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High energy industries attract increased support

The other side of the recent hikes in consumer energy costs – taking their toll on take-home pay across the UK – are the similar cost increases for industry. Focussing on high-energy users, the government recently announced the following increased support for Energy...

Reorganising company structures to save tax

When corporation tax increases from 1 April 2023, companies will need to consider three scenarios: From 1 April 2023: The main corporation tax rate is increased to 25% where profits are over the upper profits limit, set at £250,000. A small profits rate will apply for...

The value of objectivity

Many business owners feel qualified to act on their subjective conclusions. Where these conclusions are key to the continuing success of the business this internal process opens up the possibility of failure – what if you have failed to consider all the possible...

Saving to make future tax payments

Whether you are self-employed or run your business through a company, the profits you produce are subject to tax less any reliefs for past losses or investments in assets that qualify for tax relief.  As most accounts software packages do not allow for these tax...

Prepare for the unexpected

How do we plan for the unpredictability that is a recurring feature of our business lives? Brexit, COVID-19, and now the war in Ukraine, all conspire to create trading conditions that can best be described as chaotic. Present challenges include increasing energy and...

Landlords and Making Tax Digital

Landlords are described by HMRC as a property business and yet their income, rents received, is treated as an exempt transaction for VAT purposes, i.e., landlords do not need to register for VAT and submit quarterly returns. The only exception is if a let commercial...

Happy new tax year

Like so many of the regulations that govern our lives, the legislative processes underpinning these rules are anachronisms – things that belong to the past. For example, the present tax year ends on 5th April 2022. The reason that our tax year ends on this obscure...

One week left to pay self-assessment bills

Self-Assessment taxpayers have until 1 April 2022 to pay their tax bill for 2020-21 or set up a payment plan to avoid incurring a penalty. A payment plan, if agreed with HMRC, will allow a taxpayer to spread the cost of their bill into manageable monthly instalments....

Energy bills support 2022

We have summarised below the three main sources of government support to assist householders with their energy bills for the coming year. They are: A £200 discount on their energy bill this Autumn for domestic electricity customers in Great Britain. This will be paid...

Spring Statement 2022

Caught between a rock and a hard place the Chancellor, Rishi Sunak, presented his Spring Statement which updated parliament on the current state of the economy as published by the Office for Budgetary Responsibility (OBS).  It also included a number of tax and NIC...