Latest General Practice

With the tax year end approaching, we are busy assisting our clients with end of year planning. Pension contributions before 6 April 2024 are a valuable planning tool for all taxpayers, whether they are self-employed, Company directors or employees. Additionally we also have opportunity to support our clients when it comes to occupational schemes which,…

*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…

With the reduction in employees National Insurance (NI) through the Autumn Statement, to 10% and the drop in the dividend allowance to only £500 from April 2024. Alongside the previously announced rise in Corporation Tax rates. The question directors will ask again is, am I better paying myself a higher salary rather than dividends?  …

Until inflation is under control, HMRC have no option but to adjust their interest rates in accordance with changes decreed by the Bank of England.   There are two rates to consider, both linked to the Bank of England base rate: Late payment interest, set at base rate plus 2.5% Repayment interest, set at base…

[Data Source] Now that we are well into preparing 2023 year end accounts for our business client, we are getting are a proper feel of what is happening out there growth wise.  As can be seen from the above, SME’s had a strong 2022, growing by 11%, as they caught up lost sales from the…

The UK Government recognises that payroll auto-enrolment pension contributions need to increase in order to cover projected short-falls in personal pension pots. A private members bill (Extension of Automatic Enrolment No 2) has received a second reading in the House of Lords & is scheduled to return to the Commons in September. The aim is…

The government has launched a web database for organisations to search and apply for government grants:   https://www.find-government-grants.service.gov.uk/   There are currently 69 government grants on the database, but it is expected that this will grow over time. Business grants, for this region of the country, that immediately catch my eye, include:   Woodland Creation…

What exactly is cryptocurrency? Cryptocurrency (crypto) is a form of decentralised digital currency.  Although there is no central issuing and regulating authority like with traditional currencies like GBP or USD, there are still taxes on crypto in the UK. Crypto assets like Bitcoin and Ethereum have always been popular with investors and tech enthusiasts, but…

It always used to be the case that HMRC inspections were decided by a business’s background including size, compliance, complexity etc. Many VAT inspections now, however, are based on information from a data system which HMRC call “Connect”. Instead of HMRC relying on information provided by businesses on VAT returns, Connect draws on statistics from…

With the UK tax system as complicated as ever, there are certain rules which we come across that can very easily give a particularly unexpected (and unpleasant) consequence. Income Tax When either parent has taxable earnings over £50k (after personal pension contributions), entitlement to child benefit is reduced. As higher rate income tax starts at…