2024 Spring Budget Highlights for Small businesses

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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Autumn budget – hear my views on BBC Radio Cambridgeshire today 23/11/23

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…

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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…

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Can 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…

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