This week’s Spring Statement brought two announcements that will matter to anyone running their own business or earning income from property.
Tax
The tax traps of director’s loans – How to avoid unnecessary charges
Director’s loans can be a useful way to access company funds, but if not managed properly, they can lead to unexpected tax liabilities.
What tax reliefs can businesses in the creative industry claim?
To support the vibrant sector that is the creative industry, the Government offers an array of tax reliefs and expenditure credits.
Understanding company van expenses for sole traders
If you are a sole trader, you must consider the tax implications of owning a van for business use. For sole traders, a van is often an indispensable tool of the trade.
What are PAYE Settlement Agreements and how can they benefit employers?
PAYE Settlement Agreements (PSAs) are a convenient tool for employers, allowing them to cover the tax and National Insurance contributions (NICs) on specific benefits provided to employees. Read more
Paying tax on time – The importance of timely tax payments
It goes without saying that submitting tax payments promptly is a necessity for businesses, not only to remain compliant but also to avoid unnecessary fines and penalties.
Potential tax increases and their impact on businesses
In recent reports, former Prime Minister Sir Tony Blair has forecasted potential tax increases that could have an impact on businesses across the UK.
The Tony Blair Institute’s chief economist predicts taxes may need to rise by 1.9 percentage points of GDP by the end of this Parliament to stabilise debt, potentially equating to over £50 billion.
Will Labour’s agenda in the King’s Speech signal major tax changes for businesses in 2025?
As the opening of Parliament approaches on 17 July, businesses across the country are bracing for the King’s Speech, which is expected to outline the Labour Government’s legislative priorities for the coming year.
AI in tax investigations – What does it mean for you?
Artificial intelligence (AI) is undoubtedly a major trend in accountancy and tax, with many firms, business clients and Government agencies recognising its benefits and adopting it.
Are you optimising profit extraction from your business?
If you’re a business owner of a limited company, it’s important that you know how to make the most of your after-tax profit to support your personal financial health – known as profit extraction. Read more