Latest General Practice

From Monday 3 October 2022, the UK government has changed the ‘small’ company threshold, which is expected to remove 40,000 businesses from certain reporting regulations. Since January 2016, a company qualifies as ‘small’ in the year that it does not exceed two or more of the following: Annual turnover:                                   £10.2m Gross Assets:       …

Adding to the plethora of red tape, there is now a requirement for overseas entities (ie a legal entity, such as a company or other organisation, that has legal personality and is governed by the law of a country or territory outside the UK) who own or lease property or land in the United Kingdom…

Less than 10 days after the government announced their ‘Growth Plan’ (otherwise known as the ‘mini-budget’), the chancellor has announced that the government will not proceed with the proposed plans to cut the 45p tax rate cut which was intended to come into effect from April 2023.   As the government seem to be acting…

The High Income Child Benefit Charge (HICBC) was introduced in 2013 but with rising inflation and wages being pushed up this may mean that you may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’ (HICBC), if you have an individual income over £50,000 and either:   you or your partner…

Cambridgeshire County Council has just relaunched its Business & IP Centre (BIPC) ‘Jumpstart’ grant scheme, to help startup businesses in Cambridgeshire. Main eligibility criteria: Your business must have been registered, in Cambridgeshire or Peterborough, on or after 1 November 2021, or be registered within two months of receiving the grant. You must be 18 or over.…

There is now less than a calendar month before the self-assessment (SA) deadline for registering with HMRC (5 October 2022). Do not delay – register today!   If you are not sure if you need to file an SA tax return, did you, between 6 April 2021 and 5 April 2022:   Commence working for…

In working out what income you will need in retirement, there are many factors to take into consideration. You are not only having to look ahead 20, 30, maybe 40 years into the future, you are also having to look at your outgoings in the here and now and having to work out what you…

VAT registered businesses with turnover exceeding £85k have been required to keep digital records and file VAT returns through making tax digital (MTD) compatible software for more than three years. All remaining VAT registered business have been moving across to this system since 1 April 2022.   HMRC have now announced the old VAT portal…

For around the last 20 years or so, the tax treatment of company cars has continually become less attractive. The value of the benefits in kind, taxable on the employee, has increased quicker than inflation, and the capital allowance tax deduction, for the business, has become more and more diluted. As part of its plans…

For many SME owner-managed businesses, the tax optimum director remuneration structure for many years has been one of a low salary accompanied by high dividends. This allows Companies to take advantage of low dividend tax rates and, in many cases, no employers national insurance to be paid by the company (if paid at the Secondary…