A director’s loan is money taken out of a company by a director that is not a salary, dividend, expense reimbursement or money that has previously been paid into or loaned to the company. A record of money borrowed or paid into the company must be kept – usually known as a director’s loan account […]
As a sole trader, it is only natural to look for opportunities to save money and maximise your earnings. One effective strategy is to consider buying a van, as sole traders can benefit from tax deductions on business-related expenses through Government reliefs like Capital Allowances. Why are Capital Allowances beneficial? Capital Allowances are the tax […]
Taking advantage of green tax reliefs is a good way to reduce how much Climate Change Levy tax (CCL) your business pays. To get these reliefs, your business will need to operate in a more environmentally friendly way. Any business in the industrial, public services, commercial and agricultural sectors is subject to the CCL Tax. […]
HM Revenue & Customs (HMRC) has clarified that if your earnings from interest exceed £10,000, tax may apply depending on the account type. This clarification came when a customer reached out to the tax authority on X to see if they needed to file a tax return after earning more than £2,000 in interest. HMRC […]
As the 2025/26 tax year approaches, it brings several significant changes to HM Revenue & Customs’ (HMRC’s) rules that will impact your business operations, financial reporting, and tax management. Here is a quick rundown of the new rules that are planned for 2025 and beyond: Basis period reform: Fully implemented by 2025, this reform changes […]
Surrey-based accountancy firm TWP is urging business owners to urgently review their payroll budgets and financial strategies ahead of significant changes to Employers’ National Insurance (NI) contributions, set to take effect from April 2025. From April, the Employers’ NI rate will increase from 13.8 per cent to 15 per cent, while the threshold at which […]
The Government made significant revisions to Business Asset Disposal Relief (BADR) in Rachel Reeve’s Budget announcement in October this year. From April 2025, the current 10 per cent rate will rise to 14 per cent, followed by another increase to 18 per cent in April 2026. This change will align BADR with the new lower […]
With the 31 January self assessment deadline fast approaching, HMRC has warned taxpayers to be alert to fraudsters. In the past year, there has been a 16.7% increase in scam referrals to HMRC, with almost 150,000 received in the year to November 2024. A significant proportion of those referrals were fake tax rebate claims. HMRC […]
‘Payrolling benefits in kind’ means that employee benefits in kind (e.g. company cars and medical insurance) are reported to HMRC through the employer’s payroll. Employees’ tax codes are amended so that any income tax due on the benefits is paid throughout the tax year. If a benefit has been payrolled, it does not need to […]
The Government published a ‘Corporate Tax Roadmap’ as part of Autumn Budget 2024. The Roadmap is designed to give corporate businesses (and, in some areas, non-corporate businesses) certainty about the tax framework ahead to give confidence in business decisions being made now. The Roadmap sets out the areas in which the Government intends to maintain […]
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