Time is running out to make sure your business is prepared for the impact of the increased Employer National Insurance Contribution (NIC) rate set to take effect in April 2025. The Chancellor, Rachel Reeves, announced the change in the Autumn Budget last year as part of the Government’s strategy to generate money for the Treasury. […]
Nearly 900,000 companies were incorporated in 2024 – an 11.2 per cent increase compared to 2023. More entrepreneurs are recognising the benefits of limited companies. The advantages of limited companies include limited personal liability, mitigated taxation and greater exposure to investment opportunities. To help you start your journey towards limited company status, here are our […]
A director’s loan is money taken out of a company by a director that is not a salary, dividend, expense reimbursement or money that has previously been paid into or loaned to the company. A record of money borrowed or paid into the company must be kept – usually known as a director’s loan account […]
As a sole trader, it is only natural to look for opportunities to save money and maximise your earnings. One effective strategy is to consider buying a van, as sole traders can benefit from tax deductions on business-related expenses through Government reliefs like Capital Allowances. Why are Capital Allowances beneficial? Capital Allowances are the tax […]
Taking advantage of green tax reliefs is a good way to reduce how much Climate Change Levy tax (CCL) your business pays. To get these reliefs, your business will need to operate in a more environmentally friendly way. Any business in the industrial, public services, commercial and agricultural sectors is subject to the CCL Tax. […]
HM Revenue & Customs (HMRC) has clarified that if your earnings from interest exceed £10,000, tax may apply depending on the account type. This clarification came when a customer reached out to the tax authority on X to see if they needed to file a tax return after earning more than £2,000 in interest. HMRC […]
As the 2025/26 tax year approaches, it brings several significant changes to HM Revenue & Customs’ (HMRC’s) rules that will impact your business operations, financial reporting, and tax management. Here is a quick rundown of the new rules that are planned for 2025 and beyond: Basis period reform: Fully implemented by 2025, this reform changes […]
The Government made significant revisions to Business Asset Disposal Relief (BADR) in Rachel Reeve’s Budget announcement in October this year. From April 2025, the current 10 per cent rate will rise to 14 per cent, followed by another increase to 18 per cent in April 2026. This change will align BADR with the new lower […]
With Christmas right around the corner, many of you might be looking into ways to spread the holiday cheer among your employees. Maybe you want to give a box of chocolates to your executive assistant or a bottle of wine to your line managers – small gestures that brighten up the workplace. Unfortunately, it is […]
If you are a sole trader or small business owner using a double cab pickup (DCPU) for your work, now is the time to consider your options. The Budget revealed a tax change for DCPUs that could have significant financial implications for both you and your business. Whether you are looking to expand your fleet […]
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