Chancellor of the Exchequer Rachel Reeves said she was taking difficult decisions after a Treasury spending audit revealed £22 billion of unfunded pledges. Ms Reeves confirmed that the Autumn Budget will take place on 30 October. In a statement to Parliament,…
HMRC has launched a digital tool to help businesses estimate what registering for VAT may mean for them. The VAT Registration Estimator helps to show businesses when their turnover could require them to register for VAT and its effect on profits.…
The British Business Bank has launched the Growth Guarantee Scheme to help smaller businesses access finance. The Growth Guarantee Scheme is the successor to the Recovery Loan Scheme and is expected to support around 11,000 smaller businesses. The British Business Bank…
HMRC will send Simple Assessment tax statements to pensioners in the next few weeks. The combination of frozen tax thresholds and a substantial increase to the state pension has led to many more pensioners being dragged into paying income tax…
Jeremy Hunt’s Autumn Statement earlier this week has shone a light on National Insurance, but what is National Insurance and what do the changes mean? National Insurance contributions allow people to qualify for certain benefits and the State Pension. There…
What is VAT? Value Added Tax (VAT) is a consumption tax that is levied on the value added to goods and services at each stage of production or distribution. In the UK, businesses collect VAT from their customers on behalf…
In the UK, individuals and entities who meet certain criteria are required to register for self-assessment tax returns. Here's a general overview of who may need to register: Self-Employed Individuals: If you are self-employed and earn more than £1,000 you…
Sometimes as an employee you may incur expenses for your job, but can you get any tax relief for these items? In some circumstances tax relief may be available if you use your own money for expenses that you must…
Corporation tax in the UK is a tax levied on the profits of limited companies, foreign companies with a UK branch or office, and some other organisations like clubs and associations. It is not applied to sole traders or partnerships;…
There are various advantages and disadvantages to consider when deciding whether to operate as a limited company or sole trader, here are some things to think about; Limited Company: Benefits: Limited Liability: One of the most significant advantages of a…
