Tel: 07712 856364
Email: jon@proactive-accounting.com
The Chancellor has now finished her update on the changes to UK tax rules. As predicted, this is a devastating budget for some small businesses which are caught by the biggest tax rises. We’ve done our best to highlight the key changes here which we believe are likely to have the biggest impact on…
While we’re quite confident that none of our clients want to hear our political opinions, part of our job involves trying to prepare for upcoming changes to tax legislation and with Labour’s recent triumph at the UK general elections, it seems very likely that the newly formed government will bring in some new changes…
There are many industries and fields where a business can expect to go through their entire career with perhaps one or two HMRC tax investigations at most. Unfortunately, as those who have been in the market for a long time will know this is certainly not the case for business owners in the Takeaway industry.…
Clients who have discussed tax planning with us will be aware that we frequently advise that certain industries are at much higher risk of HMRC activity than others. The industry which is consistently investigated more than any other is the food and hospitality sector – especially takeaways or businesses selling a mix of hot and…
Budget time is upon us again. For a pre-election budget there was very little in the way of tax giveaways or movements to reduce the tax burden on UK businesses and taxpayers. Nonetheless, we have marked out some of the key points clients should be made aware of. Most changes are minor, but the…
Some bad news announced this morning. Companies House have declared that effective from 1 May 2024, there is going to be an enormous increase to all of the administrative filing costs for UK companies. This comes on the back of a push from the UK government to heavily increase the admin involved in all company…
Travel Expense Reimbursements Clients of our practice are likely to already be aware that we are fond of HMRC’s simplified expenses rules for travel, particularly given the Irish rates claimable for cross-border travel here between Northern Ireland the Republic of Ireland. However, a reminder last week from an HMRC case that went awry for an…
Landlords have been debating the question, “Should I incorporate” for years now. Back in 2017, the government began the phased introduction of restricting tax relief for residential property finance costs if you have earnings above the Basic Rate Tax Band (i.e. >£50,000). Before 2017 the single biggest tax allowable expense for most landlords was the…
As you may be aware, the UK government announced the Autumn Statement yesterday. There was very little in this of value to most small and medium sized businesses but there are a few points that are worth highlighting and being aware of. Minimum Wage Increase and Age Requirement For National Loving Wage Dropped Effective…
As of this week, the government have passed The Economic Crime and Corporate Transparency Act 2023. This bill aims to improve transparency and end the reputation the UK has built over the years as a laundromat for Russian money and international tax avoidance. Unfortunately the implications of cracking down on this activity means a steep…