Spring Tax Update

By Gary Robinson / April 13, 2024

Student loan repayments for self-employed taxpayers are based on the profits reported in each tax year. For the tax years 2023-24 to 2027-28 this will be your normal profit plus the portion of the transitional profits you decide to bring into that year. The additional profit could cause a dramatic increase in your student loan…

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Trading As a Limited Company

By Gary Robinson / April 6, 2024

Trading As a Limited Company If you decide that forming a private limited company is the best way to then you will first need to think of a name and this must a name that is not already being used you can check this out at Companies House https://www.gov.uk/set-up-limited-company. If the name is available, then…

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Biggest Tax Raising Parliment

By Gary Robinson / October 14, 2023

The Institute for Fiscal Studies (IFS) has stated that this has been the biggest tax-raising parliament since records began, pushing UK tax revenues to historically high levels. They comment “At the time of the last general election, UK tax revenues amounted to around 33% of national income. By the time of the next election in…

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Autumn Statement

By Gary Robinson / September 24, 2023

The Chancellor of the Exchequer, Jeremy Hunt, has confirmed that the Autumn Statement will be on 22 November 2023. The Autumn Statement can affect tax policy, benefits, and much more. The Chancellor will make his announcement to Parliament, setting out the Government’s plans on all matters fiscal and economic. Interestingly, this could be the Chancellor’s…

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HM Revenue Customs thinks the solution lies in the use of online

By Gary Robinson / August 4, 2023

HMRC Annual Report shows some important trends for business owners HMRC’s annual report was published last week, and it shows that they failed to meet many of their key customer services measures in 2022-23. Customer satisfaction dropped to 79% from 82% last year and telephone performance has also declined with an average wait of 16…

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Budget Summary

By Gary Robinson / March 24, 2023

Last week, Jeremy Hunt, Chancellor of the Exchequer, revealed his first Spring Budget. There was a focus on managing inflation and government debt, encouraging those who have left their jobs to return to the workforce, and increasing business investment. Here are some of the key measures announced in the Spring Budget that will affect businesses…

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New VAT Penalties and Interest Payments

By Gary Robinson / March 11, 2023

The new penalties will impact businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due by 7 March 2023. The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing the VAT default surcharge, and apply to accounting periods which start on or…

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How much is my business worth?

By Gary Robinson / September 4, 2022

This is a question many of our clients want an answer to! The truth is, it depends on a range of factors and any valuation is only helpful as a guide for planning forward. The ultimate value of a business is the price a willing buyer is prepared to pay for it.   The prevailing economic…

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September 2021 Newsletter

By Gary Robinson / September 3, 2021

SEPTEMBER IS THE LAST MONTH FOR CJRS “FURLOUGH” GRANTS The Government are pulling the plug on support to employers for furloughed staff at the end of September as they anticipate that the economy will be back to normal by October. The grant claims for employees furloughed in the month of September are 60% of the…

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VAT Deferral

By Gary Robinson / December 24, 2020

Employer Bulletin December 2020 Issue 87 As you will be aware part of the Winter Economy Plan the Government announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period. Instead of paying the full amount by the…

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