In this article, we provide a summary of the Spring Budget 2023 for the UK. (8-minute read) We will cover: A summary of the most important changes in the UK Spring Budget 2023 How these affect you and your business CORPORATION TAXES • Corporation tax rate to increase to 25% as previously announced • R&D… Read more »
Posts By: Ilyas Patel
Being VAT Registered Is Killing My Business
9 Creative Ways to Slash Your VAT Expenses Is being VAT registered killing your business? Read on to find how you can make your business grow and avoid hefty VAT bills. (5-minute read) We will cover: The pros and cons of being VAT registered Easy ways to reduce your VAT bill The Reality: Being VAT… Read more »
End of Tax Year 2023 (2022/23) Planning Tips
With 2022/23 tax year almost over, it’s time to review the best tax-saving strategies. This comprehensive guide will help you make the most of the end of tax year 2023, and to keep these strategies in mind to enter 2023/24. (12-minute read) We will cover: Tax-efficient tips that cover different types of tax Practical steps… Read more »
How to appeal a tax penalty
This text guides on how to appeal a tax penalty in the UK, and includes specific information on different types of tax penalties. (3-minute read) We will cover: The step-by-step process of appealing a late tax penalty Different methods of appeal for different taxes The general process What are the steps to appealing a tax… Read more »
Wholly and exclusively: Are accommodation costs tax-deductible?
Travelling on business can be tax-deductible, including accommodation costs. By being aware of the rules, you can make the most out of your business expenses. Find out how the ‘wholly and exclusively’ rule applies to accommodation costs! (4-minute read) We will cover: All about the ‘wholly and exclusively’ rule for business expenses How you can… Read more »
Paying Tax On Dividends VS Bonuses
If you’re a company director, you may think the most tax-efficient way to take money out of your company is through dividends. But as of 2022-23, and moving forward to the 2023-24 tax year, bonuses could be more tax-efficient. Why? (3-minute read) We will cover: Legislation around paying tax on dividends Tax-efficiency between paying yourself… Read more »
HMRC Nudge Letters: What They Are and What You Can Do
HMRC is collecting more data from you and sending out nudge letters: find out what they are and what you can do on today’s tax tip. (3-minute read) We will cover: Information that can be accessed by HMRC Precautionary steps to avoid tax errors What kind of information does HMRC have access to? The UK’s… Read more »
Claiming Back Stamp Duty On A Second Home
Our article outlines a way of claiming back stamp duty on a second home or buy-to-let. (3-minute read) We will cover: How stamp duty is calculated Reclaiming SDLT if you’ve bought a second home or buy-to-let How stamp duty is calculated Stamp duty, also known as SDLT (Stamp Duty Land Tax) is a tax paid… Read more »
How to reduce your VAT bill
You want to make sure you know how to reduce your VAT bill accurately, and you are not paying more than you have to. Here are 8 effective ways to reduce your VAT bill. (4-minute read) We will cover: The role of business expenses in minimising VAT Different VAT reliefs you might not know about… Read more »
Tax Free Employee Benefits
Looking for a way to motivate employees? Have a look through these tax-free benefits you can offer your staff as a way of rewarding them for their hard work. (2-minute read) We will cover: Tax free ways to reward employees Tax free benefits for employees There are a number of tax exempt rewards or ‘perks’… Read more »