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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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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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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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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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Companies – claim extended loss relief online

Companies – claim extended loss relief online To help companies realising losses as a result of the Covid-19 pandemic, the loss relief rules were amended to provide for an extended carry-back window. Where companies are making a claim for relief under the extended carry-...

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Making Tax Digital (MTD) for VAT for all

MTD for VAT for all Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for VAT-regis...

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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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Corporation tax increases soon to take effect

Corporation tax increases soon to take effect Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now. While the changes do not come into effect for a year, applying from the financial ye...

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