Autumn Statement 2023 – Key Points

The Autumn Statement 2023 - Key Points

The Chancellor Jeremy Hunt delivered the Autumn Statement 2023 at 12.30pm today.  In his statement, the Chancellor stated that following a global crisis he has made difficult decisions to get the UK economy back on track.  He advised that this was an Autumn Statement for growth and to reward hard work.  A total of 110 …

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Energy Price Cuts

What does it mean for you and your business? Announced on Wednesday 21 September 2022, the government are providing a support package for businesses, which will see energy price cuts through a new Energy Bill Relief Scheme. The government will provide a discount on wholesale gas and electricity prices for all UK businesses. The scheme …

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Director’s Tax Efficient Salary for Owner Managed Companies in 2021/22

A tax efficient salary and dividends are how many directors of owner managed businesses choose to pay themselves. Many directors structure their remuneration this way is to maximise tax efficiency by minimising the tax payable on the money they withdraw from their company. What’s the Most Tax Efficient Director’s Salary in 2021/22? Sole directors – …

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Super Deduction – The New Enhanced Tax Relief of 130%

Super-Deduction

The Super Deduction – a new enhanced tax relief for companies introduced from 1 April 2021. The Super Deduction introduced 1 April 2021 until the end of March 2023 enables companies to claim 130% tax relief (through capital allowance) on qualifying plant and machinery expenditure. This is exciting news as it offers a significant tax …

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Xero Short Term Cash Flow

Xero has added two significant updates to it’s cloud accounting software which will certainly assist businesses determine their financial position at a glance and understand their short term cash flow. Both updates are currently in pilot however are available to UK Xero subscribers in the Business menu of the cloud accounting software. The two new …

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Deregistering for VAT

Deregistering for VAT When and how to begin the process of deregistration.

These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.

Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible?

But it can make sense if you are seeking to make a sustainable living rather than get rich, perhaps by trading on online auction sites, or running a café with limited opening hours.

If your business’s turnover is predicted to fall below £83,000 over the next year, it can voluntarily deregister for VAT.

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The Chartered Institute of Taxation

The Association of Taxation Technicians

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