Latest Business Tax

With the upcoming General Election we are thinking about tax planning for SMEs.   The 4th July election day will be with us before we know it and many SME business owners are starting to think about whether they should undertake any protective actions. Especially if they think a change in government is looking likely.…

What has changed when it comes to VAT Thresholds for Small Businesses?   The Spring Budget this year introduced significant changes aimed at alleviating the administrative burden on small businesses in the UK. One of the key updates announced by Chancellor, Jeremy Hunt, was the increase in the VAT registration thresholds, effective from 1 April…

Beware of VAT refund fraud!   We have become aware of several recent cases where taxpayers’ bank account details have been amended on the HMRC portal, without their knowledge, so that VAT repayments have been fraudulently diverted to a third party.   It seems that HMRC have been acting on the basis of a fraudulent…

Are you thinking about planning ahead for retirement and want to find out more about Pension Contributions for directors?   When it comes to planning for your retirement, Company pension contributions can offer significant benefits in terms of reducing your company’s Corporation Tax bill. Here’s how you can use both personal and company contributions to…

Spring Budget 2024, a Budget to lower taxes and achieve higher growth.   The Chancellor has announced that there is good news for the economy, with the Office for Budget Responsibility (OBR) confirming that inflation is currently at 4% and is likely to reduce below the Governments target of 2% in the next few months.…

*An update on this has since been posted. Click here to read the updated information.*     The tax treatment of double-cab pick-up trucks is set to change with effect from 1st July 2024, and will see the vehicles lose their status as ‘commercial vehicles’ when it comes to company car taxation. This could see…

The Chancellor, Jeremy Hunt, has announced that the Spring Budget will take place on Wednesday 6 March 2024. This will be the Chancellor’s second budget and will include the government’s tax and spending plans as well as new growth and borrowing forecasts.   The Spring Budget could be followed by a general election in as…

We all saw the Autumn Statement on 22 November, but the question is, what’s in it for businesses?   This years three words were unsurprisingly Reduce, Cut and Reward, so with inflation reduced, taxes have been cut and there are rewards to hard work.     National Insurance The biggest headlines relate to National Insurance…

From 1 April 2023 the rules changed so that the rate of corporation tax that a company pays, and when, is dependent on the level of its profits as well as the number of its associated companies.     Rate Of Corporation Tax Standalone companies from 1 April 2023 with profits exceeding £250,000 will be…

HMRC has amended guidance on the tax treatment of electric charging of company cars and vans at residential properties.   Many business owners will have purchased an electric car or van, owned within a company, over the last few years, attracted by the generous business and personal tax treatments. Where this Electric Vehicle (EV) has…