by Paul Whyatt | Aug 7, 2023 | Business Advice, Business Tax, Taxation
When HMRC asks for more PAYE than you have deducted from your staff’s wages, it is often the result of double-counting somewhere in the process. A persistent bug in the PAYE system is caused by the HMRC computer creating a duplicate employment record which it...
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 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 | Mar 30, 2023 | Business Advice, Business Start-up, Business Tax
Last Autumn the Chancellor cut the enhanced deduction for expenditure by SME companies on R&D projects from an extra 130% to 86% and the payable tax credit from 14.5% of the loss surrendered to 10%. These new rates will come into effect for qualifying R&D...
by Paul Whyatt | Mar 16, 2023 | Business Advice, News
The national minimum wage (NMW) and national living wage (NLW) rates are due to rise significantly for pay periods starting on and after 1 April 2023. See below for the new rates. Workers aged 23 and above – hourly rate from 1 April 2023 – £10.42...
by Paul Whyatt | Mar 6, 2023 | Business Advice, Business Tax, Personal Tax, Taxation
Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Other family members may also hold shares in the company and receive a dividend each year. Currently, the first £2,000 of dividends received by each...
