The UK tax code has numerous reliefs and allowances that reduce tax when businesses invest in qualifying assets. Some of the reliefs allow up to 100% of the invested cost to be written off against taxable profits and companies can presently write-off 130% of qualifying expenditure. But aside from these tax incentives to invest, it […]

The other side of the recent hikes in consumer energy costs – taking their toll on take-home pay across the UK – are the similar cost increases for industry. Focussing on high-energy users, the government recently announced the following increased support for Energy Intensive Industries (IEE). High energy usage businesses, such as steel and paper […]

1 May 2022 – Due date for corporation tax due for the year ended 30 July 2021. 19 May 2022 – PAYE and NIC deductions due for month ended 5 May 2022. (If you pay your tax electronically the due date is 22 May 2022). 19 May 2022 – Filing deadline for the CIS300 monthly […]

Parliamentarians will debate the government’s ground-breaking Online Safety Bill which requires social media platforms, search engines and other apps and websites allowing people to post content to improve the way they protect their users. Ofcom, the regulator, will have the power to fine companies failing to comply with the laws up to ten per cent […]

Employers can pay employees a fixed rate per mile to cover the costs of using their own vehicles on company business. The present agreed rates per mile are: Cars and vans – 45p per mile for the first 10,000 miles and then 25p per mile. Motorcycles – 24p per mile. Bikes – 20p per mile. […]

The Employment Allowance has risen from £4,000 to £5,000 – meaning smaller firms will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs) bills. Announced by the Chancellor at last month’s Spring Statement to reduce employment costs, the change takes an extra 50,000 firms out of paying NICs and the […]

Dividends are a distribution of company profits to shareholders. Historically, they have been taxed as unearned income – no National Insurance deductions. This is still the case, but the Treasury have decided that the recent increase of 1.25% in National Insurance rates will also apply to dividends. Since April 2016, the rates of Income Tax […]

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 or reducing, there will be tax consequences. And unfortunately, to mitigate your tax footprint you […]

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. The article provides a useful update on the scope and cause of rising prices. It […]

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 small profits rate will apply for companies whose profits are equal or below the lower […]