Mini-budget: What it means for you and your finances
Income Tax Basic rate cut by 1p to 19p from April 2023 Scrapped: 45% top rate for high earners National Insurance 1.25% rise to be reversed from November 2022 Bankers’ Bonuses Scrapped: Cap limiting payouts Corporation Tax Scrapped: Planned rise from 19% to 25% Stamp Duty No duty on first £250,000 of property’s value, up […]
How To Get Started With Xero in 10 Easy Steps
If you are brand new to Xero accounting software it can seem a bit overwhelming at first. Fortunately we are here to help every step of the way. Here are 10 steps to get you started with Xero. 1. Utilise our Xero User Guide We’ve created a really handy user guide that shows you all […]
Cycle to work scheme
If you’re not able to car share, or you’re trying to get fit, then the cycle to work scheme may be the perfect option for you and your employer. It also gives fantastic tax savings between the employee and employer. I’ve answered some of the most frequently asked questions which will help you decide to […]
Car or Van – What is a Van for Tax Purposes?
There is a certain type of vehicle where it becomes difficult to establish whether the car benefit rules or the van benefit rules should apply. These vehicles are commonly referred to as double cab pick-ups. To determine this we must begin by clearly looking at the definitions of each of the vehicles, starting with a […]
A Guide On How Employees Can Claim VAT on Mileage Payments
Often employees will carry out business journeys for a number of reasons, whether this be in their own car or one owned by the company. Naturally, the majority of employers will then often opt to utilise mileage rates to cover their staffs’ fuel costs, or to cover the usage of their company vehicles. If you’re […]
Changes to Corporation Tax from 2023 – Calculate your increase
Currently all Limited companies in the U.K pay 19% corporation tax on annual profits but this will increase for many businesses from April 2023. For any companies making less than £50,000 profit per year the rate will stay the same at 19%. For any company making over £250,000 profit per year, the rate rises to […]
Spring Statement – Key Points
Key Points Fuel duty to be cut by 5p per litre for 12 months 0% VAT on home energy-saving products like solar panels, insulation, or heat pumps Energy household support fund doubled National insurance threshold to increase from £9500 to £12570 Employment allowance (to small businesses) increasing to £5000 Income tax to be cut from […]
Statutory Sick Pay Rebate scheme (SSPRS)
The government is reintroducing the Statutory Sick Pay Rebate Scheme (SSPRS). This will be a temporary scheme to support employers facing heightened levels of sickness absence due to COVID-19. The SSPRS will refund small and medium-sized employers’ COVID-related SSP costs for up to two weeks per employee. Employers will be eligible for the scheme if: […]
National Insurance Changes
The impact of the new National Insurance changes You’ll no doubt have seen the news of a rise in both employees’ and employers’ National Insurance contributions (NICs). It’s been a contentious move by the Government, with some people seeing the policy as a necessary way of generating extra revenue for the NHS and social care, […]
Budget March 2021 – Key Points
Chancellor Rishi Sunak has unveiled the contents of his Budget in the House of Commons and details below will state how they may affect you. Here is a summary of the main points and links attached with detailed guidance. Coronavirus support Furlough to be extended until the end of September Government to continue paying 80% of […]
