Please find below all the articles from November 2022.
View our free guide to The Autumn Budget 2022.
In this analysis we have mainly concentrated on the tax measures that will directly affect individuals, employers and small businesses.
We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.
If you have any questions or would like one-to-one advice tailored to your needs, please call us on 01792 466 428 or email [email protected].
Read MoreWhen the time comes to close a company the usual method by which this is done is via a process known as ‘Striking off’. The procedure is an informal, voluntary way of closing a company which is no longer required either because the company has ceased trading, or the director wants to retire or because the directors just want to close the business. However, strike off can be undertaken compulsorily, typically by a disgruntled creditor or by Companies House for non-submission of annual accounts. Importantly, a company can…
Read MoreThe children are gone and there is an unoccupied ‘spare’ room. Apart from using the room as extra storage, renting it out is another option that can enable use of the space as well as bringing in some extra cash. The trend for letting spare rooms is increasing with websites such as Easyroommate, Gumtree and Hosts International making it easy to find someone to use the spare room on a long-term basis. There are tax implications, but you may find that there is no or little tax to…
Read MoreThe tax rules for entertaining businesses are clear. Whether payment for lunch with a customer or tickets for a sporting event — whatever the reason, with few exceptions, any cost incurred for entertaining is not an allowable expense for tax purposes. The amount can still be paid out of the business bank account and deducted from arriving at the accounting profit but will be added back in the tax computation and taxed.
One of the exceptions to this rule concerns staff entertainment. Staff entertaining is…
Read MoreMaking Tax Digital – should your business change its year-end now?
Making Tax Digital for Income Tax (MTD ITSA) is due to start on 6 April 2024 with the first year being 2024/25. In preparation, the rules that determine which profits of a non-company business are charged to tax for a particular tax year are also being reformed.
Which businesses will be affected?
It is important to note that not all unincorporated businesses will be affected. Basis period reform…
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