Benefits-in-kind can feel like a minefield for business owners. In this blog we will tell you what you need to know, what you need to do, and show that it is possible to reward your team for doing a brilliant job without being taxed for it!
From the 2023/2024 tax year onwards, the self assessment threshold for taxpayers will rise to £150,000 as long as your only income is via PAYE. This means that you only need to submit a self assessment tax return if your income exceeds £150,000 or you receive income from sources. Other sources of income include but are not limited to self employment income over £1000, dividends, high income child benefit, or rental income.
When it comes to the dreaded 31 January deadline, the majority of people wait until the last minute to file their annual tax returns. Whilst the likelihood is that most people will meet the deadline, there are a number of reasons why it would have been better for them to have completed an early tax return.
Continue readingThe strong theme of the new Chancellor, Kwasi Kwarteng’s first budget has been the stimulation of growth. The mini-budget 2022 (not so mini) is designed to boost economic growth through tax cuts, which will be paid for by increasing the UK’s national debt.
UPDATE 3 October: *since the mini budget on Friday 23rd September, the government have made a U turn on abolishing the 45% high rate of income tax
Continue readingLiz Truss has beaten former chancellor Rishi Sunak in a ballot of Conservative members and will replace Boris Johnson as Conservative Party leader and PM tomorrow. Take a look at proposed policies and what they mean for business and for you
Continue readingNew rules introduced by the EU fifth money laundering directive mean that it is now a legal requirement to register any UK trust deliberately created (express trust), even if there is no tax liability; for example, bare trusts. Have you complied with HMRC’s requirement to register trusts?
Continue readingRecent National Insurance Contributions (NIC) rate and threshold increases means that our recommended optimum salary level for directors has changed. This article outlines the changes and the suggested salary level for directors.
Continue readingCapital Gains Tax property disposal return needs to be filed within 60 days of completion of sale of your second property (CGT). If you have sold a second property that is not your main residence (this includes an inherited or gifted property) you must file a CGT UK property return within 60 days of completion (unless the property has made a loss).
Continue readingUnlike the usual calendar year, the Tax Year 2022/23 starts today 6th April 2022. 5th April 2023 will be the last date of the Tax year – check out the latest tax rates and what this means for you and your business here
Continue readingAgainst a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23rd March 2022 – find out what that means to you and your business here in our HB Accountants Spring Statement 2022 highlights
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