UK corporation tax rates change from April 2023. We’ve summarised the big changes and explained the importance of working these new rates into your business tax planning. #corporationtax #business Did you know that the UK corporation tax rates are changed from April 2023? From 1 April 2023, the rate of corporation tax changes from 19% to a variable rate...
If your business's annual revenue surpassed the VAT threshold—currently £85,000—during the previous 12 months, or if you anticipate it will do so within the next 30 days, you are required to register for VAT. The 12-month period is a "rolling period," and thus, it is not dependent on your accounting year or the tax year. If you purchase...
As a small business owner in the UK, filing taxes can be a daunting and complex task. With the ever-changing tax laws and regulations, it’s no surprise that many small business owners are tempted to tackle their own taxes. But, filing taxes on your own is a risky and costly venture and can lead to mistakes, missed deductions,...
As a small business owner, you always look for ways to save money and reduce expenses. One way for you to do this is to make your small business tax-efficient. Taking advantage of certain tax breaks and deductions can lower your tax bills and help you keep more of your hard-earned money. There are several ways to make...
We live in what might be seen as ‘interesting times’. UK politics is going through a turbulent and unpredictable time at present, leading to unforeseen changes to tax legislation, business reliefs and enterprise incentives across the board. When the goalposts keep moving so frequently, it can be confusing: Is your business meeting the right tax compliance goals?What are...
You will still need to submit your Self Assessment tax return as normal this year. HMRC uses this to calculate how much tax you owe as a small business owner, freelancer, or partnership. A self-assessment tax return can be a complicated and stressful process. Many people find it difficult to understand and complete their return. This is where...
One of the key reasons you trade through a limited company is to reduce your liability as a director. And one key benefit of getting incorporated as a company is that you – as a company director – are not generally liable for any amounts owed by the company. But, did you know that, under some circumstances, HM...
Doing taxes is every law-abiding citizen's responsibility. After all, the government won't have the funds to provide the services we all rely upon without our taxes. For this reason, everyone is encouraged to arrange their taxes before the due date to ensure they avoid penalties. It's also recommended because you get perks, such as returns. Tax returns are...
It’s been a whirlwind few weeks in both UK finance and politics. As you may have seen, the new Chancellor of the Exchequer, Kwasi Kwarteng, has U-turned on his decision to remove the 45p rate of income tax. This means that the additional rate of income tax will remain at 45%. What was announced in the mini budget?...
When it comes to tax, you may be required to file a few different types of returns. Two of the most common are the tax return and the VAT return. Though they may have similar names, some key differences exist between these two types of returns. What is a Tax Return? A tax return is a self-assessment that...
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