Category: Business owner

New Vat Late-filing Penalties

All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime. If you submit a VAT return late for a period starting on or after…

Dividend Tax

Dividends are taxed at much lower rates than other forms of income and they are not subject to national insurance contributions (NIC). The Chancellor has decided to cut the dividend allowance to £1,000. This can make taking income from your own company in the form…

Corporation Tax Up

When the current Prime Minister was Chancellor he announced an increase in the main rate of corporation tax to 25% to apply to profits above £250,000 from 1 April 2023. We can help you decide whether the IR35 rules apply to your contracts. Under the…

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