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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency

National Insurance changes for the self-employed

National Insurance changes for the self-employed Self-employed people will pay two classes of National Insurance contribution, Class 2 and Class 4, should their profits be high enough. Class 2 contributions are flat rate contributions of £3.15 per week for 2022/23. It ...

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Loans to directors – beware of the higher section 455 charge

Loans to directors – beware of the higher section 455 charge Section 455 tax is payable by a company where a director’s loan remains outstanding at the corporation tax due date. Directors and shareholders in close companies are often able to influence the payments t...

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Do you work from home? You may be entitled to tax relief post Covid-19

Relief for working from home expenses post Covid-19 The Covid-19 pandemic forced large numbers of employees to work from home for the first time. Having made the transition to home working, post pandemic, many employees have continued to work from home some or all of the t...

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Corporation tax – are you ‘associated’?

Corporation tax – are you ‘associated’? The corporation tax rules are changing from 1 April 2023, and the amount that a company will pay will depend on the level of its profits, and also whether or not it has any associated companies. Briefly, from 1 April 2023, c...

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Should I change my accounting date?

Should I change my accounting date? It is possible to change your accounting reference date to make your company's financial year longer or shorter than 12 months. However there are certain considerations to take into account. In preparation of the introduction of MTD f...

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High Income Child Benefit Charge (HICBC) – not just for higher rate taxpayers

High Income Child Benefit Charge – not just for higher rate taxpayers The High Income Child Benefit Charge (HICBC) is a tax charge that claws back payments of child benefit where the recipient or the recipient’s partner has income of at least £50,000 per year. Where b...

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Plan capital expenditure to benefit from time-limited reliefs

Plan capital expenditure to benefit from time-limited reliefs Unincorporated businesses and companies planning capital expenditure projects need to be aware of some time-limited reliefs. Timing capital expenditure to benefit from these reliefs can be financially beneficial...

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National Insurance changes from July 2022

National Insurance changes from July 2022 Although the National Insurance rates and thresholds for 2022/23 had already been set, at the time of the Spring Statement in March 2022, the Chancellor announced increases in the primary threshold which would align the starting po...

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How to claim tax relief for employment expenses

How to claim tax relief for employment expenses If you are an employee and you personally incur expenses in carrying out your job, you may be able to claim tax relief for those expenses. Relief is only available for employment expenses that you must incur, rather ...

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Use simplified expenses to save work

Use simplified expenses to save work A lot of time and paperwork can be saved by claiming expenses using the simplified rates, rather than recording and deducting actual costs. However, if the deduction is considerably higher using actual costs, the additional time investm...

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