Financial years and corporation tax rates Corporation tax (CT) rates are set for “financial years”. A financial year (FY) runs from 1 April to 31 March and is identified by the calendar year in which it commences for example FY 2022 is the year from 1 April 2022 to 31…
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Introduction Let’s get straight down to business. There is reason you should put money into a pension and one of the main reasons to SAVE TAX. As a pension saver you enjoy two important tax reliefs: • Tax relief on your contributions – what I call buying investments at a…
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Spouses and civil partners benefit from special rules for capital gains tax purposes which allow them to transfer assets between them at a value that gives rise to neither a gain nor a loss. The transferee spouse/civil partner effectively takes on the transferor’s base cost. This can be very useful…
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As we come to the end of 2021, its time to start thinking about the budget for next year. One thing is certain – uncertainty. Business planning and budgeting have become increasingly complex in today’s uncertain and volatile environment. Firms have had to adapt and become more agile in order…
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Dividends have their own tax rules and their own rates of tax. For business owners understanding how dividends are taxed is crucial. The rules and the rates applicable in the same way regardless of whether the dividends are paid from your personal or family company as part of a profit…
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Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by which this is possible. Government tax-free top-up scheme Under the Government scheme, you can open an online account and deposit money which is used to…
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When a company closes down, it may have accumulated monies or assets that need to be distributed to shareholders. If the asset is in the form of cash then any distributions would typically be as dividends (or possibly additional contributions to a pension scheme). A dividend will be the route…
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For many the lure of a renovation project is strong and for those looking to generate rental income, doing up a dilapidated property to let out may make commercial sense. When buying an investment property, the addition of the 3% SDLT supplement means that the SDLT hit may be significant.…
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Capital allowances are the tax equivalent of depreciation and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception of cars, capital allowances are not available where accounts are prepared under the cash basis; instead, relief may be available as a deduction in computing…
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As commerce has moved online, customer service has had to evolve. Some of the best businesses used to stand out with their attention to detail, personal touch, and ties with people in the community. With the increasing shift to online business models, customer service has shifted to live chat, social…
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