by Paul Whyatt | Jun 14, 2023 | Business Tax
Occasionally you may reward your employees with something special such as a holiday or a hamper. If the value exceeds the tax-free amount permitted under the rules for say long service awards, trivial benefits or staff suggestions it will be taxable. To avoid your...
by Paul Whyatt | Jun 9, 2023 | Business Advice, Business Tax
The ‘super deduction’ capital allowances, which provide companies with a deduction of 130% of the cost of new plant and machinery, ended for expenditure incurred after 31 March 2023 as scheduled. The Chancellor proposed a new system of full expensing of...
by Paul Whyatt | Apr 21, 2023 | Business Tax, Personal Tax, Taxation
It’s easy to forget the hidden tax rises which are created by frozen and cut allowances, so here is a quick reminder. The tax-free personal allowance will be frozen at £12,570 for six years from 2021/22 to 2027/28 and the related marriage allowance is fixed at £1,260...
by Paul Whyatt | Apr 14, 2023 | Business Advice, Business Tax, Taxation
The Budget confirmed that the main rate of corporation tax will rise from 19% to 25% on 1 April 2023, but the small profits tax rate will stay at 19% where the company’s profits do not exceed £50,000. The Chancellor failed to highlight that the effective...
by Paul Whyatt | Apr 14, 2023 | News, Taxation, VAT
In addition to the new VAT late-filing penalties there is also a new system of penalties for late paid VAT. For VAT periods beginning on and after 1 January 2023, you will have up to 15 days to pay your VAT, or arrange a time to pay agreement, before HMRC charge a...
