How is the scramble to replace the Prime Minister causing uncertainty for small company owners? The main rate of corporation tax is currently due to increase to 25% from April 2023. This, coupled with the increase in the NI and dividend tax rates, has eroded the tax benefits of small business incorporation considerably. As a ... Read More
Avoiding a VAT deregistration headache VAT deregistration A sole trader deregistered from VAT two months ago because of an expectation of reduced turnover. But they are concerned that they must re-register immediately because sales have still exceeded £85,000. Are their concerns justified? The next step VATREG18150 Deregistration Deregistration A business can deregister if it expects ... Read More
Business expense trap for companies and directors During the pandemic a company was struggling for cash. To help, the directors didn’t claim reimbursement of business expenses they incurred. However, the company can now afford to pay them back. Will this cause a problem? Personal or business cost Owner manager might help keep their company afloat by ... Read More
Do you need help to grow? Help to Grow is an initiative providing two schemes to smaller businesses with a view to helping growth. If a business wants to take advantage, what do they need? There are two schemes that fall under the Help to Grow umbrella. Help to Grow: Digital. This allows a business ... Read More
Don’t miss out on tax reliefs It’s an unfortunate fact that some of the most widely applicable tax reliefs are the most underclaimed. In an effort to encourage as many people as possible to claim these, HMRC has published a page giving a summary of the reliefs with a link for checking eligibility. What’s the ... Read More
VAT and Electric Vehicle Charging A business owns several electric vehicles (EVs), which are used by employees for business purposes. Other employees own EVs and the company pays them a mileage rate for their business trips. How much input tax can the business claim on the costs? Current policy HMRC recently confirmed it is trying ... Read More
Grant Overpayments HMRC starts to assess Grant Overpayments HMRC is currently writing to taxpayers that need to repay some or all of their self-employment income support scheme (SEISS) grants. What’s the full story and what action needs to be taken on receipt of such a letter? The fourth and fifth SEISS grants were calculated based ... Read More
IECnet appoints new COO, Katharina Rottenbacher. We are an active member of the IECnet association of accountants, auditors and tax consultants. This membership gives us a greater international reach for all our customers who operate outside the UK and need the global support and worldwide reach this association provides without the headaches of setting up ... Read More
Mitigating the NI rise The higher NI rates for 2022/23 will mean an employee on the average wage will pay around £230 per year more compared to 2021/22 and the employer will face a similar increase. How can they both legitimately reduce or avoid this extra cost? NI rise confirmed The government has committed to ... Read More
Spring Statement 2022 – Introduction Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022. In his Spring Statement, the Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the impact of rising prices for households and businesses. The ... Read More
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