As we move into the final months of the 2023/24 tax year, it is time to give some thought to whether you have used your 2023/24 dividend allowance yet, and whether it is worth extracting further profits as dividends before…
Let’s take a look at what the National Insurance cut means for employees and directors. In his November 2023 Autumn Statement, the Chancellor announced a reduction in the main primary rate of Class 1 National Insurance from 12% to 10%.…
We are often asked by clients, should I register for VAT voluntarily and the answer is usually, it depends. Of course, you must register for VAT if your VAT taxable turnover for the last 12 months exceeded the VAT registration…
Chancellor Jeremy Hunt has unveiled the government’s tax and spending plans, and forecasts for the economy in his Autumn Statement. Unveiled was a plan to reduce debt, cut taxes and reward work aimed at building a stronger and more resilient…
Despite dividend tax rates being charged at 33.75% (higher rate taxpayers) or 39.35% (additional rate taxpayers), generally dividends remain the most tax-efficient method of taking profits from a company. On incorporation it is usual for all shares issued to be…
The Chancellor, Jeremy Hunt, has announced that he will present the Autumn Statement 2023 to Parliament on 22 November. The Office for Budget Responsibility (OBR) have been commissioned to prepare an economic and fiscal forecast to be presented to Parliament alongside his…
If you need to file a Self Assessment tax return for 2022/23, you have until midnight on 31 January 2024 in which to do this, as long as you file online. However, HMRC have been encouraging taxpayers to file their…
Focal Business Group is partnered with the award-winning bank, Starling, to support clients with their business banking requirements. When business owners told Starling what they wanted from a bank account, they listened. Helpful features, no monthly fees, a super-fast setup…
If you let out a property, you can deduct the business expenses that you incur when working out your taxable rental profit. The rules governing the expenses that you can deduct depend on whether you prepare accounts using the cash…
Business rates are charged on non-domestic properties like shops, offices, warehouses, factories and holiday rentals or guest houses. However, if your property’s rateable value is less than £15,000 and your business only uses one property, you may be entitled to…
