The UK’s Mini Budget – Key Takeaways
Kwasi Kwarteng set out the UK Government’s key policies to tackle soaring energy costs and inflation in his first Budget which has been referred to as an ‘emergency Mini-Budget’. The Chancellor previously stated a ‘new era for Britain’ with growth at the forefront of any actions will be implemented. This is in line with Liz […]
Where to Start on Closing a Company
Hundreds of thousands of people in the UK set up a limited company every year hoping to succeed. Unfortunately, to found a startup means to risk a high failure rate. 20% of businesses fail in their first year and around 60% will go bust within their first three years. Not only new businesses can close […]
Electric Vehicle Charge Point Installation Grant
Employers across the UK are considering their fleet and company car policies with the increasing demand and government recommendations towards electric vehicles. With electric vehicles becoming more common, we are commonly receiving questions regarding how electric vehicles will be charged. There are notable tax benefits associated with electric vehicles such as low benefit in kinds […]
Autumn Budget Announcements
The 2021 Autumn Budget was the first in 3 years. To our relief, we were able to hear a budget that positioned the pandemic behind us and a new age of optimism for the country and how the Tory Government sees the near future ahead. We were fearing significant tax hikes in different areas of […]
Do you need a UTR number?
A UTR number is your ‘unique taxpayer reference’ number. HMRC assigns each self-assessment taxpayer a different number in order to track their tax records. Once you get your UTR number it stays with you all your life, in the same way as your National Insurance number. The UTR number helps HMRC identify you and process […]
National Insurance increase from April 2022
From 6 April 2022 to 5 April 2023 National Insurance contributions will increase by 1.25%. This will be spent on the NHS and social care in the UK. The increase will apply to: Class 1 (paid by employees) Class 4 (paid by self-employed) secondary Class 1, 1A and 1B (paid by employers) The increase will […]
HMRC Late Payment and Interest Harmonisation
The Government is reforming sanctions for late submission and late payment to make them fairer and more consistent across taxes. The changes will initially apply to VAT and Income Tax Self-Assessment (ITSA). The changes will apply to VAT customers for accounting periods from 1 April 2022, to ITSA customers with business or property income over […]
Making Tax Digital (‘MTD’) for Income Tax
From April 2023, things are changing for individuals with ‘Turnover’ or ‘Rental income’ that exceeds £10,000. Continue to read this article to understand what MTD for Income Tax is and whether you are one of the millions affected. If you are a Limited Company, MTD doesn’t apply to you yet. This is expected to come into legislation by April […]
Guide to Tax as a Limited Company
Have you set up a limited company or you’re about to? Look no further as this practical guide will help you understand the core principles of a UK limited company and its tax implications. There are many taxes to consider that may have left you confused and overwhelmed where to start such as Corporation Tax, […]
How to tell HMRC when you have started a business (Self-Assessment registration)
The first step in letting HMRC know you have started your own business is to register for self-assessment (including class 2 contributions). This is the same process for all self-employed individuals. You must follow the link above and follow HMRC’s long winded process of requesting your details by 5 October following the end of the tax […]