Autumn Statement 2023
Today the Chancellor of the Exchequer, Jeremy Hunt, presented his Autumn statement. Below we break down the keep points and how they will affect you and your business. National Insurance and wages Economy and growth Business tax and…
Business gifts for Christmas
Are you thinking of giving a business gift for Christmas? If so, make sure you know the tax implications before it ends up costing you more than you originally thought. Christmas is not that far away and you…
HMRC adds over 3,000 new compliance staff
In a bid to reduce fraud and error, HMRC have employed over 3,000 new staff in it’s compliance department since the end of the 21/22 year, an increase of 12% in just one year. A report by the…
Is the Christmas party tax allowable?
It may only be October, but many of us will have already booked our work Christmas parties and functions to celebrate. But what are the costs to your business of the Christmas party and what is tax allowable…
Can you borrow money from your limited company?
The simple answer is yes, but there are tax consequences so it’s important you understand what you are doing. From time to time Directors of a company may wish to to borrow money from the business and take…
COMPANY VS SOLE TRADER: BENEFITS AND DRAWBACKS
Should you be a sole trader or a company? We are often asked that question when people are setting up in business, and the truth is it depends on the individual scenario and what you are looking to…
Tax evasion or tax avoidance?
What’s the difference between tax evasion and tax avoidance? Celebrities and sports stars alike have been in the news in recent years, hitting the headlines for their tax avoidance. But they haven’t done anything illegal. We will leave…
Who should be in your work place pension?
Since they were introduced in 2012 more than 20 million people have been automatically enrolled into workplace pensions. Every business that employs staff who meet the criteria should be automatically enrolling workers into a pension scheme, deducting contributions…
What interest can you charge customers on late payments?
From time a customer may pay you late, and you may be ok with that. But when the problem becomes persistent, it can effect your own cash flow and the ability to run your own business. However, you…
What are the different VAT rates and what do they mean?
We are often asked ‘what all the different VAT rates are and what they mean?’ Zero-rated is the same as Exempt, right? Wrong. Read our guide below to make sure you understand the difference between all the rates…