Extracting company profits - Options for 2023-24

If you run a family or personal company, you will need to consider how best to extract profits from your company. There are various ways in which you can do this. A traditional tax-efficient approach is to take a small salary and extract any…

Mileage allowances - Are you due an NIC refund?

Mileage payments may be made to employees who use their cars for business travel. The payments can be paid free of tax and National Insurance up to certain limits. However, the tax and National Insurance rules work in different ways. Following…

Extracting profits from your company

If you operate your business as a personal or family company, you will need to extract profits if you want to use them to meet personal expenditures. This update considers some of the various ways in which this can be done. If you need to extract…

File your 2022/23 Self-Assessment Tax Return

31st January 2024 deadline looming If you need to file a Self-Assessment tax return for 2022/23 and you have not already done so, you will need to file your return online by midnight on 31st January 2024 to avoid an automatic late filing penalty.…

Upcoming deadlines - Key dates January 2024

Taxpayers must undertake various tasks, such as filing returns and paying tax, by certain dates. If these deadlines are missed, HMRC may charge late filing and late payment penalties. Interest is also charged on tax paid late. Key dates The…

When to incorporate your business

If you are thinking of setting up a business, or if you already operate as a sole trader, you may be considering whether to incorporate your business and if so, when to incorporate. This decision will affect how you run your business and…

Why tax planning is a worthwhile investment 2023-24

Most of us would rather avoid the word “tax” and yet tax planning offers a unique opportunity to reduce the amount of tax you pay and positively contribute to your efforts to outpace the current economic downturn and emerge financially more…

Christmas parties and gifts

Christmas parties and gifts - How to keep them tax-free Many employers hold a staff Christmas party and/or give their staff a Christmas gift. By taking advantage of the available exemptions, it is possible to prevent an unwanted tax liability…

Check your state pension today

Check your state pension entitlement today   Are your National Insurance contributions up to date? Entitlement to the state pension and other contributory benefits depends on your National Insurance record. If you do not have sufficient…

Autumn Statement 2023

The Chancellor, Jeremy Hunt, presented his Autumn Statement on 22 November 2023, focussing on five areas: reducing debt, cutting tax and rewarding hard work, backing British business, building domestic and sustainable energy and delivering a…
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