The Spring Budget 2024, delivered by Chancellor Jeremy Hunt on 6 March, was hailed as the “year of the SMEs” by the government. The budget contained several measures to support small business growth, reduce tax burdens, and boost investment. Here are some of the key announcements that will affect small businesses: National Insurance cutThe government…
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How to Plan better for your tax bill
We’ve all been there… As business owners, we generally pay our taxes AFTER we’ve made the money which in most cases is up to a year after the event! Who remembers how much they’ve made a WHOLE YEAR LATER? I mean, I can’t even remember what I had for breakfast let alone how much tax…
Read MoreThe Need-To-Know for your 2022-23 tax return
If you are a UK taxpayer who needs to file a Self Assessment tax return, you might be wondering when the deadline is and what happens if you miss it. In this blog post, we will answer these questions and provide some tips on how to avoid penalties and reduce your tax bill. What is…
Read MoreHow to put my Michael Kors Handbag through the business…
I recently had a meeting with a client with an attractive designer laptop bag/handbag which got me thinking…..would it be an eligible business expense? If you run your own business you might be wondering if you can claim the cost of a handbag as a tax deduction for your business. After all, you need a…
Read MoreQ: I’m a sparky and the builder I work for has deducted tax from my invoice. Is that right?
A: If you work in construction and you invoice another business (contractor) rather than the home-owner or “end-user” then the business that is paying you is legally obliged to deduct tax from your invoice under the Construction industry scheme (CIS) rules and in this scenario, you are the subcontractor. The tax that the contractor has…
Read MoreThe New National Minimum Wage from April 2023 is going UP!
From this April 2023, the national minimum wage is going up across the board – this means there’s a 10% payrise for all affected. This means that someone full time currently earning a salary of £18,525 can expect their new salary to be £20,319 from the 1st April 2023. This is the employer’s responsibility to…
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