Latest News

Energy Bills Discount Scheme provides further support for businesses

A new scheme to help businesses with their energy bills is set to be introduced.

On 9 January 2023, the Government confirmed the Energy Bills Discount Scheme (EBDS) will come into force from 1 April 2023 and will run through to 31 March 2024.

Do I still have the correct structure for my business?

In light of recent tax changes, it might be worth considering whether a partnership or company is the most suitable way to operate your farm business.

New penalties for late VAT returns and payments

In the new year businesses and individuals who submit VAT returns late or miss their payment deadlines could be fined £200.

Who is a Person with Significant Control (PSC) and what are their responsibilities?

Companies House has recently been writing to clients where they suspect that the PSC (Person with Significant Control) register is incorrect or has not been updated following changes in shareholders or ownership, as identified on the Companies confirmation statements.

Income Tax Basis Period Reforms

The Government announced a major reform to the way in which a business owner’s trading profits are allocated against the relevant tax year for income tax purposes – otherwise known as their ‘basis period.’

Autumn Statement 2022 - lacks incentives for business owners

Having recently written an article of the now infamous “mini budget” in which I talked about it being very much a budget favouring business, this Autumn Statement has, in stark contrast, reverted to one of increased costs and taxes for business.

Salary Sacrifice – Help employees make the most of take-home pay

With the ever-rising cost of living, how can employers help employees make the most of their net pay? A salary sacrifice scheme can do just that.

How will the Mini-budget 2022 measures affect your business?

The recent mini-budget was planned to be a “Budget for growth”, an opportunity for the new Prime Minister to launch the start of her premiership.  The Initial reaction from the markets has not been good, but how could the measures announced help businesses achieve their goals of growth?

Repeal of the 2017 and 2021 IR35 off-payroll changes

Where a worker provides their services to a client using an intermediary, such as a personal service company, the tax legislation requires that the nature of the arrangement is reviewed to determine whether the off-payroll rules apply. These rules apply to arrangements where, if the worker were to be engaged directly and not through the intermediary, they would be deemed to be an employee of the end client. Where the rules apply, those who would have been an employee if they were providing their services directly to the client, suffer largely the same income tax and national insurance contributions as employees.

National Insurance & Income Tax Reductions

Basic Rate of Income Tax

As part of the Spring Statement in March 2022 it had initially been announced that the basic rate of income tax would be reduced from 20% to 19% from 6 April 2024.  However, on 23 September 2022 the Government have now brought forward this reduction by one year. 

As a result, the reduced rate of 19% basic rate income tax will now apply from 6 April 2023.