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

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...

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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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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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Have you claimed the Employment Allowance?

Have you claimed the Employment Allowance? The Employment Allowance is a National Insurance allowance that eligible employers can claim and set against their secondary Class 1 National Insurance liability. The allowance is set at £4,000 for 2021/22 (capped at the emplo...

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Is it worthwhile making additional pension contributions before 6 April 2022?

Is it worthwhile making additional pension contributions before 6 April 2022? It is prudent to plan ahead for retirement and tax breaks are available to encourage savings into a registered pension scheme. Contributions into a registered pension scheme attract tax relief...

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Gifts – beware capital gains tax may be payable

Gifts – beware capital gains tax may be payable The nature of a gift is that it is something that is given to some without receiving a payment in return. Consequently, as nothing is received in return it would, at first sight, seem unlikely that making a gift could trigg...

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Tax relief for pre-trading expenses

Tax relief for pre-trading expenses There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Tax legislation recognises that pre-trading expenses are inevitable for many businesses. Pre-trading expenses may incl...

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