We regularly write articles to keep you up to date with changes that affect your growing business.
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Business
You can’t predict the future, but your business will inevitably face challenges as we enter the new year. With that in mind, knowing your numbers is essential if you are to successfully achieve your goals. Numbers tell the story of your business, allowing you to review and interpret the results of your business activity. As
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Blogs
During the 2023 Spring Budget, the Chancellor announced changes to pensions, which may alter the way you save for retirement. These changes will allow you to save more money and may provide a helpful tax planning opportunity, so it is important to make sure you make the most of them. Why have changes been made?
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Business
A roof replacement company has been hit with a £2.5 million tax bill after a ruling that the insulated roof panels it supplied did not qualify for a VAT-reduced rating. Greenspace (UK) Ltd supplied the roof panels to residential customers, which were fitted onto existing conservatory roofs. But after First Tier Tribunal (FTT) and Upper
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Business
As the end of the financial year approaches, businesses across the UK are preparing to navigate the intricacies of payroll year-end. This annual process is vital for ensuring that your business is compliant with tax regulations and that employees receive accurate financial information. Final reports for the 2022/23 tax year must be submitted to the
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With the end of the tax year fast approaching on 5 April 2023, there is only a little time left to get your affairs in order and make the most of the tax reliefs and allowances that are available to you. With many changes on the horizon, our experienced tax team at Benson wood
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It is that stressful time of year again with the payroll year-end fast approaching. Payroll year-end ties in with the tax year-end, which is 5 April. The deadline for submitting details to HM Revenue & Customs (HMRC) is 31 May. Important dates around payroll year-end include: 5 April - End of the 2022/23 tax year
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Businesses should be planning for the rise in Corporation Tax (CT), which comes into force from 1 April 2023, and sees the top rate of tax rising from 19 per cent to 25 per cent. The tax applies to all profitable limited companies – both from trading income and from the sale of investments or
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Workers across the UK will get a pay rise from April as higher National Minimum Wage (NMW) rates are introduced. According to the Government, around two million of the UK’s lowest-paid workers will benefit from the rise in the National Living Wage (NLW) and NMW rates. From April 2023, the NLW will increase by 92
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Company car drivers will see changes to the amount they can claim back for fuel costs from their employer from 1 March. HM Revenue & Customs (HMRC) has also confirmed that the way the advisory electricity rate (AER) is calculated has been changed to better reflect energy prices, particularly with soaring electricity costs, when it is reviewed
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People planning to claim the UK state pension have been advised to check their National Insurance (NI) record to identify any shortfalls in their payment history. NI contributions, or lack of them, can affect a person’s entitlement to the state pension in later life. A temporary window which allows people to voluntarily top up NI contributions for
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Chancellor Jeremy Hunt announced many R&D tax changes in his Autumn Budget, including how the funding is allocated, which will be implemented in April. He announced changes to the rates paid by the Research and Development Expenditure Credit (RDEC) for larger firms and the small and medium enterprises (SME) R&D relief scheme. Under these changes,
Accounting
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Artificial Intelligence (AI) is becoming increasingly advanced so, as a business owner, you need to get on board or you might get left behind. Cloud accounting has revolutionised how you manage your business’s finances in terms of collaboration, data accuracy, and efficiency in financial operations. But the journey doesn't stop there. The integration of AI
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