Budget 23-24
PAYE Tax code changes The emergency tax code for the 2023/24 tax year remains at 1257L, and there are no uplifts in tax codes. The tables below show the bandwidths for the rest of the UK, Scotland and Wales. Rest of UK Bandwidths & Rates From (£) To (£) Rate (%) Band 0.01 37,700.00 20 Basic […]
Earning £100k+ and on the wrong tax code?
You’d be surprised by how many people earning over £100,000 are not aware that they need to do a tax return. In fact, it catches loads of people out year on year because having to do a tax return for being a high earner is not widely publicised by HMRC. They’re not deliberately trying to […]
Minimum Director’s Salary
What’s the Most Tax Efficient Director’s Salary in 2022/23? As a director you’re legally separate from your limited company, even if you’re also the owner. This means that you’re not allowed to simply keep the profits for yourself in the same way that a sole trader can. Instead, you’ll need to decide how much […]
Do I need an accountant to do my Self-Assessment tax return?
Now that we are approaching the end of the year, we are all starting to think about our taxes, and as the tax deadline is just a few months away, the sooner you get your self-assessment tax return file prepared, the better. This will also save you from a lot of worries. With that being […]
Bookkeeping Blog and Resources for Small Business
Whether it is a startup or an established organization, bookkeeping services are important for everyone. However, small businesses work on a very tight budget, and they also do not have sufficient resources available who would carry out all the bookkeeping and accounting services. So, it becomes very important for such companies to rely on bookkeeping […]
Why won’t HMRC talk to you?
When HMRC refuses to talk to a tax agent the problem is usually a missing client authorisation to act, but there are numerous and confusing ways to secure this. The most common way to authorise an agent to act is for a new client to complete a form 64-8, either online or on paper.
Share schemes: Tax-efficient employee rewards
Smaller companies are finding share schemes offer a cost-effective way to show employees they are appreciated. Cash bonuses or vouchers are the simplest and most common way for employers to express their appreciation for employees. Sometimes to remain attractive to employees, businesses will also provide additional benefits such as a company car, private medical cover […]
NIC changes: What you need to know
Here’s what you need to know about the changes to national insurance contributions announced by Rishi Sunak on 23 March. Employers’ class 1 NIC The secondary class 1 NIC rates and thresholds (paid by employers) were not altered in the Spring Statement, and the rate is increasing from 13.8% to 15.05% on 6 April 2022. […]
When is corporation tax going up?
Currently all companies, regardless of the size of their profits, pay corporation tax at the rate of 19%, which will continue until 31 March 2023. From 1 April 2023, a new higher rate comes into effect for companies with profits over £50,000. They will face a significant increase and must pay corporation tax at a […]
Update on Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA)
Key developments in the roadmap for MTD. The Government has announced in a Written Ministerial Statement (WMS) that MTD for Income Tax Self Assessment (ITSA) will be introduced a year later, in the tax year beginning April 2024. This is in recognition of the challenges faced by many UK businesses and their representatives, as the country emerges from the pandemic over […]