Month: April 2022

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Tax planning 2022-23

Planning to save tax may seem like a luxury buy in these days of rising prices and recovering from COVID fallout. And yet tax planning is of real value in these uncertain times. Whether your income and profits are increasing...

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Rising prices – inflation and the background

We are all feeling the effects of inflation, increasing energy, fuel and the price of basic foodstuffs affect us all. The Government Actuary’s Department has posted a blog article recently – Inflation, its personal – written by Christopher Ward, Actuary....

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Reorganising company structures to save tax

When corporation tax increases from 1 April 2023, companies will need to consider three scenarios: From 1 April 2023: The main corporation tax rate is increased to 25% where profits are over the upper profits limit, set at £250,000. A...

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The value of objectivity

Many business owners feel qualified to act on their subjective conclusions. Where these conclusions are key to the continuing success of the business this internal process opens up the possibility of failure – what if you have failed to consider...

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Planning for the unexpected

How do we plan for the unpredictability that is a recurring feature of our business lives? Brexit, COVID-19, and now the war in Ukraine, all conspire to create trading conditions that can best be described as chaotic. Present challenges include...

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Saving to meet future tax payments

Whether you are self-employed or run your business through a company, the profits you produce are subject to tax less any reliefs for past losses or investments in assets that qualify for tax relief. As most accounts software packages do...

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Landlords and Making Tax Digital

Landlords are described by HMRC as a property business and yet their income, rents received, is treated as an exempt transaction for VAT purposes, i.e., landlords do not need to register for VAT and submit quarterly returns. The only exception...

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Happy new tax year

Like so many of the regulations that govern our lives, the legislative processes underpinning these rules are anachronisms – things that belong to the past. For example, the present tax year ends on 5th April 2022. The reason that our...

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Corporation tax increase

The present 19% rate of Corporation Tax applies to all companies whatever their size. From 1 April 2023, this flat rate will cease to apply and will be replaced by variable rates ranging from 19% to 25%. A small profits...

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Change of accounting year end

In preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment the basis period rules for unincorporated businesses are being abolished. Instead, unincorporated businesses will be assessed on the profits actually earned in the tax year. The new...

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