By Alexander Bari Personal tax planning before the end of the tax year is important to ensure you make the most of tax reliefs and allowances. Despite there not being many changes to tax rates and reliefs in the Autumn Statement 2023, there are still opportunities to save tax by wisely using tax reliefs and […]
Although the lifetime allowance was effectively abolished from April 2023 as the lifetime allowance charge was removed, it has been retained on statute for a year to allow time for the intricacies to be ironed out. Draft legislation, to take effect from 6 April 2024, has now been published.
There are many things to consider around the timing of your business sale, including current economic climate, the stage of your business life cycle, the health of your business, tax planning and management team strength to name but a few.
Traditionally a CFO’s role was focused on managing and reporting a company’s financial position, statutory compliance, cash flow management, keeping finance records and managing the finance team. Today, these are still important areas of a CFO role, but increasingly the role has become far wider reaching and more strategic.
Incentivising employees using an Employee Ownership Trust (EOT)?
Employee ownership trusts can be a great way to incentivise your company’s employees and as an exit and succession strategy for business owners.
With HMRC under pressure to collect more tax owed, it is moving away from the tolerance shown during the pandemic and back towards a normal level of debt enforcement activity. As a result, the number of company winding-up petitions being instigated by HMRC is rising rapidly.
Energy support boost from home-based businesses and employees
The energy price guarantee of £2,500 was extended in the March Budget for a further three months, which is welcome news for employees and any small business owners who work out of residential accommodation.
April 2023 has seen several corporate tax rates and tax thresholds changing. The 2023 tax rates changes could mean a higher burden for many businesses, but some may produce tax planning opportunities.
Exit Strategies: a Business Owner’s guide to exit strategy options
As a business owner, there will come a point when you’ll want to step back from your day to day business and eventually exit. Understanding the types of exit strategies available and the most suitable one for you is a crucial part of exit and succession planning. A business exit strategy is a strategic plan […]
As April looms and previously announced tax increases come into effect, you could be forgiven for thinking as a business owner that the UK Government is working to an anti-business agenda.Has today’s Spring Budget gone some way to correct this, by encouraging entrepreneurship, business investment and a pro-business agenda? Our Budget Summary highlights the main […]
A new business energy bill support scheme is set to run from 1 April 2023 to 31 March 2024 but will be less generous than the scheme currently in effect. Businesses with energy costs below £107/MWh for gas and £302/MWh for electricity will not receive any support. The current scheme runs until 31 March 2023 […]
Tax warnings for online sellers, influencers and content creators
HMRC’s latest wave of ‘nudge letters’ – used to prompt a response from the recipient – has been targeted at online sellers, influencers and content creators warning them that they may not have paid enough tax. It is likely HMRC has obtained information from various online platforms and is using this as the basis for […]
