News

Autumn Budget 2023 - Key Business Points

23/11/2023

Jeremy Hunt, the Chancellor, was more generous than had been anticipated in his autumn budget. The freezing of tax thresholds by Rishi Sunak in April 2021 combined with high inflation and the accompanying pay rises has greatly increased the VAT and income tax take so the Chancellor had some room to manoeuvre. The biggest headline...

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Company accounts filing – don’t be late…

05/12/2023

It’s the directors’ responsibility to file their company’s accounts, and make sure they’re filed on time. It’s important to understand your role and how late filing could affect your company. Missing your filing deadline could affect your credit score or access to finance. It can affect how others view your company and whether they want...

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Focus on bottom line

05/12/2023

Most dictionaries define “bottom line” as “the most important thing to consider”. In financial circles it’s taken to mean a focus on profitability (the last line on a P&L accounts) or net worth (the bottom line of your Balance Sheet) rather than an obsession with sales (the top line on a profit...

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What now, following the Autumn Statement

30/11/2023

In some respects, the Chancellor’s predicament is deserving of a sympathetic ear; its as if he has a long journey ahead but has one foot firmly nailed to the floor. Stagnant growth in the UK and global economy has driven up taxation in order to meet the goals set to reduce borrowing as a percentage of GDP. Inflation is reducing but is...

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NIC changes for the self-employed

30/11/2023

In the recent Autumn Statement, the Chancellor announced two important changes to National Insurance contributions (NIC) for the self-employed. The first change concerns the removal of Class 2 NICs for the self-employed. This means that self-employed people with profits above £12,570 will no longer be required to pay Class 2 NICs from 6...

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NIC changes for employees from 6 January 2024

30/11/2023

In the recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions (NIC) for employees. There will be a cut in the main rate of Employee National Insurance from 6 January 2024. This will see Class 1 NICs reduced by 2%, from 12% to 10%, in a change set to benefit some 27 million...

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Corporation Tax marginal rate

30/11/2023

The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR) of 19% was also introduced from the same date for companies with profits of up to £50,000 ensuring these companies continue to pay Corporation Tax at the same rate as was previously the case. Where a...

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Enterprise Investment Scheme investee businesses

30/11/2023

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies. To claim investor EIS tax reliefs, the company which issues the shares has to meet a number of rules regarding the kind of company...

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Tax relief for R&D intensive SMEs

30/11/2023

In the Autumn Statement it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will be merged from April 2024. It was also confirmed that there will be an enhanced regime for R&D intensive SMEs. The rate at which loss-making companies are taxed within the merged scheme will be reduced...

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