If your business owns or plans to purchase a pickup truck, significant tax changes came into effect from 1st April 2025. These changes will impact both existing company-owned pickups and new ones purchased after this date. Understanding how these changes affect your tax position is crucial to making informed decisions for your business. What’s Changed?…
As of April 2025, a wide range of tax increases and regulatory changes took effect across the UK, impacting businesses, property owners, and individuals. These changes brought rising costs, reduced tax reliefs, and significant shifts in how various assets and activities are taxed. Here’s a summary of what changed, how it affected different sectors, and…
The UK government’s Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is set to change the way many self-employed individuals and landlords report their income tax. If you fall within the scope of these changes, now is the time to prepare. In this blog, we’ll outline who must comply, what it means for you,…
The UK government’s initiative, Making Tax Digital (MTD), aims to simplify tax processes and ensure accurate record-keeping through digital means. For businesses and individuals alike, staying compliant with MTD is crucial. Here’s an easy-to-understand breakdown of the current HMRC status on Making Tax Digital for Income Tax, with a focus on key dates you need…
Title: Understanding 2023 Tax Changes: A Case Study for Limited Companies 2023 brought some important updates for Limited companies, especially regarding associated companies and corporate tax. This will impact those businesses where the control relationship is the same for multiple businesses owned or managed by the same individual or company. 1. Refined Definition…
In the ever-changing landscape of business, understanding seasonality is crucial for effective management and planning. While seasonality might seem like a concern only for certain types of businesses—such as retail or tourism—its impacts are more universal than one might think. From an accountancy standpoint, comprehending the seasonal fluctuations in revenue, expenses, and cash flow can…
The Autumn Statement 2023, delivered by Chancellor Jeremy Hunt on November 22, outlines significant tax and spending plans set to impact businesses and individuals across the UK. Here are the essential points: Tax Measures: A notable 2% reduction in employees’ National Insurance contributions, effective from January 6, 2024. Self-employed individuals will see Class 2 National…
Tax planning is an essential, yet often underappreciated, part of running a small business. While many entrepreneurs focus on revenue generation and operational efficiency, effective tax planning can make a significant difference in your bottom line. Believe it or not, your accountant can be a powerful ally in navigating the labyrinthine world of tax codes,…
The COVID-19 pandemic transformed the way we work, forcing many businesses to adapt to remote working setups. While some companies returned to the office, others made the decision to maintain a remote or hybrid work model. While working from home offers various advantages, it also comes with certain tax implications that both employers and employees…
The subject of Value Added Tax (VAT) is one that every small business owner should have on their radar. While VAT registration might seem like an additional layer of complexity for your small business, it offers certain advantages that can be instrumental in your growth strategy. Let’s explore the nitty-gritty of VAT registration, its requirements,…