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 | 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 30, 2023 | Business Tax, Personal Tax, Taxation
Marketing companies know that personal letters sent directly to customers are more powerful than broadcast or printed adverts. HMRC is now using this technique to recover unpaid tax. HMRC matches data from a wide range of sources to tax returns and will write to...
