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Tax Card 2024/25
INCOME TAX ALLOWANCESTax-free income allowance rates. VEHICLE AND FUEL BENEFITS-IN-KINDTaxable vehicle and fuel benefits. TAX-FREE MILEAGE ALLOWANCESMileage rates exempt from tax. CAPITAL GAINS TAXTax on profits from asset sales. INHERITANCE TAXTaxes on estate inheritance. UK COMPANY TAXATIONCorporation tax rates and rules. MAIN CAPITAL ALLOWANCESDeductions for business asset investment. VATValue-added tax rates and rules. TAX-EFFICIENT INVESTMENTSInvestment…
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Managing cashflow: Tips for small businesses
Managing cashflow effectively is critical for the survival and growth of your small business. It’s about planning, monitoring and controlling the money coming in and going out of your business, which ensures you have enough cash to cover your expenses and avoid insolvency. Given the nature of the economy and evolving business practices, staying updated…
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News Round-Up March 2024
HMRC clamps down on undeclared dividend earnings Starting on 4 February 2024, HMRC is writing to company owners regarding the potential under declaration of dividend income. The correspondence is prompted by a decrease in company reserves despite reported profits, hinting at undisclosed dividend payouts. Recipients are urged to acknowledge the letter by either disclosing any…
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How to improve your financial health
Improving your financial health involves strategic planning, informed decision-making, and constant adjustments. There are many factors to consider – so how do you know where to begin? While everyone’s circumstances are unique, there are steps you can take to enhance your financial well-being. Here are some actions you can employ to boost your financial wellness.…
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Mastering business expenses
In today’s economic landscape, where financial acumen plays a pivotal role in the sustainability and growth of any business, the importance of effectively managing business expenses cannot be overstated. Recognising this critical need, we have developed this valuable resource for business owners. This guide aims to simplify business expenses within the UK, shedding light on…
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News Round-Up February 2024
National Insurance cut boosts UK households In a move to ease financial burdens on UK households, the Government has implemented a historic National Insurance (NI) cut, providing relief for 27 million taxpayers. As of Saturday, 6 January 2024, the main rate of National Insurance has been reduced by 2%, dropping from 12% to 10%. This…
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Is property investment right for you?
Many individuals invest in real estate to boost their income and gain greater financial security. But while the journey can be rewarding, it also requires committing a significant amount of your own time and money. So, how do you know if property investment is right for you? In this guide, we outline what you need…
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The ABCs of VAT for small business owners
Value Added Tax (VAT) is a significant part of the UK tax system. If you run a VAT-registered business, you’re required to charge this tax on most goods and services, which you must then report and pay to HMRC. Basically, you are collecting VAT on the Government’s behalf. While this may sound straightforward at first,…
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Year-end tax guide 2023/24
The conclusion of the 2023/24 tax year prompts us to reflect on some of the notable developments in the fiscal landscape. This past year has been marked by ongoing efforts to recover from the economic impact of the global pandemic. Inflation has emerged as a significant concern, influenced by persistent disruptions in the supply chain…
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Should you hire or outsource accounting
SPOTLIGHT ON: Should you hire or outsource accounting? All you need to know to make the right choice. Running a successful business entails astute financial management, and at the core of this is the crucial decision of how to handle your accounting needs. Should you bring a full-time, in-house accountant into the fold, or does…