Chancellor Jeremy Hunt used his Autumn Statement to deliver a fiscal pick-me-up for the Conservative backbenchers at the start of an election year with a 2% cut to national insurance, and making the full expensing capital allowance scheme permanent. Here are the relevant points that impact small businesses: For the self employed, Hunt abolished class…
Read MoreCategory: Accountants
Good news for UK employees! no more tax returns if you earn less than £150,000
If you are an employee in the UK who earns more than £100,000, you may be familiar with the hassle of filing a self-assessment tax return every year. However, this is about to change from the 2023-2024 tax year, as the government has announced that the income threshold for needing to submit a self-assessment form…
Read MoreHow to reduce your capital gains tax when selling your second home
If you own a second home, such as a holiday cottage, a buy-to-let property, or an inherited house, you may have to pay capital gains tax (CGT) when you sell it. CGT is a tax on the profit you make when you sell an asset that has increased in value. The current CGT rates for…
Read MoreCan I split my business to avoid registering for VAT?
If you are a trader who is close to or above the VAT registration threshold (which is currently £85,000 on a rolling 12 month basis), you might be tempted to split your trade into two smaller businesses, or even been told by friends “in the know” to do this to avoid charging VAT to your…
Read MoreSave £252 a year with Marriage allowance
Marriage allowance is a tax benefit that allows you to transfer some of your personal allowance to your spouse or civil partner if they earn more than you. Your personal allowance is the amount of income you can earn tax-free each tax year. By transferring some of your personal allowance, you can reduce your partner’s…
Read MoreGot Covid? Had to close? Lost income?
If you or one of your dependents have caught covid which means you are unable to work, then you could be eligible for a £500 “test & trace” payment. You are eligible if: you’re employed or self-employed you, or a child you’re the parent or guardian of, has tested positive for coronavirus (COVID-19), or been…
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