If you’re considering an electric company car, you might be wondering, ‘will having a company Electric Vehicle (EV) save me tax?” At LeeP Accountants, we believe in helping you with the knowledge to make informed financial decisions. Here’s a look at how an electric company car can impact your tax liabilities. Understanding Benefit-In-Kind (BIK) TaxWhen…
Read MoreThe 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…
Read MoreChancellor 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 MoreIf 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 MoreIf 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 MoreWe’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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