It has been calculated that some top earners, with a salary in excess of £100k, could end up paying an effective tax rate of more than 90% as a result of the recent changes to the additional rate threshold announced in the Autumn Statement cum Budget.
With an uncertain economic outlook, it’s a great time to get on top of company finances and refocus on your budget plans. But where do you start with budgeting and what should you look out for? Our handy 3 step guide will help you plan and execute your budget and stay on top of your finances.
Whilst we’re happy to act as a virtual accounts’ office, we always say to our clients that it’s fine to outsource all your accounts work but please don’t outsource your thinking. Keep an active understanding as to what is happening and remain aware of your obligations. A recent tribunal between a company owner and HMRC has demonstrated the importance of knowing what’s going on – even if you choose to outsource.
One of the problems with historical records is they sound grand but often end up obfuscating other historical records. The announcement by The Bank of England on 3rd November that interest rates were to rise by three-quarters-of-one-percent (0.75%) meant that this was the biggest single jump in rates for more than three decades, thirty three years to be precise. Whilst not ignoring the significance of this move, it could allow us to forget that this also brings to an end one of the longest periods of low interest rates in history.
If there’s one thing the recent hokey cokey of Chancellors and fiscal policy has achieved it has to be a rigorous testing of our sentiment towards taxation. Whilst it is hard to imagine that anyone has found this funny or even useful for personal and commercial planning purposes, as a research case study it provides tremendous insight on public opinion and our threshold for taxation.
From October 2022, HMRC is extending the ability for companies to make regular payments via Direct Debit, specifically for PAYE and national insurance contribution liabilities.
If you’re in the process of writing a will or starting to talk to you family about what your estate looks like, then you may be asking yourself how you can reduce the amount your heirs will be paying in IHT.
A court case decided earlier this year has provided a fundamental change to the way that holiday pay is calculated for casual and part time workers. Companies previously paying holiday based on a percentage calculation must now use the calendar method, assessing holiday pay based on the average number of hours worked over the last year.
If your business is, or becomes, insolvent you must act with care to avoid wrongful or fraudulent trading. Here we explore the differences and implications of each.
There was a lot announced in the mini budget that took place on Friday 23rd September 2022 and it has had a significant impact on markets and currencies ever since.
Our summary of the full statement, helps you understand all of the changes, when they will come into effect and how they might apply to your personal or commercial circumstances.
The Insolvency Service has reported that corporate insolvencies are up by more than two-thirds on this time last year as economic pressures continue to rise. Up 67% on the same time last year, the July figures also show that the overall rate of insolvencies is up 27% compared to 2019.
There’s little doubt that business rates need reforming from top to bottom as was highlighted in the Government review completed in 2021. But as well as introducing reform to the calculus, the Government has committed to digitise the system from 2026/27. However, there is now a suggestion that it could tie up with the Government’s Making Tax Digital (MTD) strategy to form part of that broader, holistic view of tax liabilities and payments.