News

Incorporate or not to incorporate… that is the question.

The question of what structure a client should trade as comes up again and again – both with start-ups and businesses already in existence.

Autumn Budget

Following the Autumn Budget on 30 October 2024, we are summarising the key announcements to assist our clients and business community in tax planning and decision making.

Understanding Stamp Duty Rules

When buying property, one of the key considerations is Stamp Duty. This additional tax can significantly impact your investment returns, so it’s essential to factor this into your planning. As accountants, we often get questions from clients about how it works. Below is some advice on the rules surrounding it.

Self-Assessment Payments on Account

What are Payments on Account?

Payments on Account are advance payments towards your tax bill. HMRC asks taxpayers who owe more than £1,000 in tax for the year, to make these payments to help spread the cost of their annual tax liability.

HM Revenue and Customs update

In light of this, we are encouraging our clients to set up their own government gateways in order to be able to correspond with HMRC on basic issues.

HMRC Closures

At present, we are on hold between 45-60 minutes for every phone call to HMRC and this is likely to get worse in the next few weeks.

Spring Budget Update!

1.     The VAT registration threshold has been raised from £85,000 to £90,000. This means for businesses who’s annual turnover was starting to get near that limit, there is a little bit more breathing space. This wasn’t quite the VAT rate reduction we were hoping for but it’s a move in the right direction

Dividends allowance update!

With the increase in corporation tax rates in 2023, we are now having to consider each client individually to see whether the combination of corporation tax and personal tax on dividends is still the most tax efficient way to extract money from a business.