Introduction A few clients have asked me recently to explain some of the rules around gifts and inheritance tax. One interesting rule is the ‘Gift with reservation of benefit rule’. I talk about this a little here. As you probably know, if you give an asset away and survive for 7 years, then there’s usually […]
Find out moreQuick summary and our view The Spring Statement 2023 (effectively a mini budget) might be good for the economy, but it doesn’t seem very good for companies, and is particularly harsh for small small companies. Why? Because: So, small companies are hit by both higher tax rates and a reduction in allowable expenses. We have […]
Find out moreThe Chancellor announced his new Growth Plan on Friday 23rd September 2022. Highlights: Basic rate Income Tax has been reduced to 19% from 20% and the 45% band will be abolished Corporation Tax will remain at 19% and will not increase to 25%, as was previously planned Both the employers’ and the employees’ National insurance […]
Find out moreMarginally beneficial to small companies and lower paid individuals The Spring Statement (effectively a mini budget) reduces the tax burden slightly on lower paid and smaller companies. The most relevant announcements to our clients are an increase in the tax-free allowance for National Insurance (beneficial to businesses and employees) and an increase in the Employment […]
Find out moreThe tax on companies is going up There are some big tax changes scheduled to be introduced over the next couple of years, which means that company tax bills are going up. You can mitigate some of the tax increases by thinking ahead and acting appropriately. This note provides you with some pointers and themes […]
Find out moreElectric vehicles tax benefits Replacing your company vehicle with an electric vehicle offers several tax benefits that can reduce your costs and help protect the environment. The UK government has set a target to ban the manufacture of petrol, diesel and hybrid vehicles by the year 2030. From 2024, the Government is expected to require […]
Find out morePlastic Packaging Tax From April 2022, the UK government is set to introduce a new tax on plastic packaging. If you manufacture or import plastic packaging into the UK, it needs to contain at least 30% recycled plastic. Otherwise, you’ll be subject to a tax of £200 per tonne. This tax will apply if you […]
Find out moreNational Insurance is increasing from April 2022 From April this year, most people and businesses will pay 2.5% higher National Insurance contributions. This table illustrates how contributions stand at present and how they will look after 1st April 2022, at the start of the new tax year. Employee’s NI Employer’s NI Currently 12.00% 13.80% From […]
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