Chancellor Kwasi Kwarteng has announced a major U-turn for the 45p Income Tax Rate which affects individual’s earning more than £150,000 a year. The Government’s handling of the UK economy has been criticised following the Mini Budget, which the Chancellor delivered on Friday 23 September 2022. An eventful 10 days followed the Mini Budget, which …
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 …
What is VAT and how is it applied? Becoming VAT registered is compulsory once your business’ turnover is more than £85,000 within a 12-month period. SeavorChartered can register your business and can also provide you with an end-to-end service which includes the preparation of your business’ VAT along with submission to HMRC. We can assist …
From 19 September 2022, HMRC will be introducing an optional payment method for a reoccurring Direct Debit for PAYE (Pay As You Earn). With a current array of payment methods, employers are responsible for making the PAYE payment each month and entering the details required to enable payment. With the new Direct Debit method, payments …
What is Cloud Accounting Software and what are the benefits? Cloud Accounting Software is fast becoming the future. Even for small businesses, Cloud Accounting Software such as Xero can help keep you on top of your accounts ahead of your annual accounts meeting. Xero runs daily online backups of your business information, meaning there’s no …
Xero subscriptions are increasing on 15 September 2022. See below what Xero have had to say about the price increase and what this means for you. Xero stated the following, “As a software service business, we are constantly enhancing and improving our product and so we need to regularly review our pricing in line with …
Yesterday, (Thursday 4 August 2022), The Bank of England increased interest rates by 0.5% to 1.75% making it the highest increase in 27 years. The UK is expected to enter a recession, with the cost-of-living crisis continuing throughout 2023 before beginning to ease in early 2024. The Bank of England have said the increase relates …
Who wouldn’t want a company car? Well, potentially those who don’t like paying more tax than they need to. Many company car drivers will be aware that having a company car can result in significant Income Tax bills. The use of a company car is considered by HM Revenue & Customs (HMRC) to be a …
Chancellor Rishi Sunak delivered his Spring Statement today. Many were hoping his announcements would help individuals and businesses in the face of increasing costs, with inflation at a 30 year high at 6.2%. Many tax increases have already been announced – with increases to National Insurance from April 2022 to fund the increasing cost of …
Liam’s Top 5 Tips to Using Xero Efficiently After a very stressful and tough two years for all businesses, now more than ever is the time for you to know how your business is doing, and there is no better Accountancy Software than Xero to help. It can seem to be a daunting task to keep Xero up to date, but here are my top 5 tips …
