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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Tax-free savings income There are various ways to enjoy savings income tax-free. However, not all routes are open to all taxpayers – the options depend on the nature of the savings and the saver’s other earnings and marginal rate of tax. Savings Allowance...
Is paying mileage allowances at the approved rate still a good idea?
Is paying mileage allowances at the approved rate still a good idea? Where an employee uses their own vehicle for business journeys, their employer can cover the associated costs by paying a mileage allowance. As long as the allowance does not exceed that payable at the ap...
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 ...
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...
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...
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...
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...
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...
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...
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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