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It is crucial to stay on top of key tax dates to keep your financial affairs in order. Here’s a friendly reminder of the important tax deadlines this year.
Discover the suggested reimbursement rates for employees’ private mileage using their company car.
Now is the perfect time to review your finances and make sure you’re making the most of available tax reliefs and allowances.
It is that time of year again for staff parties and annual functions, so it is important to make sure you record it properly.
‘Help to Grow: Digital’ is a UK-wide scheme to help small and medium-sized businesses adopt digital technologies that are proven to increase productivity.
Small Business Britain is launching “The Sustainability Basics programme”, in partnership with Oxford Brookes Business School, to help small businesses make the most of the opportunities of sustainability.
Many want to do their bit to support those who have been forced to flee their homes because of the invasion. Here is how you can help #StandWithUkraine.
Your business year end, not 5 April, is relevant for capital allowances purposes. If, however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA).
For every £2 that your adjusted net income exceeds £100,000 the £12,570 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.
HMRC are encouraging more employers to payroll employee benefits in kind rather than declaring benefits on the end of year P11d forms.
HMRC have recently updated their guidance for VAT registered importers. These traders must account for postponed import VAT on their VAT returns for the accounting period which covers the date they imported the goods.
It is currently mandatory for most businesses with a taxable turnover above the £85k VAT threshold and will be mandatory for all businesses in April 2022.
There are important changes from 1 June 2022 for small businesses using the Flat Rate Scheme who are importing goods and using postponed VAT accounting.
The Government’s Tax-Free Childcare Account offers parents a 25% top-up on childcare costs.
For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if shareholder(s) owns more than 75% of the shares they control the company outright and can veto the decisions of all other shareholders.
What is a cryptoasset or cryptocurrency? Many people will have heard of Bitcoin, Ethereum, Ripple, Dogecoin, Bitcoin Cash, Litecoin and perhaps Stellar, Tether or Eos. There are many different types of cryptoassets. So-called ‘cryptocurrencies ‘ are just one variation.
Another potential exit for shareholders would be for the company to buy back their shares.
This alternative to the classic management buy-out enables the shareholders of a trading company to sell their shares free of CGT to a trust set up for the benefit of the employees.
If you do not wish to sell your business but are looking to reduce your involvement, you may be considering passing on your business to the next generation, or maybe your management team.
Now that the economy is starting to recover, this could be a good time to think about selling your business. Remember that under the current capital gains rules, the first £1 million of an individual’s gains potentially qualify for a 10% rate of tax, provided business asset disposal relief applies. We can check whether or not you and other business owners qualify for this generous relief. Note that the £1 million limit applies to all disposals during an individual’s lifetime
If your family are not interested in taking over your business, have you considered selling the business to your management team?
You now have longer to pay personal tax. 2020/21 income tax, CGT, class 2 and 4 NIC liabilities normally need to be paid by 31 January 2022. However, HMRC have recently announced that provided the tax is paid by 1 April 2022, there will be no penalty, although interest accrues from 1 February 2022 at 2.75%.
Top of the new year to do list for many individuals is to make or update their will. Many think this is something to leave until later in life, but it is important to get things in place once property is acquired or when children come along.
In the run up to the Autumn Budget many were predicting that the chancellor might announce restrictions to pension tax relief. Thankfully nothing has changed -yet.
At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your