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If you have a personal or family company, taking dividends is a popular and tax-efficient way to extract profits. However, while they remain tax efficient, recent tax changes have eroded some of the advantages. What do you need to know…

Many businesses view entertaining clients and customers to be an important part of their marketing budgets, whether as a networking opportunity, a thank you for business or an incentive to attract more business – but what are the tax rules?…

Property is generally a good investment, and where an investment property or second home has been held for many years, it may be worth considerably more than you paid for it. It may be tempting to sell the property to…

Chancellor Jeremy Hunt has today delivered his spring budget. His relatively uneventful announcement aims to trim inflation whilst boosting productivity and growth. Here are our highlights.  Inflation  The OBR (Office for Budget Responsibility) expects inflation, currently at 10.7%, to fall…

The rate of tax payable by a close company on outstanding directors’ loans depends on the date on which the loan was made. Read this article to find out the order in which loans should be cleared.  Directors’ loans can…

Not only is corporation tax changing, associated company rules are being reintroduced as well. As of 1 April 2023, companies with taxable profits of more than £250,000 will pay corporation tax at the main rate of 25%. Companies with taxable…

The trading allowance enables an individual to earn up to £1,000 from self-employment, the provision of casual services (such as gardening or babysitting) or from hiring out personal equipment without having to pay tax on that income or tell HMRC…

Changes to the dividend allowance were announced in the Chancellor’s autumn statement and will come into effect from April 2023. The Dividend Allowance The dividend allowance is available in addition to the personal allowance. It allows all taxpayers regardless of…

We’ve pulled together some useful dates and deadlines for business owners as they navigate 2023. Whilst most dates remain unchanged from one year to the next, a handy reminder is always welcome.  Personal Tax Dates and Deadlines With Blue Monday…

The VAT default surcharge has been replaced with new VAT penalty and interest rules. The new regime applies to VAT accounting periods beginning on or after 1 January 2023.  The changes aim to simplify and separate penalties and interest What…