Business Rates Burden Eases for Retailers and Hospitality Firms

Thousands of retail, hospitality and leisure firms in England will receive a short-term business rates reprieve in 2022/23, following Autumn Budget 2021. Chancellor Rishi Sunak announced a temporary 50% cut in their business rates, up to a maximum of £110,000 per business. Up to 400,000 businesses in these sectors – including pubs, music venues, cinemas, […]

Salary Sacrifice could ‘Dampen Increased NICs Costs’

Salary-sacrifice arrangements could help employees negate the National Insurance contributions (NICs) rise during 2022/23.  NICs will rise by 1.25% for employees, employers and the self-employed from April 2022 to fund the Government’s new health and social care levy.In some scenarios, employees and employers can get around this by striking a salary sacrifice deal to reduce […]

Business Tasks to Outsource

How we can make your lives easier. As a business owner, you will find that few things in your line of work are as precious as your time – time that would be better spent doing something other than accounting.  Many people come to us asking for help with tasks that usually result in time […]

Pension Options at the Age of 55

Understanding your early-access pension options. Despite remaining complex, pensions offer you far more flexibility from the age of 55 (rising to 57 from 6 April 2028) than was once possible. If you are approaching 55, you might be feeling a twinge of trepidation or excitement that you could soon become “a pensioner” as this is […]

National Insurance and Dividends Tax Rates to Rise 1.25% in 2022/23

National Insurance contributions (NICs) and the three dividend tax rates will all increase 1.25% from April 2022 to pay for the social care system in England. This social care package will be funded through a new UK-wide health and social care levy, which is expected to raise around £12 billion a year.The levy will apply […]

Curtain Comes Down on Stamp Duty Land Tax Holiday

The stamp duty land tax holiday in England and Northern Ireland has come to an end, more than 14 months after it first came into effect. The tax break saw most buyers who purchased residential homes for £500,000 or less pay no stamp duty land tax until 30 June 2021, although landlords still had to […]

The Rise of Electric Vehicles Could Create £30bn Tax Hole

The Government is being urged to introduce a new road-pricing system, because the increasing popularity of electric vehicles risks leaving a £30 billion hole in public finances each year. Research submitted by the Tony Blair Institute for Global Change called for a new system, with options including charges based on emissions, vehicle weight and traffic […]

Residence & Domicile after Brexit

How your status affects the amount of tax you pay. For most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident. Anyone domiciled and resident in the UK will need to report their worldwide income […]

What Does Your PAYE Tax Code Mean?

We all have one, it is the corner stone of your pay slip, and it dictates what deductions are taken from your hard earned salary – we refer, of course, to your tax code. But do you know exactly what your tax code means, or do you simply take it for granted that it’ll do […]

Tax Planning for Residential Landlords

Tax Planning for Residential Landlords Planning to take advantage of low interest rates? After a challenging year for the UK’s residential landlords, you might have read about improvements to the buy-to-let mortgage market in recent weeks. In the three months to 31 May 2021, the average interest rates for residential landlords had declined. A two-year […]