From the 2022/23 tax year, the rate of National Insurance will increase by 1.25% for self-employed and employed individuals. The increase is due to extra funding required for health and social care.
09 Sep
<h1 class="entry-title">Category: Business Guides</h1>
11 Feb
What is the most tax efficient way to lease a car? via your limited company or personally?
Our clients often come to us and ask: what is the best option for leasing a car? There are two roads to take – lease the car personally or lease it via your limited company. Each option has its own set of benefits and drawbacks. Ultimately, the answer really depends on your own individual circumstances […]
20 Oct
8 EASY WAYS TO REDUCE CORPORATION TAX
In the 2019/20 and 2020/21 tax years, UK Companies must pay Corporation Tax on taxable profits at a rate of 19%. This means that a company with £50,000 of taxable profits will pay £9,500 in Corporation Tax. The UK tax system is known to be quite complex, so finding ways to legitimately reduce your Corporation […]
13 Mar
Bramleys Guides: Tax rates and Allowances 2020-21
During the budget, the Chancellor announced tax rates and allowances for the new tax year – which starts on April 6th.
13 Mar
Bramleys Guides: Budget 2020
The budget is one of the most eagerly anticipated annual announcement for accountants and their clients alike. It can act as a key planning tool for the finances of individuals and businesses.
04 Mar
P60 & P45 and Updated Starter Checklist
HMRC has announced that it intends to withdraw blank P60 & P45 forms from tax year 2020-21 onwards. This is part of its digitisation of communications project and should be applauded for being environmentally friendly. Requests for P60 forms can be made until June 2020 whereas P45 forms will be withdrawn indefinitely in April 2020. […]
13 Feb
Don’t take the bait and become a victim of phishing!
Fraudsters frequently send phishing text messages claiming to be from HMRC (see below) detailing that you are eligible for a tax refund.
03 Feb
Importing Goods from Outside the EU – Important Steps
The following is for guidance purposes only and should not to be taken as exhaustive. Register your business for importingMost businesses will require an EORI number to import goods into the UK. You do not have to be VAT registered to obtain an EORI number. Decide who will make customs declarations and transport the goodsMost […]
24 Jan
Changes to EU sales reporting
If you’re registered for VAT, your VAT return must include figures for EU purchases and sales, but you might also be required to provide EC sales list or intrastate reports. When do these apply?
04 Dec
Company Stationery
Limited companies, must include specific information such as the company’s name on all company stationery, documents, publicity and letters. Companies House regulations say that the company’s letters must have the following contents: The company’s registered name This is the name as it appears on the certificate of incorporation and includes the word “Ltd” or “Limited”. […]
15 Nov
Tax Efficient Company Profit Extraction Methods
Tax planning plays a key role when extracting profits from a company, therefore, careful thought should be given to a strategy which is tax efficient. Salaries This is the simplest and obvious way of extracting money from the company. By taking a salary between the lower earnings limit (£6,136) and the primary threshold limit (£8,632) […]
09 Oct
Director’s Loan Accounts
Director’s Loan Accounts Transactions between a director and a personal/family company are recorded through the director’s account for accounting purposes. If the director(s) owes the company any money, there will be tax consequences which need to be considered. A tax charge will arise under s455, CTA 2009 where a director’s loan account is over drawn […]