When you operate a limited company, the amount of corporation tax your company pays is based on the profits chargeable to corporation tax. Profit means company income less company expenses. Therefore by reducing your company profit, you are lowering the amount that the company corporation tax is calculated upon. Allowable expenses are a perfectly legal …
Following the mini budget update on Friday 23rd September 2022, we summarised the highlights and the details of the budgets. Subsequent to this, as has been widely reported, the government made a drastic U-turn! Jeremy Hunt announced a statement on 17th October 2022, which effectively reversed a lot of the cuts promised by Liz Truss …
Guide to self-employed expenses When you are self-employed, the amount of tax and national insurance you pay is based on your taxable business profits. Profit is a term that describes all your income less all your business expenses. Therefore by reducing your profit, you are lowering the figure that your tax and national insurance are …
As a business owner you may be looking at ways to extract funds from your business. Company cars used to be a common method of doing that but over recent years the tax charged has made them unattractive. But that is changing if you are happy to have an electric car. What is a company …
The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Statement on Wednesday 23 March 2022. To find out how these announcements will impact you and your business in a simple easy to understand way, check out our updates. National insurance contribution (NICs) increases National insurance contributions paid by employees, employers and the self-employed are …
What is VAT? Value added tax is a general tax that applies to all commercial activities involving the production and distribution of goods and/or provision of services. VAT is a tax on consumer expenditure and is collected on business transactions, imports and acquisitions. Most business transactions involve supplies of goods or services. VAT is payable …
Guide to Value Added Tax for Businesses | VAT Explained Read More »
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