If your employer pays for the fuel in your company cars, it may cost you more than you expected.As the Autumn Statement was not a Budget, detailed publications that would normally emerge as the Chancellor sat down have taken time to appear. For example, the HMRC projections of how many more capital gains tax (CGT) […]
Owner-managers have historically benefited by withdrawing profits by way of dividends, rather than taking director’s remuneration, due to the national insurance contribution (NIC) saving. However, tax changes taking effect from April 2023 will mean this approach may no longer be such an attractive option. From 1 April 2023, the current 19% rate of corporation tax […]
The 9.7% uplift to the National Living Wage from April 2023 should be welcome news for lower-paid workers, but could present problems if their employer simply cannot afford the increased cost of employing them. The cost of living crisis is impacting many businesses, especially those in the hospitality sector. Some will cope with rising employment […]
Small company owners should by now be aware of the corporation tax changes taking effect from 1 April 2023, but with the associated company rules changing at the same time, don’t be caught off guard. From 1 April 2023, there will be two rates of corporation tax: Where profits are between £50,000 and £250,000, marginal […]
With today’s highly competitive recruitment market, creating a comprehensive employee retention strategy is becoming more important to companies in all sectors. An employee retention strategy will help your company to reduce employee turnover, ensure an engaged workforce and attract and retain top talent. A clear strategy will consist of programmes and policies that improve employee […]
For owner-managed companies, bonuses, dividends and remuneration will become yet more complex in the new tax year. With the corporation tax increase and dividend rates now confirmed by the Government, the dividend vs remuneration decision for owner-managed companies is likely to become more complicated in 2023/24, particularly when it comes to bonuses. Historically, it was […]
I am pleased to attach our summary of the Autumn Statement 2022 which was delivered on Thursday 17 November. As you will be aware, the Chancellor, Jeremy Hunt, was faced with a challenging economic backdrop to his first major set piece, grappling with a combination of over 11% inflation, an official recession and the need […]
In this year alone, the UK has seen the pound devalued by over 25% against the US dollar, forcing businesses exposed to overseas supply chains to re-budget and reforecast, often resulting in notable price increases for customers. To give some further context to these changes, a UK business with a requirement to purchase $1,000,000 per […]
For owner-managed companies, bonuses, dividends and remuneration will become yet more complex in the new tax year. With the corporation tax increase and dividend rates now confirmed by the Government, the dividend vs remuneration decision for owner-managed companies is likely to become more complicated in 2023/24, particularly when it comes to bonuses. Historically, it was […]
Research & Development Tax Credits – HMRC’s latest move of the ‘goal-posts’
HMRC released their latest amendments to the Research & Development Tax Credits scheme in July, via the draft Finance Bill 2022-23. These changes affect both the Small or Medium Enterprise (SME) and Research & Development Expenditure Credit (RDEC) scheme. Many of these amendments were brought to light within the Autumn 2021 budget, including: Allowing cloud […]
Although showing a slight improvement from March, the number of company insolvencies in April of this year was more than double the number from April 2021. This shows just how important it is to get advice sooner rather than later if your company is experiencing problems. The majority of insolvencies were creditors’ voluntary liquidations (CVLs): […]
New data from HMRC reveals there are now over six million people paying higher or additional rate tax in the UK. Source: HMRC. In recent years, the end of June has been the time for HMRC to issue its annual statistics on taxpayer numbers. This series is more up to date than some of HMRC’s […]
