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Corporation Tax The main rate of Corporation Tax will increase on 1 April 2023 to 25%, from the current rate of 19%. The full 25% rate will apply to profits in excess of £250,000. Profits less than £50,000 will continue to be taxed at 19% (the ‘small profits rate’) and a marginal ‘catch up’ rate […]
Here’s a handy PDF tax card summarising the tax rates for the 2021/22 tax year. Tax Card Please get in touch if there is anything you’d like to discuss relative to your own situation on +44 (0)20 8652 2450.
The COVID-19 crisis remains far from over and the Chancellor’s recent budget included a number of measures designed to aid businesses and individuals during the transition phase out of lockdown and back to some sort of normality. Here is a summary of the latest COVID-19 support measures from the budget and other COVID related issues: […]
Contents Introduction. 1 Make the most of your reliefs and allowances. 2 Income tax saving for couples. 2 Child benefit 3 Partner’s salary. 3 Directors and employees. 3 Dividends. 4 Working from home allowance. 4 Corporation Tax. 4 Property letting. 5 Capital gains tax planning. 5 Land tax planning. 6 Pension tax planning. 7 Lifetime […]
If you deferred the VAT payment for your VAT return falling between 20 March and 30 June you will need to make payment to HMRC by 21 June 2021. Given the current circumstances, you might have concerns about making the payment, as many businesses are still facing incredibly challenging times. We’re here to help you […]
This is a time of the year when your staff will usually be looking forward to the firm’s annual Christmas bash. With the current COVID restrictions, this year will be a little different but we thought it might be timely to provide some information about the best way to organise events without falling foul of […]
Making a will conjures up a picture of a corpulent Dickensian lawyer sat at his large desk with quill pen in hand – and this would not be far wrong in that not much has changed since Mr Tulkinghorn strode menacingly through the pages of Bleak House, with 21st century reform still in the pipeline […]
The provision of company cars to employees has gradually declined over the years because of the painful tax charges that often apply for the employee. The tax charge is based on the cost (list price) of the car when new and its carbon dioxide (CO2) emissions. The higher the emissions, the higher the percentage of the […]
Cash flow has never been more important than during these uncertain times. In this brief article, Clarkson Hyde’s Tony Terry highlights its importance to the business and his tips to improve it. Types of cash flows There are three main types of cash flows: Operating – cash generated from business activities. Money received from customers […]
Following the recent tightening of the COVID-19 restrictions, the Chancellor delivered his ‘Winter Economy Plan’ which consisted of further measures designed to help businesses survive whilst the current COVID-19 restrictions remain in place. The measures are intended to support businesses, prevent skills from fading, maintain strong employment relationships and support the self-employed.Here is a summary […]
Here is an update on the Bounce Back Loan Scheme (BBLS) which went live this morning: Key Features of the Scheme: – The scheme is available to small and medium size businesses – The loans will be 100% guaranteed by the Government and personal guarantees will not be required – Businesses can borrow between £2,000 […]
Here’s a handy pdf with key tax rates and allowances for 2020/21 we hope you’ll find useful. Tax rates and allowances for 2020/21 Please get in touch if there is anything you’d like to discuss relative to your own situation on +44 (0)20 8652 2450.
HMRC have issued further guidance regarding the new job retention scheme under which employees can be furloughed and part of their salaries recovered from the government. Many details remain to be clarified but the picture is gradually becoming clearer. Here is a summary of the guidance for both employers and employees: The Coronavirus Job Retention […]
It is clearly a challenging and fluid time with much uncertainty for business and the economy. We have no doubt that you are aware that the Government is working frantically on measures to support businesses throughout the current disruption and these are changing daily. What follows is a summary of the significant announcements as of […]
Following the government’s response to the Covid-19 pandemic, we’ve listed a summary, below, of their announcements to date. We hope this goes a small way in helping you to stay abreast of the changes and support available, at a very difficult time for the vast majority of businesses. Covid-19 – Emergency measures announced In the […]
As we are all increasingly aware, we are entering unprecedented and unpredictable times, with advice, expert commentary and national sentiment changing daily. That is why we wanted to keep our clients and contacts informed and offer reassurance you that we are currently refining different scenarios in order to remain fully available to support you and […]
Contents Introduction. 2 Make the most of your reliefs and allowances. Income tax saving for couples. Child benefit. Partner’s salary. 3 Directors, and employees. Dividends. Letting property. Capital gains tax planning. Pension tax planning. Lifetime allowance. Contributions. Tax-efficient investments. Individual savings accounts. Enterprise investment schemes. Venture capital trusts. Inheritance tax planning. Charitable giving. Residence and […]
A recent accounting industry article suggested that “AI could be the biggest invention since the calculator”. With it already having a massive impact on the accounting world, the big practices are reportedly investing heavily in AI. Within the narrow confines of the accounting world, which is traditionally a process and systems based industry where micro […]
Reversing business decline A sustained drop in turnover and/or profitability is a warning sign that things need to change. Every business has its peaks and troughs in performance and, if you’ve run your company for a few years, you will have a well-developed sense of when the busier and quieter times of the year are. […]
When it comes to the increasingly torturous process known as the Brexit negotiations, it seems like there’s a new development every day. Here is Clarkson Hyde’s 2-minute guide to how VAT and other taxes will be affected by our departure from the EU. Brexit Now that the cabinet has come to some sort of agreement […]