this budget. As a business owner or an individual, understanding these changes
In this year's Autumn Budget, many of the biggest changes for small businesses had already been announced before the Chancellor's speech. Let's take a look at the 2021 Budget update for small businesses. Keep reading below or feel free to watch our short video! Corporation Tax Changes from April 2023
What is Making Tax Digital for Income Tax? Making tax digital is essentially a transition to electronic accounting records and submissions. Taxpayers will need to file quarterly summaries with HMRC, to let them know what your income is throughout the year. Once you have submitted your quarterly summaries, HMRC will
What does it mean to be Self-employed? * A person who runs their own business (not through a limited company) * Selling goods or services regularly for profit, i.e., if you are buying and selling products without company structure you would be considered self-employed. * When you start working for yourself (not
Whether you're just starting out, or you've had some experience running your own limited company, we've created a handy list that'll make sure all your business expenses are legitimate. HMRC has some general guidance on what expenses you can claim with a limited company. Basically it's anything that is 'solely
Your Limited Company is able to purchase a van as an allowable company asset. Ideally there would be a reasonable justification for your company to purchase the van in the first place. For example you need to transport equipment that's necessary for providing your company’s usual services. Why purchase
With about 5 million individuals now working for themselves in the United Kingdom, many will naturally want to explore their choices regarding what type of business structure they'd like to operate. It's an important factor to consider not only for tax efficiency, but also as legal protection for your assets.