Home buyers pay less stamp duty
When buying a residential property in England or Northern Ireland you must pay stamp duty land tax (SDLT) if the purchase price exceeds a minimum threshold set at £125,000 since 2006. In September’s mini-Budget the then Chancellor announced that the entry threshold for SDLT payable…
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…
Capital Gains and Inheritance Tax
Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year. This exemption will be reduced to £6,000 for the tax year 2023-24. This exemption…
5 ‘resolutions’ to help your small business finances in the new tax year
While cutting down on chocolate or hitting the gym are the classic resolutions for January 1st, have you thought about changes you’re going to make for the new tax year on the 6thof April? The new tax year is just around the corner, so it’s…
The autumn 2018 budget: what it means for your small business
Consider yourself, in chancellor Phillip Hammond’s words, a striver or a grafter? Then, the autumn 2018 Budget was aimed at people like you. With a number of specific concessions and incentives targeted at small business owners, the budget offers a fair few benefits to entrepreneurs…
Do I need professional indemnity insurance?
One of the most exciting parts of launching a business for the first time is the learning curve involved. There’s a certain amount of making it up as you go along, discovering things by trial and error and working out what does and doesn’t work….
5 practical steps: how to manage cash flow in a small business
You could have the best business idea ever. You could have major customers queuing up at the door. You could have a huge order on the books which would make you a millionaire. But, if you don’t know how to manage cash flow in a…
Would your business cash reserves see you through a rough patch?
Picture this scenario. There’s a downturn in the economy. Your two biggest clients tell you they have to cut spending and can’t work with you anymore. And while you still have some projects on the go, you know you won’t be paid for at least…
IR 35 explained: what contractors need to know
Fancy losing about 20% of your income and paying up to six years’ worth of back taxes? Thought not. However, if you’re working as a contractor but are deemed to be flaunting the IR 35 tax avoidance rules, you could be subject to a long…
3 business growth strategies for a sustainable future
If your start-up is going through a period of rapid growth, it seems counterintuitive to view that as something to worry about. When sales are skyrocketing, marketing is bringing in countless new leads and you’re hiring staff left, right and centre, only a real killjoy…
Employing staff for the first time? Five financial matters to sort
So, you’re employing staff for the first time? Well done! It shows you’ve tapped into a demand in the market and that your customers want more of your product or service. Hiring your first employee is an exciting time in any business. But, it also…